America’s innovation engine is running out of gas. Corporations in the US have been slashing internal long-term research and development spending for decades and, most recently, investments in venture capital-backed start-ups.
Confronting an increasingly competitive global economy and the emergence of well financed centers of innovation outside of long dominant Silicon Valley, the case for a major reversal could not be stronger, nor could the consequences for failure be higher.
The time has come for today’s equivalent of the Manhattan Project that built the atom bomb – an initiative focused on the creation of value from ideas through innovation.
Partnering the market knowledge and distribution channels of large corporations with the imagination, creativity and risk capital that have shaped Silicon Valley as the focal point for technology-driven innovation for 50 years is paramount. Through integration with our universities, and with long term research support from the federal…
