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That holds even when the global economic downturn, and its negative impact on car sales, is taken into account.
a graduate student at Cornell University in New york. He raised the money, more than $70, 000, through the Kickstarter crowdfunding website to enable people to have their own personal spacecraft, known as a sprite.
and you can hitch a ride for not a lot of money, explains Manchester In this case, Nasa is flying Kicksat for free as part of its Educational Launch of Nanosatellites programme.
and maybe we'd have more inventions, faster medical discoveries, safer transport and bigger economies.
Neither large pharmaceutical companies nor public funding bodies are likely to put forward the necessary funds because of the stigma attached to promoting the drug use to healthy people.
It doesn't want to spend money to do something as quickly as possible.""China is aware of how the USSR fell apart,
"Much of this has to do with economics, #believes Smithsonian's Launius. Countries are asking whether they can sell satellites or landers.
By 2020, the world's fastest growing economy aims to have more than half of its growth created from science and technology.
But whether the rewards are really worth the cost to the economy and policy is another matter.
but they risk breaking the bank to achieve. The US supports its space programme, but is reluctant to increase Nasa's funds.
and that they would have supported the US space programme with more funding, #says Joan Johnson-Freese,
#The cost of investing in satellite technology may expensive, but the long term cost of purchasing satellite services from external providers can be even more so.
With the money earned from his appearance in commercials for the coffee company Nespresso Clooney has been funding the Satellite Sentinel Project (SSP),
For years, African leaders have seen space investment as"a luxury, at the bottom of the list of priorities,#says Hakim.
They cost less than a dollar. Yet three years on since their experiment why haven governments, companies or organisations embraced potato batteries?
and price. hese are all consumers at the end of the day. They need to see the value in it,
glitzy malls, money, and of course, oil. Saudi arabia discovered oil in 1938, only six years after becoming a unified country.
In 2012, the Kingdom raked in a staggering $311bn in oil revenues as much as Iraq, Kuwait, UAE,
As early as 2030, according to a Citigroup report. And without it, the current Saudi economy could grind to a halt.
To prevent this it has undertaken recently a remarkably ambitious and expensive plan to become a world leader in technology
and innovation by kicking its oil habit, shifting away from decades of single-commodity dependency and moving towards a knowledge-based economy by 2025.
Part of the plan to diversify the economy has resulted in an international scholarship programme that sees more than 130
Norway, the world eighth-largest oil exporter, established a sovereign wealth fund (Government Pension fund Global) in 1990 to diversify oil investments
a new government-funded business incubator that is one of many promoting entrepreneurship as a means to new economic growth. f we focus on creating a culture based on entrepreneurs,
Coffee, however, probably won turn the economy around on its own. While Badir focuses on lighter tech industries,
and financing to find solutions to pressing problems such as water treatment and renewable energy. Over 60%of Saudi water comes from desalination an expensive process
changing the culture, the economy, the mindset. While Stanford and Harvard universities took decades to become recognised institutions
she says. t inherited money, or success because of connections. The Saudi government heavy subsidising of entrepreneurship is a und-it
like drinking water and energy but these entrepreneurs are building a different economy. audi is the largest consumer of Youtube content per capita in the world,
According to economists, Saudi e-commerce sales are now over $4bn per year, and the fastest-growing in the region.
Private investment and loans for start-ups are still almost nonexistent. There is no equity-backed financing.
A culture of risk-taking investors and VCS has yet to emerge among Saudi wealthy.
Protection for foreigners investing in the country is minimal. Frederic Wehery, a senior associate in the middle East Program at the Carnegie Endowment for International Peace
says it will be hard to end the culture of dependency subsidies, benefits and handouts from the government that have marked Saudi economy. t not simply a matter of buying innovation says Wehry. here still no incentive for private entrepreneurshipand the ambition exceeds the capacity and the reality. t all dreams.
Nothing has turned into a reality yet, says Khalid Al Khudair. ee far from where we want to be.
because we are throwing away our time, money, and lives on the highway, then both problems would seem to share a single solution,
you'll spend no money and could burn up to 500 calories. Even more fascinating is named another app Re:
#which serve the needs of Asian cultures#accounting for street markets and vendors, auto rickshaws and motorcycles#rather than one-size-fits-all Western street design.
Many Volt drivers are choosing to share their habits online with other electric car drivers, in a kind of electric economy challenge.
helping them save fuel and money, or allowing them to see stats on their car via a mobile phone app,
Certainly, manufacturers have been trying to allay the fears of nervous drivers with blinking battery lights by investing in faster charging stations at more convenient locations.#
Revenue and business development seemed lower down on the agenda. Just like Silicon valley start-ups, Karp was willing to take on tens of millions of dollars in venture capital to execute his vision.
