Marketing For Small Businesses

Prevent Email From Being Classified As Spam

noreply@blogger.com (Management & Marketing Consulting) — Wed, 14 Jul 2010 01:26:00 +0000

Do you use email in your business? The CAN-SPAM Act, a law that sets the rules for commercial email, establishes requirements for commercial messages, gives recipients the right to have you stop emailing them, and spells out tough penalties for violations.

Despite its name, the CAN-SPAM Act doesn’t apply just to bulk email. It covers all commercial messages, which the law defines as “any electronic mail message the primary purpose of which is the commercial advertisement or promotion of a commercial product or service,” including email that promotes content on commercial websites. The law makes no exception for business-to-business email. That means all email – for example, a message to former customers announcing a new product line – must comply with the law.

Each separate email in violation of the CAN-SPAM Act is subject to penalties of up to $16,000, so non-compliance can be costly. But following the law isn’t complicated. Here’s a rundown of CAN-SPAM’s main requirements:

Don’t use false or misleading header information. Your “From,” “To,” “Reply-To,” and routing information – including the originating domain name and email address – must be accurate and identify the person or business who initiated the message.
Don’t use deceptive subject lines. The subject line must accurately reflect the content of the message.
Identify the message as an ad. The law gives you a lot of leeway in how to do this, but you must disclose clearly and conspicuously that your message is an advertisement.
Tell recipients where you’re located. Your message must include your valid physical postal address. This can be your current street address, a post office box you’ve registered with the U.S. Postal Service, or a private mailbox you’ve registered with a commercial mail receiving agency established under Postal Service regulations.
Tell recipients how to opt out of receiving future email from you. Your message must include a clear and conspicuous explanation of how the recipient can opt out of getting email from you in the future. Craft the notice in a way that’s easy for an ordinary person to recognize, read, and understand. Creative use of type size, color, and location can improve clarity. Give a return email address or another easy Internet-based way to allow people to communicate their choice to you. You may create a menu to allow a recipient to opt out of certain types of messages, but you must include the option to stop all commercial messages from you. Make sure your spam filter doesn’t block these opt-out requests.
Honor opt-out requests promptly. Any opt-out mechanism you offer must be able to process opt-out requests for at least 30 days after you send your message. You must honor a recipient’s opt-out request within 10 business days. You can’t charge a fee, require the recipient to give you any personally identifying information beyond an email address, or make the recipient take any step other than sending a reply email or visiting a single page on an Internet website as a condition for honoring an opt-out request. Once people have told you they don’t want to receive more messages from you, you can’t sell or transfer their email addresses, even in the form of a mailing list. The only exception is that you may transfer the addresses to a company you’ve hired to help you comply with the CAN-SPAM Act.
Monitor what others are doing on your behalf. The law makes clear that even if you hire another company to handle your email marketing, you can’t contract away your legal responsibility to comply with the law. Both the company whose product is promoted in the message and the company that actually sends the message may be held legally responsible.

SBA Micro-Loans To Small Businesses

noreply@blogger.com (Management & Marketing Consulting) — Tue, 04 May 2010 16:01:00 +0000

Through the America’s Recovery Capital (ARC) program the Small Business Administration (SBA) was awarded some $750 million for 2009 – 2010 to lend to small businesses in financial peril. This program is part of the American Recovery and Reinvestment Act of 2009 or Stimulus Plan/Recovery Act.

Small businesses that qualify can take advantage of SBA guaranteed micro-loans from $5,000-$35,000. To take advantage of this program you will need to be in business for more than two years and be profitable for at least one out of the last 2 years. Also, you will need good credit and a FICO score of at least 650.

The business owner needs to provide at least two years of cash flow statements as well as a plan on how the funds will be used to help make the business profitable. By demonstrating that the bottom line is suffering, due to the economic environment, a micro-loan can be used to meet their obligations.

An SBA ARC loan can be used for:

Debt consolidation
Equipment purchase
Remodel or expand
Advertising & marketing
Payroll
Secure working capital

As a result, many struggling businesses can “buy time” until the overall economic environment improves. Creative entrepreneurs can also use such financial support to improve their market position with customers and prospects, at a time when many businesses are cutting down on their marketing reach.

