Bloomberg reports that the US Commerce Department is in the process of establishing a new Office of Entrepreneurship and Innovation to help entrepreneurs transform ideas into companies.
This office, according to Commerce Secretary Gary Locke, will help fledgling business owners get training, credit and access to government research, in a bid to encourage the ‘right kind’ of risks by business leaders.
The office will be geared toward the first step in the business cycle: moving an idea from somebody’s imagination or from a research lab into a business plan. What we need to do is get better at connecting the great ideas to the great company builders.
Bloomberg notes that this plan is picking up the ball from Barack Obama’s comments a few days ago that new technologies and businesses are the key to re-establishing economic growth…The administration will try to ‘catalyze breakthrough’ technologies.
What I find really interesting here is that this rhetoric echoes the Australians who announced in May that they would be creating a Commercialisation Institute. I put forward a paper in July on how I believe such an initiative can optimally assist entrepreneurs and boost innovation.
However, we are still waiting to get a feel from Canberra that something is actually being done beyond the rhetoric. I hope that this US initiative is able to achieve a catalytic breakthrough in Australia too by showing up their tardiness in getting stuff done!
The other interesting echo is that Gary Locke points to the United States’ failure in capitalizing on its solar technologies. Similarly, Australia was a world leader in this area with technology developed in Sydney. Today this is being commercialised in China. Carpe diem, my friends!