The U.S. Bureau of Labor Statistics reported an unemployment rate of 9.2 percent in June 2011. That number remains frustratingly consistent each month as millions of Americans struggle to find work.
It’s clear that many of the jobs lost over the last several decades, and during the Great Recession of 2008, are extinct. It’s said that the definition of insanity is repeatedly doing the same thing, yet hoping for different results.
Government stimulus packages and extended unemployment benefits are Band-aids for what, William Holstein, author of the new book, “The Next American Economy-A Blueprint for a Real Recovery,” identifies as structural challenges in America’s economy. Holstein has traveled the United States writing about globalization and economics for major business publications.
How will our country reinvent its workforce for the 21st century, and in what industries? Holstein believes our economic rebirth lies in technology clusters and ecosystems.
Following is a cross-sectional synopsis of America and how it’s revitalizing itself with technology clusters and ecosystems. Discussed too, are lessons for all Americans Holstein addresses regarding the country’s current economic challenges.
Clusters promote knowledge-sharing and product innovation. They also champion technical and business processes by providing thick networks of formal and informal relationships across organizations. Clusters tend to happen by accident and are difficult to create.
Orlando’s technology cluster is based on computer simulation and modeling; and is rooted in part by U.S. military and major defense contractors’ decision in the 1950s to locate operations in the Orlando area. Disney’s influence in computer gaming and entertainment is also influential. Every cluster needs an idea factory and Orlando has approximately 140 research and development companies located near universities. “Cross-pollination” of ideas is easily promoted. Simulation and modeling are being used in multiple industries. Healthcare is included, as it uses virtual reality to help rehabilitate stroke victims.
Pittsburgh is reinventing itself from a city of steel (the mills are non-existent today), to one of advanced robotics dominance. Making advanced robotics systems is complex and challenging. They surpass performing repetitive tasks in an auto factory, which is simple, closed loop automation. The nascent industry lacks a Google or Apple presence in the city. But, area universities, engineers and government are among its collaborating cluster, committed to seeing the industry thrive and create new jobs.
San Diego is home to over 600 life science companies and 700 wireless communication companies. In the 1970s, science and medicine seldom collaborated. Today, the blend of biotech know-how and massive computing power helps San Diego dominate in medical research and development, including Genomics. The opportunity is great for “creative collisions” among university students and faculty, business leaders and area government. San Diego boasts a high percentage of risk-taking entrepreneurs and venture capital funding, which is continually pursued to spark further technological advancements.
Technology ecosystems are idea factories that embody different scientific and academic disciplines located in close proximity. They include a presence of large, established companies that often invest in start-ups, license their technology, and/or sit on their … Read More
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While there are potentially dozens of reasons why publicity (even free publicity) is more powerful than paid advertising, I have outlined the top 6 here:
Reason Number 1: It’s the cheapest form of advertising you can do. In fact, you can do a local campaign for under a dollar and do a full scale national campaign for under 10 dollars. All you need to do is send out a correctly prepared press kit (press release, bio and reporter Q&A) to several select reporters and the rest does itself. Paul and his students have gotten multi-page articles written about them and their business for the cost of three pieces of paper.
One example he gave was a 2 page full color story that ran in Forbes magazine. In the story they gave out all his business information, the price of his products and even how to order them. A 2 page paid ad would have cost over $100,000 and Paul was able to do it for 15 cents. He has duplicated this thousands of times and it works every time.
Reason Number 2: When you use publicity you get instant credibility. If someone reads a story about you or hear you on the radio, they immediately view you as the expert on the topic. This instant credibility leads to more people calling you and to more sales and income.
Reason Number 3: The speed to market is much faster with publicity. Some larger magazines may take months to run your ad and even getting ads on radio and tv can take awhile. But writing a press release can be done in about 15 minutes and within minutes of the reporter receiving your release you could be getting exposure. You want to get a jump on your competition and this is the quickest way to do that. If other people start using publicity before you, they will win. If you do it first, you win. It’s that simple.
Reason Number 4: Turning yourself into an expert/celebrity can be a lot of fun. You get to do interviews for the radio and other news media and you get to talk about yourself and the benefits of your product or what problem it solves. This is a lot more fun than writing ads.
Reason Number 5: When you are part of the media, you get instant trust. People don’t trust you until they know you and they won’t buy from you until they trust you. By becoming a household name, people get to know you a lot quicker than they ever will by seeing your ad a number of times.
Reason Number 6: When you are in the media, you get instant celebrity status. We have switched from a credential obsessed world to a celebrity obsessed world. By becoming a celebrity in your field, people will hold you to a higher level.
In the past you should have included publicity in with your other advertising campaigns. In this day and age if you are … Read More