The following are the Terms that apply to ARC loans:

Interest-free to the borrower.
No fees paid to SBA.
Loan proceeds are provided over a six-month period.
Repayment of principal is deferred for 12 months after the last disbursement of the proceeds.
Following the 12-month deferral period, the borrower pays back the principle over a period of five years. For example, a $35,000 loan to be paid in 60 months, result in monthly payments of $584.
The SBA will pay the monthly interest rate of prime plus 2% to the lender on behalf of the borrower.

Ultimately, a prolonged economic growth will help small businesses navigate out of the recession, but this program can put them on the right path and give breathing space to a sector of the economy that is deprived of traditional financing options. The program is scheduled to end in September 2010 or until the funds run out. You can call 877-693-8691 for assistance with the application process or contact your local SBA office.

Productivity Steps to Impove your Chances of Success In The Current Environment

noreply@blogger.com (Management & Marketing Consulting) — Mon, 28 Dec 2009 19:50:00 +0000

There is a glimmer of hope that the worst of the economic recession is behind us and that we are on the road to a recovery. But with shaky consumer sentiment and tight credit, companies and small businesses are reluctant to add to their payroll, raising the prospect of a prolonged and arduous jobless recovery. Employers are seeking ways to boost productivity, asking for results, but offering fewer additional resources. The following are some steps that firms can take to increase productivity without creating organizational strains and employee demoralizing.

Use of Technology. There are many affordable productivity enhancing tools that can be employed from managing sales and distribution efficiently to strengthening relations with valuable customers.
Outsource. Outsourcing certain functions can provide a firm with a competitive advantage. Using outside help can bring valuable expertise to a company, independent of its size, allowing it to access specialized skills while directing resources to core capabilities and strengths.
Delegate. This is the time for top management to step outside its “comfort zone” and to empower trusted key associates to deliver results. Ask for outside help if you need to improve on communication that fosters organizational trust and empowerment. Recognize that empowerment yields results when there is clarity of purpose, true ownership and full accountability.
Develop a Team Culture. Do not overlook the stress and anxieties that the dismal economic environment has created on employees’ spirit and morale. Organize events that promote team spirit, optimism and bring back a sense of career security. Celebrate successes and recognize employees' contributions to productivity in the workplace.
Assess Strengths and Weaknesses. Recognize what your business does well and focus on doing more of them. Conversely, look at addressing the “weak links”, especially those that affect customer relations. Adjust the mission statement and goals accordingly.
Prioritize. Identify the tasks that are critical to success and growth, set priorities and allocate resources to accomplish the tasks. Focusing resources on the tasks that offer the greatest rewards and the highest probability of success should be a priority.

Regardless what the new year will bring, in terms of economic opportunities for small businesses, I can promise you that the principles outlined will serve you well, regardless of the environment we’ll find ourselves in.

Happy and a prosperous 2010.

A Web Site That Is Right For Your Business

noreply@blogger.com (Management & Marketing Consulting) — Mon, 29 Jun 2009 17:21:00 +0000

Want to take advantage of the internet opportunities?

Start by developing a new web site or revamping your old one that is customized and it addresses your business needs and your market’s requirements.

You can limit your costs and angst by planning your web marketing initiative efficiently and pro-actively. The following are some action steps to follow that will keep you “on track” and within budget.

What are your goals for your web site? Are they branding and/or sales goals?
Outline your objectives (be as specific as possible) and understand how your internet strategy fits within your strategic marketing and growth plans.
Allocate a budget for web site design and internet marketing.
Do some market research by visiting competitors’ sites and communicate design ideas you like to your web design team.
Decide on the main pages that will be linked to the Home page. Link additional pages to the main pages. What’s the total number of pages?
Now you are ready to write the content and identify the visuals that you would like to include. May need to purchase stock images, schedule a photo shoot or both.
a. Are you planning a slide show and/or incorporate a video clip?
b. Do you expect to harvest contact information on your web site?
c. How about password protected pages for customers, reps, etc.
d. Plan to do sales on-line? Do you have a merchant account?
Assign someone with a good understanding of your market positioning to liaise with the web development team. The web team needs to know your overall marketing goals and expectations. This is a marketing initiative as much as it is a web design one.
The web design team will present their proposal on costs and time requirements. Is it within your budget?
Once the site is up and running, implement your SEO and web marketing programs and monitor performance.

Choosing to outsource the web site design does not end your involvement. There are marketing and branding implications on the way your site is structured. Take advantage of the opportunities that the internet provides by not viewing your web site as an “after thought”. Place your web strategy on the center of your marketing campaign and you will see results.