As conventional Valley wisdom goes, he built an audience (a massive one, 300 million-strong),
The company had just $16m left in the bank, out of the $125m it had raised from venture capitalists.
After five years of venture capital-supported growth and little revenue, the social networking app was running low on funds.
The company had to scramble to convince new investors that it could make money through paid recommendations of local restaurants and bars.
Foursquare eventually raised debt to avoid taking a down round which would have valued the company lower than in past rounds of funding.
CEO Dennis Crowley, New york tech's other visionary, was suddenly on the defensive.##New york tech is growing up.
#Political supportbut the financial meltdown of 2008 had some of the smarter graduates reconsidering their banking ambitions,
#Prior to this new Bloomberg-endorsed era, New york start-ups had a reputation for focusing too much on monetisation.
or Twitter by optimizing for revenue on day one, the thinking goes. This new era was all about building a Silicon valley-style company.
Tech is the city's second-largest contributor to private sector wages after finance, according to a new study commissioned by the mayor's private foundation.
which made hundreds of millions of dollars when they sold.##These deals represent a huge success. They bring attention to New york tech,
while turning their employees into angel investors. But they're also a big problem New york's tech scene, according to Fred Wilson,
an investor at Union square Ventures who is called often the godfather of New york tech. It's a mystery to
Tech companies in New york exist among Wall street banks Madison avenue agencies, fashion houses, and media conglomerates. You can't get that same diversity of industry
Kickstarter's crowdfunding platform has funded 49,316 projects to the tune of $807m, revolutionising the way filmmakers, musicians and hardware companies raise money.
Nosql database vendor Mongodb was called recently the King of New york start-ups after it raised an eye-popping $150m in funding at a valuation of $1. 2 bn.
are less shy about embracing revenue, even if it's at the expense of a big, magical, idealistic vision.
People have started doing this as business, not just as religion or passion, says Jen Berrent, a partner at New york law firm Wilmerhale who's worked with start-ups since late 1990s.
I do think (a focus on revenue) is more in the blood here than it seems to be out west.
They are making money, and they're likely to remain independent. The new generation will head to the stock exchange,
not be on the lookout for buyers. The CEOS of Kickstarter and Etsy have said both they plan to stay independent.
and his investors are onboard on that basis. Etsy CEO Chad Dickerson has hinted the company will take a nontraditional route to paying back its venture capitalists, possibly through recapitalisation and debt financing.
a rare feat for venture capital-backed companies.##For now, at least, New york's tech is not for sale.#
the Philippine economy had grown 7. 8%year-on-year, knocking China, which grew 7. 7%,into second place in Asia.
But what's interesting is that the drive for innovation hasn't been driven primarily by profit motives.
a not-for-profit technology business incubation and education scheme with $12. 5 million of funds to invest in Filipino start-ups.
Henry Motte-Munoz, a former analyst at Goldman sachs and cofounder at Bantay. ph, a Philippine NGO that seeks to reduce corruption in the country through education
and the use of technology, says that the recent rise in social innovation has occurred because despite impressive economic growth figures,
especially when it comes to financing, says Motte-Munoz.""It's a high-risk country already,
Irrespective of the politics, for many of the country's apparently growing band of social innovators, improving the lot of ordinary people is a higher priority than making profits.
the Philippine economy had grown 7. 8%year-on-year, knocking China, which grew 7. 7%,into second place in Asia.
But what's interesting is that the drive for innovation hasn't been driven primarily by profit motives.
a not-for-profit technology business incubation and education scheme with $12. 5 million of funds to invest in Filipino start-ups.
Henry Motte-Munoz, a former analyst at Goldman sachs and cofounder at Bantay. ph, a Philippine NGO that seeks to reduce corruption in the country through education
and the use of technology, says that the recent rise in social innovation has occurred because despite impressive economic growth figures,
especially when it comes to financing, says Motte-Munoz.""It's a high-risk country already,
Irrespective of the politics, for many of the country's apparently growing band of social innovators, improving the lot of ordinary people is a higher priority than making profits.
The double bond prevents the benzene group at each end from rotating around the axle linking them.
Crucially, heat and light can temporarily loosen up the bond between the nitrogen atoms, allowing them to rotate.
000 in today's money and nobody predicted the transatlantic passenger liner would ever be replaced.
