Monday, April 19, 2010 | 11:49 a.m.
It is time for all of us Americans to wake up from our 20-year slumber and return our country to the forefront of world business leadership. While we have slept, other countries have taken our position in the world.
In a recent posting, the Huffington blog analyzes a recent report by The Information Technology and Innovation Foundation which studied the progress made over the last decade in the area of innovation. The Huffington blog states that out of the forty countries studied, the US ranked dead last. “In 2009, patents issued to American applicants dropped by 2.3%. Those granted to foreign based applicants increased by 6%.”
It is no surprise that in the current economic climate, investment in research and development is down. Therefore innovation has declined. Many businesses have spent every available resource just to stay in business. But is there a better time to invest in new ideas than the present? It will take breakthroughs in innovation to create private sector jobs and lead the economic recovery. The world is entering a new age and a new age requires renewed investment and a rejuvenated entreprenuerial spirit.
Public employee salaries and benefits along with Medicare and Medicaid will bankrupt the US unless we rebalance with new and innovative private sector jobs that will increase tax revenue and spending. The current situation is unsustainable and must be reworked. A strong economy is fueled by private industry. This is not a Democrat or Republican issue. It is an American issue.
America, our slumber is over. It is time to wake up, invest in our future, and remove the barriers to private investment in critical areas such as technology, broadband access and education. We must create new goods and services that are desired by the world, the type of innovation that made America the greatest country in which to live and work.
I’m confident that our country can overcome this innovation deficit, but we will not be able to do so with our old mindset. We must embrace change, a new paradigm, and a new age.
Until next time…