Protect Your Business From Negative Publicity

noreply@blogger.com (Management & Marketing Consulting) — Wed, 08 Apr 2009 17:46:00 +0000

My Greek grandmother used to say “protect your name like the pupils of your eyes”. Our personal and professional reputation has never been more vulnerable than today. The use of the internet, as source of information, and the speed at which news travel are creating new opportunities and challenges for individuals and businesses. Internet forums like Google and Yahoo allow anyone to hide behind “freedom of expression” and potentially spread malicious comments with impunity. In this environment, it is imperative that individuals and businesses remain vigilant in protecting and advancing their reputation.

Clients frequently ask me to address the problem of false statements posted on web forums or on blogs. This needs to be confronted comprehensively, proactively and with a long-term plan. While many posts and on-line reviews, rating products and services, are legitimate and helpful, some abuse the process by choosing to “settle scores” anonymously. Without much oversight the system is rife with abuse and the options to address it are limited. This is particularly challenging for small businesses, which usually have just a few “on-line reviews”. One bad review out of one posted results in 100% negative rating for your business and it will be read by potential customers searching on Google.

The following are some of the things you should consider:

Your Name is your brand. Invest aggressively and proactively to strengthen it.
Monitor what it is being said about you and your business, as you do with your credit ratings. Remember, your reputation can affect your credit.
Document significant negative experiences with customers, vendors, employees.
Create positive “buzz” on the web, encouraging customers and suppliers to post quality and useful information about you and your business.
Promote any positive news about your business and yourself.
Implement a plan to continuously enhance your “brand” on the internet.
Avoid linking your family name to your company’s name.
Work with a marketing firm to monitor and respond to “on-line” activity that compromises your reputation and name.

Today, the potential exists that businesses and lives can be destroyed by the “click of a mouse”. Make sure it does not happen to you or to your business by proactively addressing this new challenge.

Starting A Business: Start-Up Costs & Priorities

noreply@blogger.com (Management & Marketing Consulting) — Tue, 17 Mar 2009 23:46:00 +0000

The current economic environment and job insecurity has sent many aspiring entrepreneurs into libraries, their local Chambers of Commerce and to advisors for information on how to start a new business. One of the areas we help our clients with is on their financing options and on prioritizing their needs. The hurdle that every aspiring owner of a small business should address from the “get go” is identifying and managing the funds necessary to cover start-up and operating costs for the first 6-12 months.

Assessing the start-up costs is naturally the place to begin. The start up costs can be influenced by various factors. Consider the following as you make your choices:

What is your vision and ROI expectations?

How competitive is the market you are about to enter?

Would you be competing in promotion-intensive consumer areas?

What’s the geographic area you will be operating in?

Can you outsource certain tasks? Can you lease equipment?

How does the economy affect your products/services?

Are there regulatory hurdles to overcome? Liability risks?

Can you delay hiring full-time employees?

More…?

A recent client came to us with a vision to start a Coffee & Bakery store. He had done his homework, chosen a great location and he had the experience and passion. I liked what I heard, but we needed to work on the “numbers”. We developed a list with all the necessary start-up expenses that will be drawing down his cash. We then set up spending priorities, rating the impact that our choices would have on his vision and on the store’s quality image. We had to consider our options and the inherent “trade offs”. Part of the discussion revolved around the following:

The image we wanted to project to prospective customers. The beginning is half of everything.
Should equipment be leased? Should the roasting of the beans be "outsourced" or needed to roast them in the store with our own roaster?
Impact of inventory on quality, sales and store image. What is the appropriate “merchandising mix” in the store?
How extending business hours (adding employees) will affect sales.

Despite the best efforts, it is not always easy to predict or anticipate every single cost driver. My advice usually is to scale back on the "grand vision" in the beginning, unless limited resources is not a factor. Do not allow enthusiasm to get on the way of the “numbers” and of hard realities. Conserving cash should be fundamental in this environment. Look at your options at different levels of your business and consider outside contract help. Include a cushion of 20-40% to account for cost overruns, as you budget your next 6-12 months. And when you are ready to hire full-time employees don’t just think of them as adding a person behind the counter, but rather as adding an advocate for your business, products and services. They have the potential to be your best sales and marketing people and you will need them.

