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Blog Entries from 2014

New BEA Data Provide Entrepreneurs with a Fortune 500 Research Department

Is consumer spending growing faster in North Dakota or North Carolina? How do consumers in different regions respond to economic downturns? Which state has the fastest growing consumer market for motor vehicles?

Some Fortune 500 companies have research departments to help answer these questions, but new BEA data on consumer spending broken out by state – released in August – provide startups and entrepreneurs with crucial insight into consumer behavior at the state level. In December 2015, we are planning to release a fresh batch of consumer spending by state statistics that will cover the year 2014 as well as some earlier years.

The prototype Personal Consumption Expenditure by state statistics are designed to be used in conjunction with other macroeconomic and regional data we produce, like statistics on Gross Domestic Product by State and State Personal Income.  This suite of statistics can offer entrepreneurs a better understanding of what’s driving or restraining economic activity at the state level, and thus inform their decisions about things like investing, financing, locating and hiring.

The Bureau of Economic Analysis’ experimental consumer spending by state statistics were released on Aug. 7 and covered the years from 1997 to 2012. So the fresh batch of statistics that will be out next year will be more up to date.  

Census Bureau Economic Data Show Electric Power Generation Using Renewable Energy Growing

Census Bureau Economic Data Show Electric Power Generation Using Renewable Energy Growing

The U.S. Census Bureau today released for the first time data from the economic census on wind, geothermal, biomass and solar electric power generation. Revenues for electric power generation industries that use renewable energy resources rose 49.0 percent from $6.6 billion in 2007 to $9.8 billion in 2012, according to new economic census statistics released today by the U.S. Census Bureau. These industries that use renewable energy resources consist of hydroelectric power generation (NAICS 221111), four newly delineated industries — wind (NAICS221115), geothermal (NAICS 221116), biomass (NAICS 221117) and solar electric power generation (NAICS 221114) — and one newly defined category of other electric power generation (NAICS 221118). 

In the 2007 Economic Census, wind, geothermal, biomass, and solar electric power generation were included in the broad “other electric power generation” industry (NAICS 221119). By the 2012 Economic Census, these industries had been broken out separately, with the “other electric power generation” industry limited to only tidal electric power generation and other electric power generation facilities not elsewhere classified. Among the newly delineated industries (wind, geothermal, biomass, solar and other electric power generation), the number of establishments more than doubled in five years, from 312 in 2007 to 697 in 2012.

These industries are part of the electric power generation industry (NAICS 22111), which saw an overall decline of 1.2 percent in revenues from $121.0 billion to $119.5 billion between 2007 and 2012. The overall decline was driven by the fossil fuel electric power generation industry (NAICS 221112), which saw revenues decrease from $85.4 billion to $79.7 billion, or 6.7 percent, during the same five-year period.

Revenues for the wind electric power generation industry totaled $5.0 billion in 2012, the highest revenues among the industries using renewable energy resources. Hydroelectric power generation followed with revenues of $2.4 billion. Geothermal electric power generation had revenues of just under $1 billion ($995.4 million), followed by biomass electric power generation, with $934.6 million in revenues, solar electric power generation, with $472.4 million, and other electric power generation, with $59.0 million.

Together, these industries were a relatively small portion of the electric power generation industry, collectively accounting for just 8.2 percent ($9.8 billion) of total industry revenues in 2012. Fossil fuel and nuclear electric power generation (NAICS 221113) are still the major revenue sources of the electric power generation industry, comprising 66.7 percent ($79.7 billion) and 25.1 percent ($29.9 billion), respectively, of total revenues. 

For the full release, please go to http://www.census.gov/newsroom/press-releases/2014/cb14-204.html

Secretary Pritzker Marks One-Year Anniversary of “Open for Business Agenda” Launch

Secretary Pritzker speaking with Evan Burfield at 1776 about the Open for Business Agenda

Today, U.S. Secretary of Commerce Penny Pritzker participated in an armchair discussion with 1776 cofounder Evan Burfield to discuss the U.S. economy, entrepreneurship, and the one-year anniversary of the Commerce Department’s “Open for Business Agenda.” Located in Washington, DC, 1776 serves as a global hub that connects startups tackling challenges in education, energy, health care, government and other industries with the resources they need to excel. 

