• Innovation - Wikipedia
  • Opportunity Zones - Economic Innovation Group
  • Six Ways to Create Economic Growth - Forbes

for discovery and innovation—and thereby expand national economic growth, ..

Chapter 1 – Skills, Innovation and Middle Class Jobs

Mission Innovation Accelerating the Clean Energy …

In business and in economics, innovation can become a catalyst for growth
U.S. industry and the Federal Government are the primary pillars of financial support for the U.S. research and development (R&D) enterprise. The National Science Board (Board) observes with concern the indicators of stagnation, and even decline in some discipline areas, in support for U.S. R&D, and especially basic research, by these two essential patrons and participants. A decline in publications by industry authors in peer reviewed journals suggests a de-emphasis by U.S. industry on expanding the foundations of basic scientific knowledge. More specifically, research contributions by U.S. industry authors in the physical and biomedical sciences through publications in peer reviewed journals have decreased substantially over the last decade. In addition, in this century the industry share of support for basic research in universities and colleges, the primary performers of U.S. basic research, has also been declining. Likewise, Federal Government support for academic R&D began falling in 2005 for the first time in a quarter century, while Federal and industry support for their own basic research has stagnated over the last several years. These trends are especially alarming in light of the growing importance of knowledge-based industries in the global economy.

National Innovation and Science Agenda

Innovation is a key to economic competitiveness and the technological breakthroughs that improve our lives. Basic research fuels technological innovations and is critical in fostering the vitality of the U.S. science and technology enterprise and the growth of highly-skilled jobs. The scientific and technological advances that have led to our Nation’s remarkable ability to create new industries and jobs, improve the standard of living for people, and provide sophisticated technology that ensures our national security can be traced back to the outcomes of basic research.


U.S. Economic Development Administration

The number of business startups is another good measure of entrepreneurship, as well as of the quality of an area's business climate and its long-term prospects for growth. Without new businesses to replace those that decline or close -- a natural part of every business cycle -- it is unlikely that an economy could fully maintain a healthy supply of jobs.

Due to a variety of factors, the business startup rate has been trending downwards nationally for more than 30 years, but especially since the Great Recession. Many cite the increasing dominance of large, established companies; the growing trend toward business consolidation; a slow-growth economy; banks that are more reluctant to give loans to unproven borrowers; a Millennial generation saddled with large debts; and tax / regulation policies that add time and cost to many entrepreneurial efforts.

The Impact of Government Spending on Economic Growth …

Although industry funds two-thirds of U.S. R&D, the majority of basic research is conducted by research universities, and the U.S. Government has long recognized the importance of public support for these institutions. The Federal Government established the basis for the Nation’s land grant institutions through the Morrill Acts in the second half of the 19th century. During World War II, the wartime success of the partnership between universities and the Federal Government through the Office of Scientific Research and Development (OSRD) led to a proposal—requested by the President—from the head of OSRD for public funding for research, specifically basic research, in academic institutions and research institutes. Such funding would encourage the creation of knowledge and employ science and engineering (S&E) for discovery and innovation—and thereby expand national economic growth, increase employment, and improve the quality of life. This proposal ultimately led to the creation of the National Science Foundation (NSF).

Healthcare Costs Innovation Summit 2018 - Home - HCI DC

Through its support of entities that fund basic research, the U.S. Government helps underwrite our national infrastructure for science and engineering R&D and thereby the global preeminence of the U.S. in S&E innovation. Over time, the Federal Government support for R&D, and the related important efforts of industry, have grown into a complex and changing web. Given the impacts on the national innovation infrastructure of changes in investment patterns, it is imperative that patterns and trends of R&D investments be monitored.

Poor U.S. Scores in Health Care Don’t Measure Nobels …

Extending beyond U.S. borders, dramatic changes have occurred that have led to a new global economy operating in ways not envisioned even several decades ago. As with our own Nation, innovation and its hand maiden, R&D, is driving the global economy, and we are seeing more nations recognize this by creating their own version of U.S. research institutions and infrastructure. U.S. businesses are taking advantage of the global markets and resources, and are increasing their support for research and R&D infrastructure outside the U.S. At the same time, industry support for its own U.S. basic research has been fairly stagnant in this century, and its support to academic basic research in the U.S. has remained at most flat, and declined in share of support for academic R&D to a level not seen in more than 2 decades. The rapid changes taking place internationally increase the urgency of understanding and monitoring where our Nation stands in its R&D competitiveness, the direction of trends related to competitiveness in high technology, and what critical information may be lacking that would provide more accurate assessments of the Nation’s standing and outlook.