In the UK, a company called Skylon has attracted just#60m ($110m) of government funding to develop a futuristic type of engine known as a"reaction engine#.#
The harsh reality of economics in a world with a huge demand for fuel have has meant it is too expensive to fight gravity
Then property prices soared. He sold his farmland and became an overnight millionaire.""There are no farms left here for us to remain farmers,
the high-rise homes and offices in India's so-called"Millenium City#are the product of two decades of the country's rapid economic growth.
The private sector is championing the India dream#it accounts for 87%of the total investments worth $72 billion USD (4. 5 lakh crore rupees) that were attracted by the state (as of June 2012), according to the Associated
Headstrong had valued clients such as Goldman sachs and Morgan stanley, and expertise in consulting for sectors such as asset management, derivatives, wealth management and mortgages.
Increasingly the lines are blurring between outsourcing and IT services for most companies. While existing outsourcing business is doing well
but actually using the derived insights to deliver a process that can bring in profits.##From cars to Marsgurgaon seems especially well-placed to lead big data analytics in the country.
Kulshreshtha says there's a global lack of talent trained in both quantitative disciplines like economics, mathematics,
and rework processes to profit from it, #Kulshreshtha says. It's a good model to replicate,
"Companies are able to profit more. You are able to hire domain experts and offer clients much more than customer services.#
Some of the major international companies located here include Coca-cola, Pepsi, IBM, American express, Agilent, Microsoft, and Bank of america."
"You can give them a desirable kind of living atmosphere, at not-so exorbitant prices. With the overall lifestyle Gurgaon is becoming one of the most attractive destinations for middle-to-senior management talent in the country.#
A lot of investment is needed as a result.""I would say that all this would add on 10 to 15%to the cost,
only last year there was still talk in Congress of withdrawing Nasa's funding for the mission.
In fact, profits are down in the island's tech sector, competition is growing and consumers increasingly want devices that are being made elsewhere.
you must think of what's the next product you should make to help you earn money three to four years from now,
#Taiwan first transformed itself from a labour-intensive economy to a hi-tech powerhouse during the 1980s.
Revenues for Taiwan's hi-tech sector more broadly are largely flat compared to double-digit growth a decade ago, according to Helen Chiang, a Taipei-based market researcher at tech consultancy IDC."
Its handsets do not have the features to compete with the likes of Apple and Samsung in advanced economies.
There is a growing realisation in Taiwan that the future success of its technology export-dependent economy will depend on its ability to innovate.
companies may not make money if they do not do well overseas. This can lead to an unwillingness to take risks.
which generates a growing proportion of tech industry revenues. Some say a much bigger problem is that Taiwan lacks a culture of catering to consumers,
This means investments from venture capitalists are taxed even if companies have yet to make a profit. Red tape and protectionism also make it difficult for tech companies to hire foreign talent,
which they need to tap markets in the US, China and or Southeast asia. Breaking outin its favour, the island has a population that is keen to buy the latest products,
"It's hard to make money. Why do it? It's like a dream. I felt no one was doing this,
I really liked to compare prices, to see where I can get things cheaper. I used to go on Google search on companies'websites,
#It's this kind of energy that leads people like Mr Lin to believe Taiwan can make the transition to an innovation-based economy."
and it attracts more venture funding per capita than anywhere in the world. Its tech sector employs 230
you will get the funding and manpower and the time you need. After years of helping to solve the nation's major security threats, the challenges of gaming and mobile apps pale by comparison,
The army gave us a few million dollars at the age of 18 and asked us to build technology
They emerge from military service and three years of studying with zero debt, eager to take a year off to pursue their dreams.
even though we don't have much money to offer. We offer them equity and a good place to spend each day.#
Employing exotic new weaponry can also offer the opportunity to demonstrate that the investment of significant sums was spent money well.
the idea is that a 450-kg (990-pound) bomb scatters thousands of rods from mid air over an area of 60 metres,
#at an affordable price using existing infrastructure of smart phone telecoms#says Scanadu's CEO Walter de Brouwer."
"When payments used to be based a paper system, farmers would get conned on the weight,
working their way up Kenya's health insurance industry until each ran successful brokerage businesses in the sector.
With less than 10%of Kenyans covered by health insurance, whether by private companies or the mandatory national hospital care scheme for those in formal employment,
most of the population potentially faces devastating out-of-pocket expenses if they fall seriously ill.
and finance healthcare through use of mobile phones, mobile money and smart cards. While all employers are required by law to enroll their employees into the National Hospital Insurance Fund,
membership is voluntary for the 77%of the working population who are self-employed or work in the informal sector.
