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Forum links innovation, commercialization

 
BY TOM WALKER | Published: March 2, 2010    Comment on this article Leave a comment

During February, while the state was being battered by freezing weather, wind and snow, we were writing about how innovation can help heat up Oklahoma’s economy.

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Economists generally agree that technological innovation has accounted for more than half of America’s economic growth since World War II. According to the Small Business Administration, America’s 25 million small businesses account for 55 percent of America’s innovations, even though by their very definition, these companies have limited resources for identifying and promoting untested technology.

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Last week I participated in a forum hosted by U.S. Secretary of Commerce Gary Locke on the topic of how to produce more commercialization out of federally funded research and how to better support technology-based entrepreneurship.

Secretary Locke hosted a diverse group of leaders from all sectors of the economy, including universities, foundations, associations, venture capitalist firms, major corporations and economic development organizations. It was an honor for Oklahoma to be invited and encouraging to see the federal government taking a broader view of innovation.

The caliber of the participating senior officials from the Department of Commerce, National Science Foundation, Small Business Administration, and White House was impressive as was the time they committed to the full-day discussion.

The president’s FY2011 budget freezes domestic discretionary spending overall, but increases funding for civilian research and development by $3.

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Related Topics: Political Policy, Politics, Business, Economic Issues, Economic Development, Trade Policy, Trade, Private Equity, Venture Capital, International Relations, Nonprofits and NGOs, Government and Politics, Economies, U.S. Economy



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