A STRATEGY FOR AMERICAN INNOVATION

A STRATEGY FOR AMERICAN INNOVATION

A for American Innovation

Creating Shared Prosperity

National Economic Council and National Economic Council and Office of Science and Technology Policy Office of Science and Technology Policy

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Table of Contents

Executive Summary................................................................................................................................ 2 Introduction ............................................................................................................................................ 10 Investing in the Building Blocks of Innovation ............................................................................ 20 Fueling the Engine of Private-Sector Innovation ......................................................................... 39 Empowering a Nation of Innovators............................................................................................... 65 Creating Quality Jobs and Lasting Economic Growth ............................................................... 74 Catalyzing Breakthroughs for National Priorities....................................................................... 84 Delivering Innovative Government with and for the People ................................................ 107 New Horizons for 2015 and Beyond ............................................................................................. 117

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Executive Summary

America has long been a nation of innovators. The United States is the birthplace of the Internet, which today connects three billion people around the world. American scientists and engineers sequenced the human genome, invented the semiconductor, and sent humankind to the moon. And America is not done yet.

For an advanced economy such as the United States, innovation is a wellspring of economic growth. While many countries can grow by adopting existing technologies and business practices, America must continually innovate because our workers and firms are often operating at the technological frontier. Innovation is also a powerful tool for addressing our most pressing challenges as a nation, such as enabling more Americans to lead longer, healthier lives, and accelerating the transition to a low-carbon economy.

Last year, U.S. businesses created jobs faster than at any time since the 1990s. Now is the time to renew our commitment to innovation to drive economic growth and shared prosperity for decades to come. Now is the time for the Federal Government to make the seed investments that will enable the private sector to create the industries and jobs of the future, and to ensure that all Americans are benefiting from the innovation economy.

In 2009, President Obama first issued the Strategy for American Innovation, and it was updated in 2011. In this final refresh of the President's Strategy, the Administration has identified additional policies to sustain the innovation ecosystem that will deliver benefits to all Americans.

A Strategy for American Innovation

As the following graphic illustrates, the President's Strategy for American Innovation has six key elements. The Strategy recognizes the important role for the Federal Government to invest in the building blocks of innovation, to fuel the engine of privatesector innovation, and to empower a nation of innovators. The Strategy describes how the Obama Administration builds on these important ingredients for innovation through three sets of strategic initiatives that focus on creating quality jobs and lasting

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economic growth, catalyzing breakthroughs for national priorities, and delivering innovative government with and for the people.

Investing in the Building Blocks of Innovation The building blocks of the American innovation ecosystem are those areas where Federal investments provide the foundational inputs to the innovation process:

Making World-Leading Investments in Fundamental Research The President has consistently called for sustaining America's long-term economic competitiveness and growth through robust investments in fundamental research.

Boosting Access to High-Quality STEM Education The President's plan calls for cultivating the minds of tomorrow's engineers, scientists, and innovators through strong and sustained investment in science, technology, engineering, and mathematics (STEM) education that engage students from all backgrounds and underpin future economic competitiveness. 3

 Clearing a Path for Immigrants to Help Propel the Innovation Economy Recognizing the disproportionate role of immigrants in building an entrepreneurial society and pioneering world-changing discoveries, the President is helping to clear a path for them to continue making significant contributions to the American economy.

Building a Leading 21st Century Physical Infrastructure The Administration is committed to making investments in our nation's physical infrastructure that will not only create jobs now but also foster innovation and economic growth for the long term.

Building a Next-Generation Digital Infrastructure The Administration is committed to sustaining investments to ensure widespread access to broadband and to support the adoption of next-generation digital infrastructure.

Fueling the Engine of Private-Sector Innovation

The Federal Government can empower private-sector innovators by addressing the market failures that stymie innovative activity and by ensuring framework conditions friendly to experimentation and innovation, including:

Strengthening the Research and Experimentation Tax Credit President Obama has proposed broadening, extending, and making permanent the Research and Experimentation Tax Credit, creating substantial and predictable incentives for U.S. businesses to innovate.

Supporting Innovative Entrepreneurs To keep America's lead as the best place in the world to start and scale a great enterprise, the Administration is working to ensure all Americans have a fair shot at entrepreneurial success.

Ensuring the Right Framework Conditions for Innovation The Federal Government can enable a thriving innovation economy by taking steps to ensure that those who strive to introduce new ideas to the marketplace encounter market conditions and rules that facilitate and incentivize their efforts.

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