Get started ‘On’ May 14: Minority-owned small business contracts slip, Kickstarter suffers security failure

Our daily blend of the latest news, trends and tips for the small business community.

What’s going ‘on’:

Minority contracts slip: Government contracts to minority-owned small businesses declined last fiscal year for the first time in a decade, dropping at an even faster pace than all contracts, which dipped 1 percent during the year. Black-owned firms took the biggest hit, dropping 8 percent in total contract value to $7.12 billion.

Yahoo chief resigns: Scott Thompson has stepped down as chief executive of Yahoo following news that he misrepresented his academic credentials. The departure comes just four months after he was lured away from eBay to turn things around at Yahoo and leaves the company searching for its fourth chief executive in three years.

Kickstarter suffers security failure: The popular crowdfunding site exposed more than 70,000 project ideas that were not yet ready for public view as the result of a security failure, according to an annoucement from the company on Sunday. The malfunction stemmed from a Website update in April.

Keep an eye ‘on’:

Lightsquared on cusp of bankruptcy: The wireless-networking company is preparing for bankruptcy protection after negotiations with lenders failed on Sunday, according to a report from the Wall Street Journal. LightSquared and its lenders still have until the close of business Monday to reach a deal that would keep the firm out of court.

Helpful advice ‘on’:

How a citizenship check may hurt small firms (OSB)

How to start selling your product abroad (Statesman)

How to protect your company from legal woes (Fox)

How to make your firm a household name (Open Forum)

J.D. Harrison covers startups, small business and entrepreneurship, with a focus on public policy, and he runs the On Small Business blog.
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