Last November at 1776, Secretary Pritzker outlined the” Open for Business Agenda,” a bold policy priorities framework for the Department of Commerce, centered on the tools needed for U.S. economic growth. It is focused on U.S. trade and investment, innovation, data, environmental intelligence, and operational excellence, and this agenda reflects the Department’s role as the voice of business, as well as the Obama Administration’s keen focus on economic growth and job creation.

In light of Global Entrepreneurship Week which begins today, Secretary Pritzker highlighted the Department’s focus on entrepreneurship as an important tool for economic growth in the United States and across the world. As the Administration’s point person on entrepreneurship and chair of the Presidential Ambassadors for Global Entrepreneurship (PAGE) initiative, Secretary Pritzker will help lead the American delegation at the Global Entrepreneurship Summit (GES) in Morocco this week. At GES, the Secretary will promote the importance of global entrepreneurship and support foreign entrepreneurs. She will also stress that entrepreneurship is gender neutral when she speaks during Women’s Entrepreneurship Day on November 19.

On a more personal note, Secretary Pritzker offered advice to entrepreneurs, recommending that they should not be afraid of failure. As a founder of five companies, she understands that sometimes failures are necessary to achieve success and that resilience matters.

1776 cofounder Evan Burfield also asked Secretary Pritzker to talk about her favorite entrepreneur. She mentioned that the entrepreneurs she meets both at home and abroad – from Saudi Arabia to Japan – inspire her with their continual enthusiasm and desire to improve the world.  She specifically mentioned a young Ghanaian entrepreneur named Ethel Cofie who started an IT services firm as someone that inspires.  Secretary Pritzker also considers Daphne Koller, co-founder and president of Coursera and a PAGE Ambassador, an example of how great ideas can come at any age. Koller founded the online education platform when she was 44 and a Stanford University professor.   

Join Commerce’s Data Revolution: Innovation Leaders Need Apply

Secretary Pritzker speaking at the Esri Conference July 2014

Guest Blog Post by Secretary of Commerce Penny Pritzker

Last summer, I outlined the wide variety of factors that make the Department of Commerce “America’s Data Agency” – and I announced a series of steps aimed at unlocking the full potential of our data resources.

Among those actions, launching a department-wide Data Advisory Council was a top priority and a key commitment. And today, I am pleased to say that we are making good on our promise: the council has been officially established and we are now accepting applications.

We are looking for the best and brightest data thought leaders in the private and public sectors to advise our efforts to revolutionize Commerce’s data – to foster innovation, create jobs, and drive better decision-making throughout our economy and society.  The application process extends through December 3, 2014.  If you think you have what it takes, I strongly urge you to apply.

As we build our Data Advisory Council, we are actively recruiting a Chief Data Officer (CDO) to drive the transformation of our data, and we are pleased to announce the hire of an outstanding Deputy CDO, Lynn Overmann, currently a senior advisor to White House Chief Technology Officer Megan Smith.  Lynn will be responsible for coordinating and guiding the Department’s efforts to realize the value of our data and to put the vast volumes of our data to better use each and every day.

Six Steps to Protect Your Brand

Six Steps to Protect Your Brand

A trademark is an essential part of a brand, helping to distinguish a business’s unique products and services from what another business offers. It can be a word, slogan, logo, symbol, design or even a sound. The following six steps from the United States Patent and Trademark Office (USPTO) provide a useful guideline on what to consider before registering a trademark and during the application process. Have an invention? Make sure to protect that too.

1. Determine whether a trademark is even appropriate for you.  Trademarks, patents, copyrights, domain names, and business name registrations all differ.  A trademark typically protects brand names and logos used on goods and services.  You must be able to identify these goods and services specifically.   A trademark, for example, does not cover a general idea.

2. Select a mark using great care. Before filing a trademark/service mark application, you should consider (1) whether the mark you want to register meets the guidelines for registration, and (2) how difficult it will be to protect your mark based on the strength of the mark selected. Note that the USPTO only registers marks, and the mark owner is solely responsible for enforcement.

3. Always search the USPTO database to determine whether anyone is already claiming trademark rights in wording/design that is similar and used on related goods/services through a federal registration.

4. File the application online through the Trademark Electronic Application System (TEAS).  View trademark fee information. REMINDERS: (1) The application fee is a processing fee that is not refunded, even if the USPTO does not ultimately issue a registration certificate, and not all applications result in registrations; and (2) All information you submit to the USPTO at any point in the application and/or registration process will become public record, including your name, phone number, e-mail address, and street address.