Don’t Fight The Forces, Use Them

noreply@blogger.com (Management & Marketing Consulting) — Tue, 10 Feb 2009 23:02:00 +0000

A few weeks ago, I was visiting the Grand Canyon with some friends. One evening while marveling at this majestic creation of nature a hawk ascended like a rocket with whirring wings, just a few feet away from where I was standing. I watched this magnificent bird glide some distance down the canyon. It was flying round and round against the sky by just using the forces of the air thermals rising from below. What a beautiful sight that was.

The peaceful sensation I felt, watching this bird’s effortless flight into the distance was so removed from the current economic angst and there was a reminder that we can go far if we are prepared to use the forces around us than fight them. It was a mental call to action.

In an environment of economic anxiety and sagging consumer confidence, businesses should deal with the internal and external “brutal facts” and revisit strategies and priorities, drive for cost reductions and productivity gains and look for opportunities.

Look at your business and how the new realities have changed your relationship to your customers and target markets

Focus on customer retention and use analytical tools to predict customer behavior and loyalty

Understand customers’ needs and develop a strong “call to action” message

Invest in technologies to improve customer engagement and attract new customers

Reorganize and reset priorities, planning to “do more with less”

Manage your business by the numbers with metrics that will help you improve productivity in sales, marketing, customer relations and other parts of the organization

Focus on cost-savings/cost-avoidance that do not hurt customer relationships

Outsource tasks such as electronic marketing, web strategy, marketing communication, business plan/marketing plan development

Avoid unfamiliar opportunities with unknown ROI, such as new marketing strategies and new communication channels, unless experimentation can bring you a well defined competitive advantage

Leverage the internet
--> Enhance web site “stickiness”
--> Invest in Optimization (SEO)
--> Strengthen Email marketing
--> Personalize customer engagement

The Financial Crisis & The Lessons For Small Business

noreply@blogger.com (Management & Marketing Consulting) — Wed, 07 Jan 2009 20:05:00 +0000

Wall Street’s recent financial “Bang” was heard ‘round the world and its effects will be felt for a long time to come. In the aftermath of this crisis, the US dominance of the global financial landscape is likely to erode and the bright lights illuminating Wall Street’s iconic marquees will dim. As we try to comprehend the gravity of the events that have transpired in the last week, our national self-confidence and unshaken belief in free markets have been dented.

For the longest time, our financial innovations were the envy of the world, contributing to employment growth in an economy where manufacturing jobs were being outsourced abroad. It is ironic that many of the financial “innovations” that gave the industry its competitive edge on the world stage were too complex and too risky in the end, becoming the “poison pills” that led to the current implosion.

At this critical point in time, with people feeling financially insecure and betrayed our “bruised” free-market remains the best guarantor of reform. While imperfect, free-market mechanisms are better than the alternatives, allowing flexibility and adaptability during moments of crisis. Ultimately, reform will usher in some dramatic structural changes in the financial sector, including global realignment through mergers and acquisitions. Business models will be revised, leveraging risk will be redefined, and regulatory oversight will no longer be an aberration. The lessons to be learned will be plentiful and I am sure numerous books on the subject will soon be featured on the New York Times Best Seller list, just in time for Christmas gifts later in the year.

Here are some rules which small businesses, should follow to manage risk and limit downside:

Ø Keep things simple and make sure you understand the products you offer and the markets that you compete in.
Ø Complex and elaborate plans are not a substitute for critical analysis of market opportunities and the resources needed to exploit them.
Ø Optimistic outlook is an important attribute in meeting challenges successfully. But always employ “reality checks” in your forecasting.
Ø Math never lies. Make sure the numbers make sense and can stand up to scrutiny.
Ø Market uncertainty requires the availability of reserved resources to address unforeseen emergencies. Never “bet the farm” on anything regardless of the allure.
Ø Make “management by numbers” a corner stone of your business model. Make measurement of performance and accountability the center of any business.

We are all “on the hook” to borrow Secretary Paulson’s own words, and not just because of greed. There will be a lot of blame to go around when the time comes, but I am convinced that what will emerge is mainly a failure of some businesses to adhere to time-tested economic fundamentals and sound management tools, from risk management to accountability. So let’s not throw the baby out with the bath water.

Improve Your Cash-Flow!

noreply@blogger.com (Management & Marketing Consulting) — Fri, 29 Aug 2008 16:52:00 +0000

Cash-flow is the true fuel to any business. Forecasting sales growth is meaningless unless there is a healthy cash-flow to sustain growth. It is an area that often is not given the attention it deserves, until it is too late.

