https://hbr.org/2017/03/when-america-was-most-innovative-and-why

Article from Harvard Business Review analyzing different factors that made the 19th and 20th century in the United States the “golden age of innovation.” Of particular interest to our discussion, the article notes that today most patents are associated with inventors working for for large firms, while that was not the case during the golden age. The authors then chart out the correlation between patenting activity and economic growth at the individual state level.

The article makes some interesting determinations. Innovation thrived in densely populated areas where people could exchange ideas and places that were open to disruptive ideas were more innovative. In a broader context, the article provides an interesting look back and provides some context of what we can take from the past to foster innovation today.

This article, “50 Inspirational Entrepreneurs to Watch in 2017,” is particularly relevant given our recent class discussions about industries that are struggling despite doing everything right. We’ve compared and contrasted and general national framework of what is necessary for growth with the entrepreneurial framework for what is necessary for growth. This article aligns with those common discussion topics.

The article states: “There are an incredible number of people moving and shaking the existing global business environment. They’re doing this by disrupting industries that previously were starting to feel a bit stale to those in those industries or reliant on their products and services. These entrepreneurs’ passion is all about injecting excitement and enthusiasm into their industries by tackling many of the business- and consumer-focused issues that have yet to be solved.”

The article describes 50 entrepreneurs whose innovations align with Christensen’s depiction of “disruptive innovation.” Describing the entrepreneurial endeavors of Ekta Sahasi, for example, the vice president of the U.S. Business Innovation Center, the article states: “[H]er team seeks out new places to invest in disruptive technology that can advance the company’s competitive advantage.”

The article also focuses on cultural aspects of entrepreneurial innovation, which we discussed in depth after watching Poverty, Inc. Again speaking of Ekta Sahasi, for example, the article notes: “Sahasi helps startups understand how they can enter Asian markets and work within those cultural parameters.” This focus on “cultural parameters” is present in the majority of entrepreneurs listed, reiterating our class discussion that success is most likely when entrepreneurs truly understand the mission of their work and are a part of the very system that they are trying to change.

Also notable is that many of the entrepreneurs listed are involved in more than one company. For example, the article states of Roger Bryan: “Bryan is a serial entrepreneur with two successful exits: a marketing agency and an ecommerce business.” Perhaps unsurprisingly, however, given that we’ve often discussed and blogged about articles stating that the best entrepreneurs are those who “do what they know,” it seems like there is overlap between the multiple companies where a single entrepreneur takes on responsibility. For example, the above example of Roger Bryan shows that the two different companies may require similar knowledge, as marketing it a part of ecommerce.

Finally, many of the entrepreneurs listed are social entrepreneurs—and many draw on their own experiences in creating their mission. Perhaps most striking is Annie Lobert. The article states of Lobert: “Lobert is founder of Hookers for Jesus, which helps women like the founder, who herself was a victim of sex trafficking and became a drug addict, struggling to survive. The organization provides programs to help women get off the street and away from sex trafficking by offering counseling, support and a way to heal from these traumatic experiences.” Her path to social entrepreneurship is very personally connected to her background.

Not only is it fascinating to read about these entrepreneurs’ very different paths to success, but it is also interesting to see that the article’s insight into these different individuals overlaps with our class conversations and blog.

This article strikes me as innovative way to make a profit on very little monetary inputs. Love finding things like this.

https://www.entrepreneur.com/article/290031

https://www.entrepreneur.com/article/290157

Reading through some of the other articles had me thinking about what really makes an entrepreneur successful. The first thing that came to mind was how there are some businesses that previous would not have been possible, but the landscape has change and it is now possible – dispensaries. When I stumbled upon the article posted about Uber, my home city came to mind – Buffalo.

Although NYC has had Uber for years, Buffalo (and the rest of upstate NY) has been banned from using the service. This is not just a problem for those that are currently living in Buffalo and Uber, but for those that may want to startup a ride sharing service headquartered in the region.

Upstate NY is moving towards a new agreement to allow Uber, but the point stands to show that not all places are suitable for certain start ups. Sometimes, the block comes from geography, while the more disappointing block comes from politics.

https://buffalonews.com/2016/11/17/demand-uber-grows-buffalo/

This article features a talk by the founder of Kenji, a startup hoping to match small business owners with attorneys through an online marketplace and ‘bidding’ system. The founder asserts that “legal is broken,” especially for small businesses and entrepreneurs, for three main reasons: “Addressing legal is Time Consuming, Expensive, and Frustrating” (talk at 0:52). Dovetailing off of this, the founder asserts that finding work is suboptimal for attorneys (likely he means small or solo practice) for three reasons: it’s “Time Consuming, Unpaid, and Frustrating” (talk at 1:15).

Kenji has instead created a “legal hub that guides, connects, and facilitates legal relationships.” (talk at 2:45). Essentially, it has created an online marketplace where potential clients can post projects, and attorneys can bid on those projects. It seems somewhat similar to fiverr for graphic design projects. This is an interesting idea–it finds a way to connect small or solo practice attorneys with small businesses. It will be interesting to follow the company as it continues to grow.

The article below begins by touching on something that we discussed in our very first class: that when we look at the statistics, real entrepreneurs tend to be older than we expect.  But this article raises the question about whether millenials will ever become entrepreneurs at all. One reason our generation might have lower rates of entrepreneurial behavior is our debt.  We simply cannot afford the risks associated with starting a new business. Another issue not really addressed in this article, but something worth thinking about, is the low rate of home ownership and its impact upon the potential to become entrepreneurs.  Like the entrepreneurs in emerging economies, young Americans might not have physical collateral necessary to secure loans.

https://www.theatlantic.com/business/archive/2016/07/the-myth-of-the-millennial-entrepreneur/490058/

Here is an interesting piece that shows things perhaps from the other side of the table than we are used to. It an article on a website dedicated to entrepreneurs, instructing them on techniques to use in finding a lawyer, and what to look for. We should remember that many of our potential clients may not like lawyers or may not think that they need one, and so we should try to put them at ease at initial consultation meetings and the like.

The article also points out the preventative benefits that hiring an attorney before a problem arises can have. This is another opportunity for branding or marketing ourselves–although litigators are typically reactive, other attorneys can be more proactive in nature. For example, an attorney advising a start up with many employees could draft a strong employee handbook, which could head off numerous problems down the line, including at will employment disclaimers, sexual harassment policies, etc.

I think the lesson learned from this is that we should try to put ourselves in the client’s shoes at many points through the process, and continually reassess how we are providing services.

It appears that BU Law and MIT have joined forces to create an entrepreneurship clinic, where upper level law students can advise entrepreneurs, in an effort to either prepare them for advising such clients in practice, or as a precursor to them themselves becoming entrepreneurs. (The article also makes it sound like BC and Michigan Law have created similar clinics). This seems like an interesting way to provide legal assistance to startups that may not be otherwise able to afford it, and a way to prepare law students for a modern day practice. I am interested to see how many other law schools follow suit in creating such a clinic.

https://www.entrepreneur.com/video/289351

This is an interesting article about how a former Editor in Chief of the Yale Law Journal and clerk to Justice Sandra Day O’Connor quit her law job and became a writer/entrepreneur. The subject of the piece, Gretchen Rubin, has some tips for how to be happy–both in ‘regular’ jobs and when starting a new career or business. One quote that stood out to me was “I know 80 percent about a lot of things, but I go to the people that know 100 percent about one thing.” You need to be willing to consult with experts, and there is no point in being too proud to do so. I also appreciated her insight into thinking about who you ‘envy’ professionally, and thinking about why you do–perhaps this could be an insight into what you ‘really’ want to do with your life!