From Greg's Head

As Gold sponsors of the Rice Alliance for Technology & Entrepreneurship, PKF Texas is proud to share Rice Alliance events with our friends in the marketplace.  Join us as we celebrate the success of the Houston and Texas technology entrepreneurship community and kick off a new program year for the Rice Alliance with keynote speaker, Michael Oxley.

8th Annual Rice Alliance Kick-Off Celebration
"An Evening with Michael Oxley: Co-author of the Sarbanes-Oxley Act"
Thursday, August 23, 2007
Rice University
McNair Hall, Jesse H Jones Graduate School of Management

5:30pm - Registration & Reception
6:30pm - Keynote
7:30pm - Networking Reception

Keynote Speaker:Michael Oxley
Vice Chairman, NASDAQ

The Honorable Michael G. Oxley was appointed Vice Chairman of The Nasdaq Stock Market, Inc. in March 2007.  In this capacity, Mr. Oxley serves the NASDAQ executive management team and Board with his expertise in public policy, corporate counseling, financial services and capital markets.  He also interfaces with NASDAQ listed companies to increase visibility of the exchange's market excellence, business, and policy issues. 

Prior to joining NASDAQ, Michael Oxley:
· Served in Congress for 25 years 
· Co-authored the Sarbanes-Oxley Act
· Chairman of the House Financial Services Committee: 2001 to 2006
· Member of the House Energy and Commerce Committee: 1983 to 2001

To Register and More Information: click here

Early Registration Deadline: August 21. We recommend you register BEFORE this deadline, as the event may be sold out.

Hosted by: Rice Alliance for Technology & Entrepreneurship
Co-Hosted by:  NASDAQ
Sponsors:  PKF Texas and Locke Liddell and Sapp, LLP
Roundtrip Airline Ticket Sponsor: Continental Airlines

If you have any questions, contact the Rice Alliance at alliance@rice.edu, 713-348-3443 or www.alliance.rice.edu.  We hope to see you there! 

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Note: Running most Fridays in FromGregsHead.com, is a continuing series of tips brought to you by Greg Price. These run Saturday mornings during the BusinessMaker’s Radio Show on KPRC 950AM. Audio files can be found on the Entrepreneur's Playbook page of the PKF Texas website.

C corporations are organized under the laws of a US state, and ownership is in the form of stock. There is no limit to the number of shareholders or the number of classes of stock. Articles of incorporation must be filed with the state. 

An advantage of C corporations is that shareholders are usually protected from liability for corporate debts. Also, shareholders who provide services to the corporation are eligible to receive tax-free fringe benefits, such as health care benefits, group term life insurance, and may participate in company-sponsored retirement plans.

Disadvantages in using a C corporation include double taxation and administrative requirements.  Profits of a C corporation are taxed to the corporation when earned, and then taxed again to shareholders when distributed as dividends. Tune in next week for the final segment on C Corporations entity selection. Due to complexities in every situation, please be sure to contact your tax advisor when maxing entity selection.

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Just a reminder, the nominations for FastTech 50 are due tomorrow!  Visit the FastTech 50 website, http://consult.pkftexas.com/fasttech50/ if you have any questions. 

I'm looking forward to seeing the nominees and good luck! 

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I ran across a recent study this weekend that said almost 90% of Smartphone users skim email on their phone, then wait to really read the full email later. 

Count me in that 90%. If there’s a non-urgent email, especially one with links, I’ll wait to get back to the office or home where I can view the information full screen. While I appreciate the ability to view an e-newsletter for example on my phone, there’s something to be said for not squinting to read the information.

That said, I do enjoy being able to read, edit and send Word and Excel documents from my phone. It’s convenient and good for getting things turned around quickly. 

How much do you use the “other” features on your phone? Do you actually spend a significant amount of time accessing the internet or is it simply too much of a hassle? What changes do you think the iPhone will have on the features for other smartphones?

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Note: Running most Fridays in FromGregsHead.com, is a continuing series of tips brought to you by Greg Price. These run Saturday mornings during the BusinessMaker’s Radio Show on KPRC 950AM. Audio files can be found on the Entrepreneur's Playbook page of the PKF Texas website.

Previously we talked about a recent study Forrester Consulting did for Microsoft on customer relationships and innovation.

During those studies some additional thoughts on innovation arose.

• Half of all managers surveyed chose cost reduction above all other benefits when asked to choose from a list of key innovation benefits.
• Innovation is primarily valued as a way to boost operational efficiency and enhance customer relationships.
• Companies may be missing the growth possibilities offered by strategic innovation.
• And while innovation may be a key benefit, most companies don’t tolerate failed innovation projects, which may also be limiting strategic innovation.

Ask yourself, what was or is our most strategic innovation project at my company? The answer may surprise you.

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In May, PKF Texas became a sponsor of the Greater Houston Partnership’s International Connections speaker series. 

The International Connections events provide an opportunity to better understand Houston's top international trade partners and interact with key officials who can help your business expand into those markets. Consuls general, bilateral chambers of commerce and government trade officers present business opportunities and available resources.

The first two events, Australia and Poland, were a great success. This month’s highlighted country is Mexico.

His Excellency Carlos González Magallón, Consul General of Mexico, Houston will discuss the business opportunities in Mexico for Houston companies and update on the recent political and economic issues in Mexico. George Gonzalez, partner, Bracewell & Giuliani LLP will present on certain practical legal considerations of U.S. companies entering into the Mexican market. Pete Garcia, vice president, Latin America with Continental Airlines will discuss their operations and business practices as the nation's largest airline servicing Mexico.