The clients that we meet always recognize the importance of creating budgets, forecasting sales and projecting expenses. But often a well thought-out cash-flow analysis is missing from their plan for starting or expanding a business. Without a steady flow of cash to cover expenses, your company can quickly stumble. Cash flow troubles can develop even when sales seem strong. Facing a continuous cash crunch makes it difficult to conduct your business properly. And while it may be tempting to seek out fancy financial formulas for predicting and tracking business cash flow, the basics tend to be plain common sense for most small businesses.

The premise here is simple. Make sure more cash enters your bank account than exits it. One of my mentors and a very successful entrepreneur once told me of a story from his early business life in the late sixties. He was strapped for cash and he run to his local bank for some short-term help. The bank manager, with whom he had a great relationship, after listening patiently his reasons for wanting a loan, he told him to go and bring him all his receivables. When he returned with a box full of unpaid invoices the manager stood up and emphatically told him that he does not need a loan and pointed to the box. In a week’s time my mentor was back visiting the bank again but this time not to ask for a loan but to make a deposit to his account.

Translate sales into real money as quickly as possible.
Once you’ve collected the cash, you need to guard it. Surprises, such as slow or non-paying customers and unexpected expenses, are your worst cash flow enemies and you need to watch out for them.
Ask for all or a portion of payment up front. Asking for at least a deposit in advance is a great way to jump-start your cash flow. And if you establish the policy fairly and properly, it shouldn’t alienate good customers.
Accept credit card payments and encourage customers to use this option more often. You do pay a fee signing up for a merchant account but shop around for the best deal. PayPal may be another option for your business.
Manage “receivables” more closely. This is the money that customers owe to you for products or services you’ve delivered. Create a detailed “aging” schedule of what you are owed, by whom and for how long. Place phone calls to overdue accounts, focusing first on the largest amounts due.
Offer a discount, but play this card only after you’ve called the customer to ask for full payment and you know a discount will help.
Don’t overlook the need for an operating budget. Note specific due dates for payables as well as receivables. Although the balance between the two won’t always be predictable, the budget can give you a snapshot of where your business stands in cash flow.

Do Not Neglect Branding Of Your Small Business

noreply@blogger.com (Management & Marketing Consulting) — Fri, 29 Aug 2008 16:51:00 +0000

Some small business owners believe they can stand out with just a great product and exceptional service, and that they are too small to create a "brand." But to set your business apart-no matter how small-branding is a vital strategy in today's competitive marketplace.

Buyers have short attention spans, so you need all the tools you can get to help them remember who you are. Every business can benefit from branding, right down to the independent contractor working alone.

In fact, some marketing experts say that branding and marketing go hand-in-hand. "If you can build a powerful brand you will have a powerful marketing program. If you can't, then all the advertising, fancy packaging, sales promotions and PR in the world won't help you succeed," says Laura Ries, president of Ries & Ries, an Atlanta-based marketing firm.

Almost anything can be branded, including you. But branding is complex and involves the customer's total experience with you, your product or your service. The most effective branding combines both online and off-line elements. The Web offers tremendous opportunities for promoting your brand, through low-cost search engine ads or interactive features on your Web site.

Keep in mind that the best brands tend to tap emotions and appeal to a person's natural need for involvement. Be original in identifying your brand identity-the thing that truly sets your small business apart. Everybody touts quality and service, for example, so look for something that's really different. If you are having trouble pinpointing a branding message, try asking your customers what they need from you the most. Then base your brand on that.

Your brand should also last a long time, so avoid elements or catch phrases linked to trends likely to disappear or become outdated. Simplicity is also a virtue in your branding message. Buyers are overwhelmed by excess information. Too much information confuses your brand message.