5. Because all of the above are very important, you should consider whether to hire a trademark attorney to help you with these steps, as well as the overall application process.

6. Throughout the entire process, you should monitor the progress of your application through the Trademark Status and Document Retrieval (TSDR) system.  It is important to check the status of your application every 3-4 months after the initial filing of the application, because otherwise you may miss a filing deadline.

For more information on trademarks and to access a variety of helpful resources, including instructional how-to videos, visit the USPTO website.

U.S. Department of Commerce Seeks National Partner to Help Lead New Program to Boost Job Talent Development Across America

Are you ready to join us?

Through the “Accelerating Industry-Led Regional Partnerships for Talent Development” Federal Funding Opportunity (FFO) published today, the U.S. Economic Development Administration (EDA) is now accepting proposals for a national partner to help develop and implement a new learning exchange program that will focus on building critical public-private partnerships to accelerate job skills development across America.

The availability of a skilled workforce is often cited as a primary factor considered by businesses in their investment decision process. The learning exchanges created through this initiative will help meet the skills needs of businesses by identifying, promoting, and expanding on successful industry-driven regional partnerships for talent development. By encouraging such partnerships, the program will help build regional pools of workers with the skills that are in demand by employers in their communities, leading to job creation and increased business investment.

Ensuring that our regions have the skilled workforce they need to keep our businesses strong and our economy growing is a major priority for the Administration and the U.S. Department of Commerce.

At Commerce, Secretary Pritzker, who has met with nearly 1,200 CEOs and business leaders who agree that workforce skills development is an issue that must be addressed, has made improving the linkages between training programs and employer needs a top priority in the Department’s “Open for Business” agenda.

We need dedicated partners to help us accomplish our goals.

So are you ready to join us?

Visit http://www.eda.gov/challenges/rnta-talent/ to get additional information on how to apply for this Federal Funding Opportunity.  

Applications must be submitted electronically via grants.gov and are due by 11:59 p.m. EST. on January 9, 2015

PAGE Entrepreneurs in Their Own Words – Tory Burch

Chief Executive Officer, Tory Burch; Founder Tory Burch Foundation

With a father who designed his own clothes and a mother who was an actress, fashion was always in Tory Burch’s DNA.

Having worked for world renowned fashion designers including Ralph Lauren and Vera Wang, Burch left her successful career in public relations to raise her three young children. At age 37, she started the Tory Burch company at the kitchen table in her Manhattan apartment. Her vision: to create designs that are both classic and affordable.

From one single storefront on 257 Elizabeth Street, Burch has grown her namesake brand into a fashion empire in less than 10 years. Her company, valued at more than $3.5 billion, now has more than 140 stores in 50 countries and over 2,000 employees. The collection includes ready-to-wear, shoes, handbags, accessories, watches, home, fragrance and beauty.

Bloomberg Businessweek describes her as “a shrewd designer and businesswoman”, and the Telegraph describes her as “serene, approachable, wholesomely chic in the great outdoorsy, pragmatic American tradition.” Burch has consistently been included on Forbes’ list of “The World’s 100 Most Powerful Women.”

As an entrepreneur and a member of PAGE, Burch has two top priorities: to serve as a mentor to aspiring entrepreneurs, and to help young innovators access the capital they need to turn their bright ideas into thriving business enterprises.

Burch created the Tory Burch Foundation (TBF) in 2009 to support the economic empowerment of women entrepreneurs and their families. It provides women with access to capital, mentoring and networking opportunities, as well as entrepreneurial education.

See video
Read the transcript: 
Tory Burch - In Her Own Words

Deputy Secretary Bruce Andrews Concludes Trip to Asia-Pacific Economic Cooperation (APEC) Summit

Deputy Secretary Andrews meeting with Vietnamese Deputy Minister Tran Quoc Khanh

This week, U.S. Deputy Secretary of Commerce Bruce Andrews concluded his four-day trip to Beijing, China for the 2014 Asia-Pacific Economic Cooperation (APEC) Summit and the APEC CEO Summit 2014. Deputy Secretary Andrews met with numerous CEOs and business leaders. He represented the Department of Commerce which promotes stronger U.S. economic and commercial ties in the Asia-Pacific.

To help promote foreign investment in the United States, Deputy Secretary Andrews participated in a roundtable focused on innovation and investment, along with Secretary of State John Kerry and CEOs from nine of China's most influential companies.

