We Need To Revive Innovation And Entrepreneurship In America. Here’s How We Can Make It Happen

1. Start The Low Hanging Fruit

Clearly, the backbone of any innovation economy is entrepreneurship. Yet by a number of metrics, startup activity in America has faltered. Part of the drop is fallout from the financial crisis, although a report by the Kauffman foundation found that things have picked up recently. Still digital technologies like the cloud don’t seem to have spurred much business creation.

2. Renew Our Commitment To Science And Technology

We tend to think that the best technology is built by entrepreneurs in a garage somewhere or, possibly, in a corporate lab. Yet the truth is that most technology starts with federally funded research that later gets commercialized by the private sector. That’s the engine that drives innovation forward.

3. Build An Innovation Ecosystem For Hard Tech

For the past 30 years, Silicon Valley has been America’s innovation engine. From Apple and Intel to Google and Facebook and thousands of others, the Bay Area has been the place where entrepreneurs go to pursue their dreams. Nowhere else can match its combination of talent, ambition and venture capital.

Innovation Isn’t About Ideas, But Solving Problems

America became the technological superpower of the 20th century because of the problems we solved. We split the atom, developed antibiotics and put a man on the moon, just to name a few. In many cases, these accomplishments were achieved in partnership with scientists in other countries, but the major work was done here.

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Greg Satell

Greg Satell

Bestselling Author of Cascades and Mapping Innovation, @HBR Contributor, - Learn more at www.GregSatell.com — note: I use Amazon Affiliate links for books.