February 22, 2013
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Bold Ventures
How a U.S. startup raised capital from Malaysia
Venture-capital firms' investments in medical-device startups have dropped, so Jim Buck looked elsewhere to fund his company. His business, which has developed an implantable heart device, received a $5 million infusion from the government of Malaysia. The country has set up a $100 million fund to foster high-tech industries, including those based in the U.S. Bloomberg Businessweek (2/21)
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Leading the Pack
How to be a horrible boss
The world's worst bosses share a few highly undesirable traits, says ClickFuel CEO Steve Pogorzelski. They're risk-averse, punish people who show initiative, reward sycophants, and tend to make big decisions based on anecdotes rather than hard data. "Incompetent managers prefer to rely on anecdotes because they can always find someone to tell them what they want to hear, rather than what the facts are," Pogorzelski says. CNNMoney/Fortune (2/21)
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Finance & Growth
Using your 401(k) to launch your business
Tapping your 401(k) to provide funding for your startup, as allowed under the IRS's Rollovers As Business Startups project, is a risky move, but some entrepreneurs have made it work. The project allows the use of 401(k) funds without the usual tax penalties for early withdrawals. "It's like going to Vegas. You should only take what you can afford to lose," said Frank Mastronuzzi, who used his 401(k) to launch OneGoodLove.com. The Huffington Post (2/21)
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Why New York City startups struggle to reach next level
New York City has a growing number of tech startups, but some challenges stand in the way of their success, according to panelists at a Social Media Week event. They include high rent and not enough talented workers. In addition, while seed funding is plentiful, finding additional rounds of funding can be an issue, says venture capitalist Alan Patricof. "There's maybe too much [seed funding]", he said. "A lot of startups we're seeing are imitative of other operations around." The Guardian (London) (2/21)
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The Whole Entrepreneur
4 reasons to consider an entrepreneurial MBA program
An entrepreneurial MBA program can give you the experience, connections and skills necessary to launch a successful startup, writes Slava Menn, CEO of Gotham Bicycle Defense Industries. "There are thousands of books on marketing, pricing, and sales but they don't hold a candle to learning live from the experts," Menn writes. The Boston Globe (tiered subscription model)/Inside the Hive blog (2/21)
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Ideas for Innovators
How to turn maverick employees into innovators
Mavericks -- employees who go against the grain and question the way things are done -- can be a key source of innovation, writes Gerard J. Tellis, director of the Center for Global Innovation at the USC Marshall School of Business. You can help to encourage innovation among your employees by giving them some time to experiment, rewarding their successes and creating a sense of competition, he writes. Fast Company online (2/21)
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Fortune from Failure
What it means to embrace failure
Make the most of your failures by forgiving yourself, taking responsibility for your mistakes and getting back to work, writes Lewis Schiff. Also, talk about the failure with others -- ideally people who will understand. "You might be better off talking over your setbacks and frustrations with any randomly chosen restaurant owner than your close friend who holds a corporate job," he writes. Inc. online (free registration)/Business Brilliant: Secrets of the Self-Made blog (2/21)
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SmartQuote
There are good reasons why your second attempt at anything is always stronger than your first."
-- Lewis Schiff, executive director of the Inc. Business Owners Council, writing at Inc. online's Business Brilliant: Secrets of the Self-Made blog.
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