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