After record-setting spending to keep the economy from the brink of collapse, the public has grown wary, even hostile, to the idea of more government pump priming. Even those who advocate additional public investment face daunting budget constraints. Does this mean that government is hamstrung when it comes to spurring innovation? Not at all. In this report, ITIF lays out a nine key ways to keep innovation going even if funds are limited. They include regulations to encourage rather than inhibit innovation, smarter tax policies, procurement reform, better use of technology to drive innovation and more.
Is America Really #1 in Innovation?
According to the World Economic Forum 2010-2011 Global Competitiveness Report released last month, the U.S. is still regarded as highly competitive by global business elites. But is our sterling reputation deserved? Among the 131 countries analyzed, the United States ranks fourth overall for global competitiveness (down from ranking second in 2009 and first in 2008) but ranks number one for innovation. However, in a new blogpost ITIF points out that the rankings are based too much on anecdotal impressions and not enough on hard data. According to ITIF’s own analysis of global competitiveness and innovation, the United States is actually lagging in many key criteria.