Download the PDF: The Global Innovation Imperative
As Submitted by Richard A. Bendis, President, Innovation America and Vice Chair NASVF
Creating a National Innovation Framework
Building a Public-Private Support System to Encourage Innovation
By Richard Bendis & Ethan Byler
Introduction and Summary
Science, technology, and innovation experts in the United States today almost unanimously agree that our country needs to launch a collective national effort to accelerate U.S. technological- and innovation-based growth. Amid a global economic downturn during which other nations are boosting their already significant public- and private-sector efforts to build more competitive, innovation-led economies, the United States stands almost alone in the world without a national innovation framework.
The result? Our country is beginning to lose its innovation leadership and national competitive advantage because we do not coordinate innovation policy across federal, state, municipal, and university boundaries and do not adequately support high-growth entrepreneurial companies. The federal government pours approximately $150 billion annually into basic scientific research but then largely fails to ensure this money results in the kind of broad-based economic growth that makes our products and services the most competitive on the planet. This is a travesty because it is innovative small businesses that have generated between 60 to 80 percent of net new jobs annually over the last decade as they grow and prosper, according to the U.S. Small Business Administration. These same companies also employ 30 percent of high-tech workers such as scientists, engineers, and information technology workers.
The United States is falling behind its international competitors, and funding for innovation in business has hit a 12-year low.
MONCTON - Richard Bendis will tell an audience of entrepreneurs and officials in the knowledge industry today that growing business in a wired community is not just about technology.
The CEO of the Philadelphia-based national private-public intermediary Innovation America is trying to spur a mindset shift towards better using human connectivity to leverage funding and talent to build companies - on top of focusing on market-relevant products.
"The difference I talk about is from technology-based economic development to innovation-based economic development," Bendis said in an interview Monday, ahead of meetings with members of a Moncton-based high-tech incubator nearing its launch.
Bendis will give a morning address today at the Delta Beauséjour hotel to help kick off a two-day summit on intelligent communities. This summit, in part, came to be after Moncton and Fredericton were named to this year's top seven smart cities list by the Intelligent Community Forum, a New York-based think-tank devoted to assessing how broadband can grow jurisdictions.
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Rich Bendis President, Innovation America spoke about how innovation will change small business.