Other private insurance schemes cost upwards of 50-80,000 KES ($600-900) to cover a family.
#"For self-employed Kenyans and those in the informal economy#formal insurance mechanisms do not exist,
which costs as little as half a US dollar can cause financial difficulties for someone making just $2-$3 a day.
"There is lack of sensitisation to insurance, and, as part of that, prepayment is a hard concept,
#says Synowiec.""The notion of paying in advance for access to health services is foreign, but can help in preventing financial catastrophes.##
and extended family emergencies,"saving is understood better than insurance, #Oloo says. So in 2009 Changamka launched a"smart card#that enabled Kenyans to save small amounts over time to cover the costs of outpatient services,
and then add money whenever they liked using M-Pesa, the mobile money service that allows the nearly 75%of adult Kenyans who subscribe to it to use their phones to store money
and make payments. Medi-Save users could then transfer extra money into an account linked to their card number simply by sending a text message.
When they attended clinics, hospitals and other healthcare providers, their cards were swiped and their accounts charged at point-of-sale terminals.
Changamka pre-contracts prices with medical providers, and takes a 10%cut for services charged.
Providers are happy to pay, since the system eliminates time consuming and expensive paperwork. Life saverlast month, the company introduced new E-cards,
"They would put their money under their pillow, but something would go wrong after a few months.
and give me that money.##To help women in this situation, the company launched a separate maternity card,
to enable women to save for antenatal, maternity and postnatal services at set prices. They also have a card for family health care.#
I don't have to go to the bank to deposit money or check my balance. I can check it through my handset, even in the night,
"so we designed an insurance product that would service the lower end of the market.##
##Changamka, in collaboration with one of Kenya's largest insurance companies British American Insurance and telecom provider Safaricom, launched a microinsurance scheme called Lindi Jamii in November last year.
###Similar to their other services, customers save money via M-Pesa transfers. Once their account hits 12,000 KES,($140), they are enrolled immediately in a family insurance scheme, covering two parents and unlimited children for 180 days.#
#Besides covering typical medical expenses, the insurance also covers add on services such as income replacement during hospitalisation, funeral assistance,
and dental coverage. Changamka is doing its best to find new ways to extend coverage
and facilitate payments for Kenya's uninsured, however it is still a long way from profiting from these schemes.
Their Linda Jamii microinsurance only has around 8, 000 subscribers so far, and is currently still reliant on funding from NGOS and donor agencies.
The company has shown it can use novel technologies to help insure the poor, but to be truly successful,
or angel funding or institutional venture capital. The top three spots were occupied by San francisco-Silicon valley with 201 start-ups
taxes and rent, was $8, 410 at the end of last year, compared with $14, 050 for New york and $14, 620 in the City of London,
In New york, London and Los angeles, he can meet plenty of people with money to invest in good ideas.
According to Bernstam, investors from the US are scared to invest in Germany because they don't understand the way companies are structured and corporate regulations."
if future investors tried to dilute us, #he says, "and investors from the States don't understand yet how that works abroad
#and are scared frankly of investing abroad.##All of which created a chicken-and-egg problem in Berlin.
Some entrepreneurs have stayed away because of the lack of investors, and those with the money have preferred to go elsewhere because of the greater number of companies to invest in.
But this resistance is beginning breaking down, on both sides, according to David Knight, editor-in-chief of Berlin tech scene blog Silicon Allee."
"There's been this streak of creativity and once you got a core of people, which started round 2009,
you started to get a lot of investors from the US and Europe looking to Berlin. It's still at a very early stage,
but there's a lot more money now than there was two years ago.##Districts such as Kreuzberg, Neukoelln and Prenzlauer Berg, where would-be entrepreneurs congregate in the bars
which received##1 million in funding from Google, has rented space to over 15 companies, including Soundcloud.
Pension fund that were giving them away for free. e had about 20 computers working at best, out of about 100, for a school with 450 students and 50 teachers, he recalls. hey were mostly the big, boxy computers,
says Neverware 27-year-old founder Jonathan Hefter. his is something banks and Fortune 500 companies around the world are using,
especially in schools that spend loads of time, money, and effort in sourcing and shipping in new or donated PCS. ne of the problems with donated computers is that getting them through the port isn straightforward.
The market for cars is linked strongly to the price of fuel. If there is a sharp increase in gasoline prices in the future electric, efficient,
vehicles like the C-1 could see strong demand. In the US at least it will legally qualify as a motorcycle,
it may be possible to escape the bonds of industrial manufacturing processes as the driving force for human development.
as well as prices and inventory levels. efore, we used to use cash receipts and paper record books, says Wainaina.
