April 5, 2010 Leave a comment
A note from ..well.. Friedman | nytimes.com
Tom Friedman quotes a real fun fact in his pad in the New York Times this weekend..
Here’s my fun fact for the day, provided courtesy of Robert Litan, who directs research at the Kauffman Foundation, which specializes in promoting innovation in America: “Between 1980 and 2005, virtually all net new jobs created in the U.S. were created by firms that were 5 years old or less,” said Litan. “That is about 40 million jobs. That means the established firms created no new net jobs during that period.”
Message: If we want to bring down unemployment in a sustainable way, neither rescuing General Motors nor funding more road construction will do it. We need to create a big bushel of new companies — fast.
Of course, now I count as Old school sand this fact more or less ties in with the way an old favourite of ours would have lived it! Dick Feynman.. He is one mind who would have probably schemed to start a start up , weak decay and half derivatives aside ( for links to get the jab, catch Feynman on wiki, and as much everyweher else. Phew that’s one point driven home. I’m seriously out of work and it’s because I think Apple isn’t shipping that many iPads :lol
Also to note changes in marketing strategy at banks, they hardly did anything campaigns from 2009 highlighted in NY times including ads procliming AIG slogans with “AIU” written underneath, GMAC cpopy with “Ally” Bank written in Pink and the Personal finance pieces from Citi which now compete with mint.com on the blog at citi.com and also compete with solutions from Bank of America.com , doesn’t really look encouraging for any new start ups either..but then thtat analysis wil come 6 months later when despite higher PE disbursals in 2010, most would have gone to 5-10 year old ventures with a profit record and proportion of cash with Limited Partners would continue to show positive “Can’t Say” percentages..It’s a big muddle and even the muddle is a prety social one now, thanks to FB and Twitter. Also PE would fund really giant projects this time, belying the term “start ups” again and again. We need a new social variety of Micro Finance right now like Ycombinator..