A Culture of Innovation and Economic Success

Oct 13, 2010 - by Joel Lessem

Recently I finished reading Daniel Senor’s and Saul Singer’s book Start-up Nation:  The Story of Isreal’s Economic Miracle.  The book describes how Israel--a country of 7.1 million people, only sixty years old, surrounded by enemies, in a constant state of war since its founding, with no natural resources--produces more start-up companies than large, peaceful, and stable nations like Japan, China, India, Korea, Canada, and the United Kingdom.  Those start-up companies attract more venture capital than all of Western Europe.  Israel has more companies on the NASDAQ than those from all of Europe, Korea, Japan, Singapore, China, and India combined.  Why? Three key takeaways:

1. Agile Decision Making: Like the Israeli Army, Israeli companies give their staff a lot of latitude to make critical decisions without having to get approvals.  This environment motivates staff to be innovative and drive the business forward rapidly.  The success or failure of an initiative – can be explained after the fact.
2. Failure is an Acceptable Outcome:  Failure is much more acceptable is Israel than in the US or certainly more than places like Japan. An Israeli venture-capitalist will fund an entrepreneur on his second try. It gives Israelis the freedom to take risks and drive innovation.
3. Be Constructively Critical:  Israeli’s argue.  They are not afraid to openly criticize their boss or each other’s ideas.  It keeps everyone honest and on their toes.  It also tends to nip wrong-headed strategies and plans early on.

‘Financial Reporting Valuation - The Market Participant’ a PCE Companies’ Perspective

Nov 14, 2011 - by Brett Cooper

ASC 820 - Fair Value Measurements and Disclosures sets forth the definition of Fair Value as "The price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date". Paramount to the definition is the concept of the "Market Participant".

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