The United States of Innovation: How American industry can thrive for another 250 years
Two and a half centuries ago, the United States was founded as an innovative experiment in self-government. The spirit of risk-taking that accompanied signing the Declaration of Independence has informed much of American industry over the ensuing years. It helped give rise to everything from the airplane and moon landers to the microchip and personal computer. The challenge is keeping this…
In 1776, the United States was established as an innovative experiment in self-government. This spirit of risk-taking has driven American industry for centuries, leading to inventions such as the airplane, moon landers, microchips, and personal computers. However, maintaining this culture of creativity and ingenuity into the next 250 years while ensuring it benefits all is a significant challenge.
At a recent meeting of Fast Company's Impact Council, business leaders discussed America's past, present, and future in terms of innovation.
What is often misunderstood about driving innovation at scale? According to Ndidi Oteh, CEO of Accenture Song, businesses must prioritize innovation just as much as their financial bottom line. Phillip Haid, founder and CEO of Public, agrees, noting the need for an ecosystem of partners, suppliers, and funders, along with the right timing, people, and regulatory environment.
The U.S. currently stands at a unique position as a relatively young country compared to others. Bo Zhao, founder and CEO of Baby Gear Group, emphasizes the importance of building strong and adaptable innovation systems that can endure through generations. While the U.S. has tremendous wealth, access to global talent, and world-class institutions, federal policy and bureaucracy are creating obstacles in key areas like immigration, renewable energy, and support for leading research universities, according to Jean-Claude Brizard, president and CEO of Digital Promise Global.
Business leaders have a crucial role in shaping policy around innovation. Todd James, founder and CEO of Aurora Insights, believes they should foster an environment where experimentation is encouraged, allowing for failure before scaling. Joe Scantlebury, president and CEO of Living Cities, adds that leaders must advocate for policies that increase access to capital and business ownership.
The greatest threat to America's long-term competitiveness is underinvesting in people, as Deirdre White, president and CEO of Pyxera Global, points out. There is concern that a shift away from valuing science and research may lead to brain drain, as industries seek opportunities in other countries. Liam Ryan, CEO of StreetLeaf, warns that losing the competitive spirit to innovate among younger generations could be detrimental.
To balance speed and responsible innovation, Regan Parker, chief legal and public affairs officer at ShiftKey, emphasizes the importance of people with deep expertise advising on safety and compliance. Xiaodi Hou, founder and CEO of Bot Auto, stresses the need to distinguish between safety and ritual. Despite the hype around AI, Ed Mitzen, founder of Business for Good Foundation, believes quantum computing and energy will define America's next competitive advantage, with the Commerce Department committing $2 billion in CHIPS Act incentives to nine companies.
Written by urgent.news from Fast Company's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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