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It is going to be a busy week in Washington, especially on the House side. The House Judiciary Committee has two days devoted to markup of a couple pieces of legislation – H.R. 1772 (the Legal Workforce Act) and H.R. 2131 (the Supplying Knowledge-based Immigrants and Lifting Levels of STEM Visas Act) – that focus on tighter employment verification and expanding H1-B visas. Of particular interest to those in the startup space might be the House Small Business Committee hearing on how mobile medical app entrepreneurs are changing the future of health care. Meanwhile, the Joint Economic Committee examines “smarter regulations.” Other topics include: impact of Obamacare on U.S. businesses, energy jobs, wireless technology and the history of minimum wage.
The Rice Alliance for Technology and Entrepreneurship was recently recognized as the top university business incubator in the world—beating out 150 incubators from 22 countries. The Houston-based incubator from Rice University led the charge as 15 U.S. universities dominated the top 25.
Each day, Innovation Daily checks the pulse of global innovation--courtesy of Innovation America. Here, we take a look at a handful of relevant stories it compiled last week.
If you thought the immigration debate in Congress was going to be smooth sailing, a markup this week in the House Judiciary Committee promises a choppier course. Committee Chairman Bob Goodlatte has scheduled a markup for the Strengthen and Fortify Enforcement (SAFE) Act—a strict enforcement bill that could change the tenor of discussions. Other topics slated to be covered in hearings this week include: advanced manufacturing, energy priorities and opportunities for small business, STEM education, reauthorization of the Workforce Investment Act, health costs and economic recovery in Zimbabwe.
Where do millionaires get their fortunes? Passed down from generation-to-generation through family inheritance? Wrong. A new report from Barclay’s examines recent shifts in the creation of wealth and finding that in established economies long-established models of inheritance have given way to entrepreneurial activity as the preeminent source.
In a relatively slow week for hearings, the House Committee on Financial Services explores ‘Reducing Barriers to Capital Formation’ and international regulatory burdens on U.S. competitiveness. Other hearings on the House side include: challenges and opportunities for small business contractors, review of the satellite television law and more.
The White House is hoping to address the skyrocketing number of patent infringement lawsuits with a new series of executive actions and legislative priorities targeted at so-called ‘patent trolls.’ According to a new report by the President’s Council of Economic Advisors, National Economic Council and Office of Science & Technology Policy, the total number of patent cases has nearly doubled in the past seven years. More alarming is the fact that in that same amount of time, the number of suits filed by patent-trolls—companies that own patents for the sole purpose of litigating to receive license fees—has more than tripled to 62% of all cases.
For each of the past 15 years, the Initiative for a Competitive Inner City comes out with a list of the fastest-growing urban startups across the U.S.—companies that create new jobs and wages for those in core urban areas with higher unemployment and poverty rates and lower median incomes. Happy Family, an organic baby food supplier based in New York City, tops the Inner City 100 for 2013 with a five year growth rate of 205%. Revolution Foods out of Oakland came in second place with a growth rate of 173% and Coyote Logistics from Chicago finished third with 126%.
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