Obama launches Innovation Strategy in Upstate

President Obama Comes to Upstate NY to Promote National Innovation Strategy

President Obama selected Upstate NY as the location today for his national innovation strategy address. The President challenged the US to regain its academic leadership position, and called for increased investment in research to grow the innovation economy.

There are three parts to the President's strategy included in his white paper entitled "A Strategy For American Innovation: Driving Towards Sustainable Growth And Quality Jobs"

"1. Invest in the Building blocks of American Innovation. We must first ensure that our economy is given all the necessary tools for successful innovation, from investments in research and development to the human, physical, and technological capital needed to perform that research and transfer those innovations;

2. Promote Competitive Markets that Spur Productive Entrepreneurship. It is imperative to create a national environment ripe for entrepreneurship and risk taking that allows U.S. companies to be internationally competitive in a global exchange of ideas and innovation. Through competitive markets, innovations diffuse and scale appropriately across industries and globally; and

3. Catalyze Breakthroughs for National Priorities. Here are certain sectors of exceptional national importance where the market is unlikely to produce the desirable outcomes on its own. These include developing alternative energy sources, reducing costs and improving lives with health IT, and manufacturing advanced vehicles. In these industries where markets may fail on their own, government can be part of the solution."