Building an Innovation-Based Economy

November 20, 2012

Building an Innovation-Based Economy

Source: Brookings Institution

Highlights include:

• We need better metrics for measuring worker productivity in the 21st century economy. Past approaches based on worker hours or total employees in relation to Gross Domestic Product (GDP) ignore the transformational nature of digital technology.

• We should encourage entrepreneurship by expanding Small Business Administration credit for start ups, adding entrepreneurial skills to school curricula, and making changes in immigration policy that encourage entrepreneurs to come to America.

• We need governments that learn to innovate and collaborate, and develop new approaches to service delivery, transparency, and participation. This includes placing more data online and employing data analytical tools, social media, mobile technology, and search results that improve decision-making.

• We should strengthen infrastructure by investing in broadband, data centers, and mobile cell towers, and improving access to spectrum for wireless applications.

• We should protect vital digital assets by updating the Federal Information Security Management Act and developing procedures for monitoring threats to critical infrastructure.

• We need to improve knowledge transmission through faster adoption of digital textbooks, more widespread use of creative commons licenses for instructional materials developed with taxpayer dollars, and policy changes that speed education innovation.

• We need to increase technology transfer and the commercialization of knowledge from universities and federal laboratories so that public and private investments translate into jobs and economic activity as well as better health, security, and well-being.

• We should harmonize cross-border laws to promote global innovation and freedom of expression.

[Brookings Institution, technology and internet, business and economics, government and politics, small business and entrepreneurship]

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