The Mexico International Connections will be held on July 31^st at the Greater Houston Partnership.  Contact Niaya Harper at nharper@houston.org, to if you have any questions or would like to register. More information about future events can be found on our website, www.pkftexas.com/intlconnections.  Hope to see you there!

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Can you explain what your company does in 30 seconds? More importantly can you explain what you do in 30 seconds? What’s your elevator pitch for your company and yourself?

The elevator pitch is an important skill in the business world that many overlook. The trick is to say enough to pique the listener’s interest without droning on about how great your company is.

As part of the Rice Business Plan Competition, teams have to give and are judged on their elevator pitch for their company and product. I’m glad to see Rice includes this in the competition as it allows the students to hone their networking skills.

You never know when you might use your pitch, everywhere from standing around at a soccer game to a formal networking event. How often has your elevator pitch resulted in business for you or your company?

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Note: Running most Fridays in FromGregsHead.com, is a continuing series of tips brought to you by Greg Price. These run Saturday mornings during the BusinessMaker’s Radio Show on KPRC 950AM. Audio files can be found on the Entrepreneur's Playbook page of the PKF Texas website.

Last week we talked about a recent study Forrester Consulting did for Microsoft on customer relationships and innovation.

Related Forrester research on innovation discovered a similar bottom-line orientation: Half of all managers chose cost reduction as a key reason to innovate. Further, only 41 percent of respondents listed innovation as one of their top two strategic priorities, well behind customer relationships (75 percent) and operational excellence (52 percent). Business managers may perceive the value of innovation, but they do not yet see it as part of a strategic approach.

Because customer interactions are valued so highly, they are outsourced less often than is commonly believed. Spending on IT and human capital is not yet fully aligned with the high priority placed on customer relationships. What would your answers be to these questions?

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In response to Monday’s blog, several people asked me about Skype.

“Skype is a free program that uses cutting edge p2p technology to bring affordable, high-quality voice communications to people all over the world.” – Skype.com

Basically it’s a program on your computer that you use to place “phone” calls to anywhere in the world over the internet. One of our directors at PKF Texas uses Skype to speak to her husband when he is in China on business. 

It seems like a pretty cool concept. I haven’t tried it out yet, but it seems like it would be a viable alternative to long distance phone bills or using a ton of minutes on my cell phone. 

Do any of you use Skype? How do you think the application will affect the way we communicate in the business world? Will business land lines become a thing of the past?

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I know I question the need to be connected and plugged in, on a regular basis, but there are times when it’s great to have the internet and email a button push away.

My son recently got back from his study abroad program where he spent four weeks in Italy. We were texting back and forth the whole time. He’d let me know all the cool things he was doing and I’d fill him in on what the family was up to.

Fifteen years ago, we wouldn’t have been able to do that. It was great to be able to keep up with him without spending $100 on a ten minute phone call. It also made me accept that texting isn’t just for the next generation. 

What technologies are your kids making you learn how to use? Is your life really easier because of it?

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Note: Running most Fridays in FromGregsHead.com, is a continuing series of tips brought to you by Greg Price. These run Saturday mornings during the BusinessMaker’s Radio Show on KPRC 950AM. Audio files can be found on the Entrepreneur's Playbook page of the PKF Texas website.

Why don't companies invest more in customer relationships and take a more strategic approach to innovation?

According to a Forrester Consulting report commissioned by Microsoft, 55 percent of business managers rate customer relationships as their most important strategic priority. But that doesn't always translate into spending on IT and human capital. Only 35 percent of those managers chose customer relationships as the top reason to invest in human capital, and only 32 percent named customer relationships as their top basis for IT spending.

That raises a question: If customer relationships are so important, why don't more companies make it their top IT spending priority?

Next week we will have some follow up comments on this study.

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As many of you know PKF Texas was a founding sponsor of the FastTech 50. The nomination period for the 2007 FastTech 50 is now open. 

To qualify for the FastTech 50, your company's headquarters must be located in the Houston SMSA ten county area which includes Austin, Brazoria, Chambers, Fort Bend, Galveston, Harris, Liberty, Montgomery, San Jacinto or Waller counties. A minimum of 51% of your consolidated revenue must be involved in the original manufacture, design or development of technical products or services. Your company must also have net revenue of more than $200,000 for both 2005 and 2006. All nominations are subject to review by the FastTech 50 board.

To nominate your company visit http://consult.pkftexas.com/fasttech50/. The deadline for submissions is July 27, 2007.

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I was out of town last week and had some time to catch up on my reading. The current issue of Business 2.0 has published their second annual “The 50 Who Matter Now” list. 

Taking a page from Time Magazine’s Person of the Year, Business 2.0 has included “us” on the list. “We” have the capability to continue to change the media landscape. As bloggers and blog readers, we play a huge part in that change. It’s going to be interesting to see what the next big phenomena is.

Other individuals of note:

Tim O'Reilly - Founder and CEO, O'Reilly Media
“Why he matters: The man who coined the term "Web 2.0" has a talent for planting himself in the heart of the action.”

Nicholas Negroponte - Chairman, One Laptop Per Child
“Why he matters: The MIT Media Lab co-founder's nonprofit group, One Laptop Per Child, has created an inexpensive notebook computer for children in developing nations. The goal is to make a machine that sells for $100.”

Janus Friis and Niklas Zennstrom - Co-founders, Skype and Joost
“Why they matter: Call them the Disruptive Duo. First they undermined the music industry by unleashing the Kazaa file-sharing network. Then they rattled the telephone industry by creating Skype, a free Internet phone network.”

Of course there are many more, but you’ll just have to check out the list. Thoughts? Anyone missing from the list? 

Since Wednesday is the 4^th of July, the next entry will be Thursday. Have a happy and safe 4^th!

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