A Discussion on Global Outsourcing!

noreply@blogger.com (Management & Marketing Consulting) — Fri, 29 Aug 2008 16:49:00 +0000

In an appearance a few years ago at the Stanford Institute for Economic Policy Research, the Alan Greenspan described an emerging economic order, in which physical assets are not the main source of value. Instead, "value increasingly is embodied in ideas rather than tangible capital”. In a study authored by Baruch Lev of the Brookings Institution, it was reported that in 1982, valuation of S&P 500 companies was based on 62% tangible assets and 38% on intangible ones. In 1998, that ratio was 15% and 85% respectively, and the trend continues. These crucial changes that have occurred in our economy should frame the debate over global outsourcing and its effect on corporations’ intellectual capital (intangible assets) and long-term competitiveness. Globalization and “offshoring” have ushered in a new world economic order and its effects can be felt across our manufacturing sector. “Offshoring" is not just about losing manufacturing jobs, but rather about losing leadership in the world of innovation. Global outsourcing is increasingly affecting engineering, design and R&D with potential detrimental effects on US-based corporations’ intangible assets and intellectual capital. Any decline in US intellectual property devalues US corporations by billions of dollars and erode their competitive position and their ability to invest in job creation. Speaking to a global technology summit in Washington recently, Intel co-founder and chairman Andrew Grove said: “The software and technology service businesses are under siege by countries taking advantage of cheap labor costs and strong incentives for new financial investment”. Increasingly companies are making strategic decisions based on accessing available inexpensive labor and intellectual capital around the world. The Gartner Group, a market research firm, estimates that 10 percent of jobs in U.S. information technology will move offshore by next year. Dr. Grove expressed the dilemma faced by executives, when he admitted that he is torn between his responsibilities to shareholders to cut costs and to U.S. workers, who have been responsible for the nation's technological revolution and whose jobs are now threatened by cheaper labor overseas.
In our knowledge-based economy, where intellectual property (IP) represents an invaluable asset, US corporations are transferring their know-how to overseas partners, transferring, practically at no cost, valued assets that they accumulated over time and after large investments. The president of the Alexis de Tocqueville Institution, Dr. Ken Brown, in a recent article stated that, “In the name of globalization, the U.S. has relentlessly pursued business partnerships with countries that are home to relentless intellectual property theft. It almost seems as though the more evidence there is of piracy in a country, the more information technology business and investment we bring in.”

How are we protecting our intangible assets in the face of outsourcing “innovation”? The protection of IP rights in the United States is based on a body of case law, that has evolved considerably in the last 200 hundred years. This legal and cultural environment is not as well developed in parts of the world that lack the legal and cultural foundation for IP protection. For example, in India, trade theft is not recognized as a violation as such and it is treated as a civil theft. And India’s legal and cultural environment is more favorable to IP protection than those in China or Russia. Furthermore, the political and economic incentives to ignore infringements are huge, with outsourcing (i.e. software development) poised to grow, by 20%-30% annually. For India’s IT industry, that will translate to $24 billion of new programs by 2008, from $10 billion last year. Forrester Research is projecting that over 3 million jobs will be exported from the US in the IT sector in the next decade. In light of the scale of global outsourcing and the benefits many countries derive from it, safeguarding IP will be challenging at best.

It is acknowledged that globalization creates trade interdependencies, increases commerce and benefits all parties involved. But adherence to certain “code of behavior” is critical, if we are to establish a fair and sustainable global economic trade. Admission to the World Trade Organization (WTO) is the first step for trade partners to assume their responsibilities on IP and patent protection. Through the Trade-Related Aspects of Intellectual Property Rights (TRIPS), the WTO has sought to establish the legal framework to which countries are held accountable. However, the weakness of TRIPS is that IP protection is only enforceable in the countries where the violations take place, providing that the local laws recognize IP rights. The issue is further complicated by cultural attitudes over private property, as for example in China, where appreciation of “property rights” is at its infancy. However, the WTO through its instruments can create an environment where the cost of engaging in trade violations and unfair practices is high and can serve as an incentive for countries to enforce legislation and to shape attitudes. A 2004 report by the US trade office noted that enforcing IPR protection in China is a US top priority. In part, due to pressure from the United States, there is now a commitment from the Chinese government on the prosecution of IPR infringement violations, as prescribed by WTO.

However, the allure of outsourcing will continue, as long there are countries where the daily wage is $2.00 and the US consumer is enjoying the benefits of low priced products. Developing countries may continue to view IP protection as a luxury they can choose to ignore, in their race to raise living standards and accumulate intellectual capital. Meanwhile, what is our official US policy on this issue? Intel’s Grove has asserted that we are ignoring the problem, by adding, “I am hard put to find a document outlining a policy plan”. Home-bred innovation was largely responsible for naming the 20th Century, The American Century. The question is what country will be lending its name on the 21st. Ultimately, that will be decided by our will to foster innovation here at home and by committing resources in the education of science and engineering.

George Polychroniou

VisionOutsource LLC