American innovation in crisis

Article gives a ground for reflection about a fundamental role of innovations in society development. The author, founder Levensohn Venture Partners, asserts that the innovation and business in the USA are in a crisis state. Such situation is explained by convergence impact of three trends: paying insufficient attention to basic research and “emphasizing incremental
innovation and commercialization”(1); decrease the share of R&D financing in GDP of the country (2); the current financial crisis which is restricting role of venture capital (3). In particular, the author argues that the challenge of innovative crisis consists in weakness of innovative interaction between the state, universities, corporations and businessmen. As a whole, article widely considers revival of an innovative climate in the country. The paper really gives sense of how innovations are important for sustained development.

AmericanInnovationinCrisisSpeech_by Pascal Levensohn.pdf