Funding from individual investors for start-up companies dropped nearly 50 percent, to $15.7 billion in 2002 from $30 billion in 2001, according to a new survey.
The study by the Center for Venture Research at the University of New Hampshire found that a total of 36,000 entrepreneurial ventures last year received “angel” funding, down 25 percent from 2001.
Start-ups developing new software received 40 percent of the investments, according to the survey. Companies engaged in life science research came in second, pocketing 14 percent of the investments.
The center’s research showed that the rate at which start-ups won backing for their projects continued to drop. According to the survey, 7.1 percent of the proposals received backing, compared with 10.8 percent in 2001. In 2000, 23.3 percent of the proposals received backing, the highest level in five years.
OSHA relaxes reporting rules
The Occupational Safety and Health Administration has repealed a Clinton-era regulation that required business owners to keep separate records of musculoskeletal disorders that develop from workplace injuries or strains. Many business groups, including the National Federation of Independent Business, had sought the repeal.
“This decision does not change the current way injuries or illnesses are recorded and does not affect an employer’s obligation to record work-related injuries, including musculoskeletal disorders,” said OSHA Administrator John Henshaw.
The Bush administration had previously delayed the record-keeping requirement until January 2004, pending further research.
The Bureau of Labor Statistics already compiles similar data on disorders such as carpal tunnel syndrome and chronic back pain.
Dale honored at Chicago State
Robert J. Dale, president and chief executive of R.J. Dale Advertising & Public Relations in Chicago, has been named to the Chicago State University’s Hall of Fame. The Hall of Fame, founded in 1985, recognizes entrepreneurs who have made a significant contribution to the African-American community.
Dale was a professor of marketing at Chicago State from 1978 to 1984, when he left to devote his efforts to the agency.
More Top Picks Charcoal Grills
SBA aids minority auto dealerships
The U.S. Small Business Administration is backing an effort to expand automobile dealership ownership among minorities.
The agency said it has signed a deal with the National Association of Minority Automobile Dealers and Ford Motor Co. to scout for candidates who need financial assistance to help establish their businesses.