For the past few years, social enterprise Kilimo Salama has been piloting a crop insurance scheme for smallholder farmers
and serve a critical and vulnerable market that traditional insurance schemes don reach. obody ever really wakes up
But, it become a highly valuable tool for helping farmers secure much-needed credit from banks.
Traditionally, farmers try to reduce their exposure to risks like crop failure (from bad rains or crop parasites) by minimising their investment in farming inputs.
Kilimo Salama has developed a unique eather-based index insurance, which farmers can buy into at the beginning of the season,
By coupling bank loans with Kilimo Salama insurance scheme, the organisation has enabled banks and microfinance institutions to be more comfortable with giving loans,
making access to essential credit easier for farmers. e not just selling insurance, says Goslinga,
ee enabling farmers to get a harvest. As of this year, Kilimo Salama has insured over 100,000 smallholder farmers across Kenya and Rwanda.
Agricultural innovation in Africa claims that the greatest failure of Africa agricultural sector is the absence of investment in rural infrastructure. arkets cannot function
either by swindling middlemen to sell cabbage at nearly a tenth of the price, or waste it all together.
ow, with information via mobiles, farmers are better able to bargain prices against middlemen, and can in some cases increase 25-35%of their profits.
Technology role in improving access for farmers may be exciting and hold great potential, Mukhebi claims,
Despite criticism that the move was rooted in tax inversion, Globaldata analyst believes there were a number of strategic motives behind the deal.
areas likely to generate significant revenue in the near future. The analyst adds that players with an extensive product portfolio tend to have a competitive advantage in the current industry scenario. he demand side is displaying an increasing preference for manufacturers that offer a one-stop solution for all their needs
could potentially become a meaningful revenue area for Neostem
#Moffitt researchers discover mechanism leading to drug resistance metastasis in melanoma Moffitt Cancer Center researchers have discovered a mechanism that leads to resistance to targeted therapy in melanoma patients
Emory Health Sciences Chemists have made a significant advancement to directly functionalize C-H bonds in natural products by selectively installing new carbon-carbon bonds into highly complex alkaloids
or functional, molecular bonds and the inert, or nonfunctional bonds carbon-carbon (C-C) and carbon-hydrogen (C-H). The inert bonds provide a strong, stable scaffold for performing chemical synthesis on the reactive groups.
C-H functionalization flips this model on its head: It bypasses the reactive groups and does synthesis at the inert C-H sites."
The results outlined in the paper demonstrate the efficiency of rhodium catalysts to selectively install a new carbon-carbon bond into complex alkaloids in a highly controlled manner.
Stock markets; Storms; Politics>JONATHAN SERRIE FOX NEWS CORRESPONDENT: At least I'm not feeling it in the eyes.
In the meantime let's update you on the markets especially overseas Asian European futures as well as commodities hopefully we can show you.
And that could mean higher prices at the pump. They have been going up any way and Sandra Smith has the latest from the Newsroom this morning.
Getting back to those gas prices analysts are predicting that we could see a ten-cent spike of gasoline prices as we see the effects of the storm play out depending on how drastic the supply cut actually is from the region
But if it doesn't last analysts are also forecasting a quick retreat from that possible spike in gasoline prices.
But the earnings alert that we're seeing coming in right now real quick for you is from Joy Global the mining equipment company passing along a report of adjusted profit of $1. 82.
Revenue is 1. 4 billion--1. 42 billion. So just so you know Joy Global out with earnings.
and measures that they may be taking from the Fed in terms of more stimulus and quantitative easing. RAYMOND:
and a half years weeks corporate profits report are polling that index lower. But overall sort of lackluster day.
Economists are expecting that that reading is going to climb a little bit any way 1. 7 percent from the first
And then the fun continues 2 p m. the Federal reserve going to unveil you can't wait for it the latest report on economic conditions.
whether policy-makers at the Central bank are thinking of implementing stimulus measures. And Wellpoint CEO Angela Braly has resigned from pressure from investors and shareholders.
The company's board said it will begin searching for a permanent replacement but executive vice president and General Counsel John Cannon is going to serve at this point as the interim chief of the company.
And some major Wellpoint investors expressed concern about Braly's leadership and her company strategy after disappointing second quarter results.
But the breaking story of the morning is Hurricane Isaac as it pounds the city of New orleans. Jeff Flock is on the scene there.
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