Published by:
Harvard Business Publishing
Length: 7 pages
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Abstract
For 40 years, U.S. government policies have emphasized increasing the supply of new technologies, mainly through the funding of defense-related R&D. Proponents of technology policy now argue that government support for new "critical technologies" is absolutely essential. However, another alternative exists. The government could stimulate demand for innovative ideas across the industrial spectrum by encouraging collaborative research, investing in technological infrastructure, and helping companies improve their capacity to adapt innovations to specific business needs. In today''s global economy, what matters is not necessarily knowing how to create new technologies, but knowing how to apply innovations quickly.
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Abstract
For 40 years, U.S. government policies have emphasized increasing the supply of new technologies, mainly through the funding of defense-related R&D. Proponents of technology policy now argue that government support for new "critical technologies" is absolutely essential. However, another alternative exists. The government could stimulate demand for innovative ideas across the industrial spectrum by encouraging collaborative research, investing in technological infrastructure, and helping companies improve their capacity to adapt innovations to specific business needs. In today''s global economy, what matters is not necessarily knowing how to create new technologies, but knowing how to apply innovations quickly.