May 29th, 2009 by Admin
From The Washington Times, Wed., March 11, 2009
As the jobless rate reaches new highs and the economy continues to
founder, many people advocate hunkering down and waiting for the storm
to pass. That may be a smart strategy in some areas, but when it comes
to the federal role in catalyzing innovation and entrepreneurship, we
should be doubling down, not hunkering down.
History has shown that government – when deployed wisely – can play
an important role in funding and stimulating innovation. Industries
such as electronics, nuclear power, aerospace, communications and
computing benefited greatly from federal research and development and
other investments. According to Massachusetts Institute of Technology
President Susan Hockfield, more than half of U.S. economic growth since
World War II has come from technological innovation, with much of it
stemming from federally funded R&D.
In today’s stressed economic climate, we must ask where we get the
biggest bang for our buck. Yes, “shovel-ready” projects stimulate job
creation, but investment in innovation and entrepreneurship should be
pursued with vigor, starting with large-scale renewable-energy programs.
One promising approach, often overlooked, entails investing in the
creation and expansion of entrepreneurship and social innovation
incubators (read more…)