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Developing the human capital of young Americans is vital to keep America’s entrepreneurial economy growing. Our future entrepreneurs and their workers need the twenty-first century skills and knowledge to create successful ventures and to spur innovation in the economy. Yet education in the U.S. is struggling to stay competitive and fails to provide access to a quality educational experience for all students. Developing tomorrow’s talented, capable innovators is a challenge that will require major, entrepreneurially-driven improvements in education from pre-school through graduate school.
The crown jewel of the U.S. university system – the finest in the world – is the research university, where knowledge creation is the ultimate goal. Recognition of the centrality of knowledge creation to economic growth makes the efficiency of university innovation a top concern to policymakers, especially since the federal government funds two-thirds of the $48 billion of R&D performed in academic institutions. In too many universities, commercialization of research discoveries is not as rapid or as successful as it could be. The solution provided by Technology Transfer Offices (TTO) has been mixed, as too many have been directed to focus on maximizing revenue through patent licensing, leading to a sub-optimal level of technology diffusion. In the face of declining funding of basic science research, venture capital migration to downstream opportunities, and heightened competition from abroad, the optimal commercialization of U.S. university innovations could not be more important.
America’s heritage as a nation of immigrants is a source of tremendous economic strength, and current research confirms that immigrants who have been attracted to the U.S. for its pro-growth culture and excellent universities often stay and create valuable, fast-growing startup firms. High-skill immigrants in particular have two significant positive impacts on growth – first as critical engineering and science talent at U.S. companies and second as potential entrepreneurs of new U.S.-based companies. Despite the nearly universal bi-partisan support for high-skill immigration, the existing system of immigration into the U.S. has become a disaster. Visas and green cards are bureaucratic, the number of high-skill migrants to the U.S. is capped at an artificially low level, and security laws have made travel to the U.S. after 9/11 difficult. America now risks losing its attraction as a “brain magnet” in contrast to other nations that are reforming in order to compete for the critical resource known as human capital.
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