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Entrepreneur Daily

Offer Prize Money to Boost Innovation

(HR and Management, Tech)

It's no surprise that money is a great motivator. Today's solution-seekers are learning that cold, hard cash is the key to staying one step ahead of the competition. As an Entrepreneur article points out, it all started in 1927 when Charles Lindbergh made his famed solo nonstop flight across the Atlantic for a $25,000 prize.

Companies like Netflix and Google are catching on and following suit. Netflix is offering a $1 million reward to anyone who can improve their current movie-recommendation software by at least 10 percent. So far, it's been a year--and still no winner. Netflix is trying to keep programmers motivated by offering $50,000 prizes to whoever comes closest to the 10 percent improvement. Google is also getting in on the prize wars. The company is offering $10 million in award money for people who build the best software to enhance the company's upcoming cell phone operating system. Entries can be received from January 2 to March 3, 2008. Judges will select 50 winners who will each receive $25,000 and be eligible for ten awards of $100,000 and ten awards of $275,000. The big money comes into play in the second phase of the competition when another $5 million in prize money is at stake.

Credit Crunch Inspires Entrepreneurship

(Business News)

PartnerUp.com, a free social networking site for entrepreneurs, says many professionals in the residential real estate and financial sectors are leaving their jobs to take a stab at entrepreneurship. The survey, conducted by PartnerUp.com, found that of those professionals who left in the last three months, about 56 percent are considering starting their own business and 13 percent are already on their way. These new entrepreneurs are pursuing web companies and other technology businesses, in addition to advertising, marketing and retail. "The credit crunch has sparked entrepreneurship, but more importantly, entrepreneurship is sparking economic expansion," said Dane Fox, vice president of business development at PartnerUp.com.

Make an Impression this Holiday

(HR and Management)

On Monday, we blogged about gift-giving etiquette in the workplace. Even if you can't fit expensive gifts into your budget this holiday season, there's a simple, less pricey alternative: business greeting cards. Hallmark Business Expressions estimates that between 50 and 60 percent of all businesses will choose to send out greeting cards this season. "A holiday business greeting card done right will strengthen the personal relationship with each customer and also reflect the company's brand, values and culture," said Marc Wagenheim, product marketing director for Hallmark Business Expressions.
 
Here are five of their tips for using your holiday cards to make a lasting impression:

  • Be the early bird. One of the best ways to get attention is to be first to send your holiday greeting.
  • Choose carefully. Choose a message that sounds like something you’d say to your customers, but keep messages brief and secular unless you are certain of the recipient’s religious faith.
  • First class all the way.  Mail cards first class to ensure cards are delivered or forwarded to the correct location. Also, use postage stamps to prevent your card from looking like it was part of a mass mailing.
  • Send to individuals. In addition to sending one greeting card to an entire company, consider sending cards to the individuals you work with directly. This lets each person you work with know you value him or her as an individual.
  • Business or personal? If you’re sending holiday wishes to business associates, it's most appropriate to mail the card to a business address. However, if you are friends socially or have met the recipient’s spouse or significant other, you can send the card to his or her home.

Click here to read the rest of their list of helpful holiday card hints.