Stata Ventures, Kaizen interviewee Ray Stata’s venture capital vehicle, recently provided funding to technology startup Lyric Semiconductor. Lyric is developing probability chip technology. Traditional chips use binary “yes/no” switches, but probability chips “can accept inputs and calculate outputs that are between 0 and 1, directly representing probabilities, or levels of certainty.” Some of the commercial applications of this technology include: better error correction and faster operation for portable flash drives; better prediction of consumer behavior for websites like Amazon (and better product recommendations for customers); and faster, cheaper large scale data processing.
An article in New York Daily News covers the increasing demand for the Network for Teaching Entrepreneurship’s (NFTE) courses in our faltering economy. NFTE was founded by Kaizen interviewee Steve Mariotti, who states, “Kids are aware of how fragile a job is and they begin to think about how they could create a job if they had to.” The article also profiles several young graduates of the program who have become entrepreneurial success stories.
Shown above, NFTE graduate Steve Gordon, 18-year-old founder of TatooID.
Venture capitalist Kevin O’Connor, interviewed in the April 2009 issue [PDF] of Kaizen, is now co-founder and CEO of FindTheBest.com. FindTheBest, as described by Mr. O’Connor, “was created out of my desire to organize part of the Internet, filter out the excessive junk and present information in a simple, comparable way.”
He explains further: “I could find endless amounts of information on any subject but when I had a complicated decision to make, I found myself wasting hours, or even days, compiling information I could compare. Or, I found sites offering their “top 10” recommendations, only to discover they were secretly getting “kickbacks” from the sites they were recommending.”
His solution, FindTheBest, is now in beta version. It allows the user to compare search results (similarly to travel websites like Expedia), and to narrow down the results by various criteria (much like browsing Amazon). Like Wikipedia, users can also contribute to the site, updating existing areas or creating new listings in which they have expertise.
The Institute for Justice has an inspiring series of five reports on the beneficial effects of entrepreneurship on the entrepreneurs themselves and on their communities. The reports also highlight the entrepreneurs’ struggles against unnecessary regulations. Says the author of one report: “If the impact of this one entrepreneur in a relatively small Mississippi community can be as wide and deep as documented in this report, imagine the transformation entire communities of unhampered entrepreneurs could create in America’s largest cities where hope and opportunity are in such great demand.”
We know that the entrepreneur takes on the financial risk of her venture, but Dan Pallotta at Harvard Business Review reminds us that the entrepreneur takes psychological risks as well. By seeing the world differently than others and acting on her vision — by embracing the inner misfit — the entrepreneur must be willing to make herself vulnerable. This vulnerability, says Pallotta, “is the most poignant quality in every entrepreneur I know.”
The Network for Teaching Entrepreneurship (NFTE) recently won a Distinguished Achievement Award from the Association of Educational Publishers for NFTE’s mathematics curriculum “Entrepreneurship: Owning Your Future”. From the announcement: “Written by NFTE Founder Steve Mariotti, the curriculum teaches fundamentals of mathematics as well as comprehensive guide to developing a business plan. It focuses on critical basic business skills including business communications, negotiating, business ethics, social responsibility, time management, and goal setting.” We interviewed Mr. Mariotti for the August 2009 issue of Kaizen (PDF). Read the full-length interview here.
Y Combinator, a company that provides seed funding to startups, has an excellent, in-depth list of entrepreneurship resources. Topics include how to start a business, why to start one in a bad economy, mistakes to avoid, and how to create wealth.
Entrepreneurship is becoming more popular in Brazil, despite the relative difficulty of starting a business there and the complexity of the country’s tax system.
The Khan Academy YouTube channel is the most popular source for free online educational videos, beating out even MIT. Salman Khan, the man behind it all, is a self-appointed teacher who tries to “deliver things the way I wish they were delivered to me.” He has made over 1,400 videos so far, most of them consisting only of his voice and crude illustrations. He now has a non-profit organization, also called Khan Academy, that is devoted to “providing a high quality education to anyone, anywhere.”
Stata Ventures, Kaizen interviewee Ray Stata’s venture capital vehicle, recently provided funding to technology startup Lyric Semiconductor. Lyric is developing probability chip technology. Traditional chips use binary “yes/no” switches, but probability chips “can accept inputs and calculate outputs that are between 0 and 1, directly representing probabilities, or levels of certainty.” Some of the commercial applications of this technology include: better error correction and faster operation for portable flash drives; better prediction of consumer behavior for websites like Amazon (and better product recommendations for customers); and faster, cheaper large scale data processing.
