| While We Wait, Let's Innovate |
 |
 |
 |
| Thursday, 01 April 2010 16:36 | |
|
We had planned to write an update on Financial Reform—that big regulatory and political hot potato that threatens to grab Wall Street by the ear and teach it a thing or two. We're referring to that approaching reform that's gotten caught somewhere in the pipeline, but once it's unleashed is supposed to let the rest of us live happily every after. At this early stage, there are still so many unknowns, uncertainties, bickerings, and push backs, we dare not try to draw any conclusions. Making predictions about the outcome, could come across like . . . well, like an April Fools joke. So, while we're waiting for the final results we're going to focus on something more positive, a subject that we touched upon last month. Innovation. Recently The Economist magazine sponsored a conference entitled "Innovation: Fresh Thinking For The Ideas Economy." We have noticed that this is becoming a topic of renewed interest, and for good reason. It's going to take plenty of good old-fashioned innovation to pull the world out of this economic morass. But innovation has been hard to come by of late. There was a time, back in the post-WWII era, when the United States was the world's leader in innovation. Well, actually, it was the only nation that was innovating - primarily because it was the only player on the field. But that was then, this is now. Now the competition is fierce, and many of the competitors, according to the Information Technology and Innovation Foundation (ITIF) are placing high emphasis on innovation. According to a recent ITIF report, when ranking the progress of innovation occurring in 40 countries, guess which country came in last! The U.S.! Before 1980, the federal government was funding roughly half of the research and development in applied sciences. That number has dropped below 20 percent. And we can all guess how much government spending is scheduled to be ear-marked for science. Exactly how important is innovation to a nation's economy? InThe Big Gamble: Are You Investing or Speculating? we devote an entire section on case studies that explain how innovation forms the building blocks of an economy and an entire culture. While the world is still reeling from the financial meltdown, it's clear that there is a great need for an infusion of innovative ideas from risk-taking speculators. Solutions could come in any number of forms, expanded Broadband or industries supporting the green economy come to mind. One recent proposal is the creation of a Green Bank, one that could open credit markets and motivate businesses to invest in clean-energy technologies in areas like wind, solar, geothermal, advanced biomass, and energy efficiency. A Green Bank might help loosen the available credit for small businesses, and establish the reliable source of funding that entrepreneurs would require if they were to devote themselves to green technologies and start ups. That's just one small idea, but everything starts with one small idea, and the sky's the limit. If you need some inspiration to help get the creative juices flowing, pick up a copy of our book and learn how a little risk taking has reaped great rewards for some. But, as we always remind out readers, check your risk-taking pulse and get a reading on your own personal risk tolerance before venturing out too far. |
Valuable Resources