Deputy Secretary Andrews also moderated a business ethics roundtable, focusing on the importance of public-private partnerships in raising ethical standards in the healthcare industry. He briefed attendees on the progress made to date and discussed how governments and industry can work together to ensure continued progress.

Deputy Secretary Andrews held successful bilateral meetings with officials from various countries, including the Vietnamese Deputy Minister Tran Quoc Khanh and the Malaysian Minister for International Trade and Industry Mustapa Mohamed. In their conversations, he reiterated the U.S. commitment to the Trans-Pacific Partnership and the benefits that would come out of both countries.

U.S. Census Bureau Announces Nearly 8 in 10 Americans Have Access to High-Speed Internet

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An estimated 78.1 percent of people in U.S. households had a high-speed Internet connection last year, according to a new report released today from the U.S. Census Bureau. However, digital divides exist among the nation’s metropolitan areas and demographic groups.

These statistics come from the American Community Survey, which collected data on this topic for the first time in 2013 and is the largest survey used to examine computer and Internet use in the U.S.

Although most Americans have access to computers and high-speed Internet, differences in high-speed Internet use were as large as 25 percentage points between certain age and race groups, while divides between specific income and educational attainment groups were as large as 45 percentage points. In addition, among the nation’s metro areas, Boulder, Colo., had one of the highest rates of high-speed Internet use at 96.9, while Laredo, Texas, had one of the lowest rates at 69.3 percent.

The report released today, Computer and Internet Use in the United States: 2013, includes analysis of household computer ownership and Internet use by age, sex, race and Hispanic origin, income and education. It covers areas of the country with populations larger than 65,000.

“These new statistics show how the American Community Survey gives communities the information they need on both computer and Internet access for their residents,” Census Bureau Director John H. Thompson said. “As the Census Bureau continues to move more surveys online to reduce respondent burden, these statistics inform us of areas that have high and low Internet use. These statistics also provide the information communities and federal agencies need to make decisions to improve and expand broadband Internet access for all Americans.”

For the full release and report, please visit http://www.census.gov/newsroom/press-releases/2014/cb14-202.html

Connecting Entrepreneurs to the Global Marketplace

Connecting Entrepreneurs to the Global Marketplace

The Commerce Department’s International Trade Administration works hard to help companies that are ready to export compete and succeed in global markets.

We want to emphasize that it’s never too early for entrepreneurs to start thinking about exporting – determining financing needs, targeting markets, conducting research, etc.

As we’ve worked with global startups, we’ve learned it can be difficult for entrepreneurs to connect to existing resources to help them go global. We realize that start-ups differ in their capabilities at various stages of the business development process, but want to help young businesses incorporate export plans into their business model as early as possible.

One great way to get started is to be a part of ExporTech, which can help your company develop its export plan, then have it vetted by a panel of experts. More than 575 companies have participated in Exportech, with an average sales increase or retention of $770,000.

Here are four more tips for the busy entrepreneur to help address specific needs to start exporting:

  1. Secure access to capital: Many local and state governments have seed capital and investment programs just for their states’ entrepreneurs and startups. Many states have small business development programs or startup-specific outreach programs designed to assist entrepreneurs to access capital- as well as educate them on best practices. On the federal level, there is the Small Business Administration, which has programs like the U.S. Small Business Investment Company program. A list of other loans directed towards helping small businesses go global can be found here.
  2. Secure your Intellectual Property: In order to increase the confidence a startup requires for going global, we need to ensure they know about what our U.S. Patent and Trademark Office (USPTO) is doing to protect American start-up’s intellectual property. Here are five simple steps to get started, and you can find more information at stopfakes.gov.  
  3. Do your Research. One important thing you need to figure out is the right target market for your exports. Understand the market trends and figure out your company’s competitive advantage. You can find market research reports on export.gov or by visiting your nearest Export Assistance Center. Here are some other important questions you should answer from the start.
  4. Find the Right Partners. Every market is different, and having a good partner on the ground -- whether it’s your legal representation, a distributor, or a sales representative – can make a huge difference in your company’s success. Consider ITA’s Gold Key Matchmaking Service to help you find the right partner for your needs.

By helping America’s high-growth start-ups go global, trade will become a broader part of doing business in the United States. The International Trade Administration and the Department of Commerce are committed to enabling our next generation of globally fluent businesses.

Contact your nearest Export Assistance Center to get started.