Interesting article by McKinsey on how the US is slipping further and further behind in innovation. McKinsey conducted a series of interviews with CEOs of advanced industrial companies, and as they say there is “real cause for alarm. Seems the issues are:
Cutting-edge technology: the United States is competing against or even catching up with foreign companies and engineers
Demand: more than 50 per cent of the global middle class lives outside of North America
Talent: Significant scientific talent is building outside of the United State
Entrepreneurship: There is an increase of risk aversion towards new ventures in the United States, with large US corporations being most affected
McKinsey goes on to provide a set of remedies:
1. Clear the way for the cutting edge industrial technologies of the future
2. Rebuild infrastructure
3. Attract and retain talent
4. Reenergise the entrepreneurial spirit in the large US companies
The Strategy Group 