Where do the leading Presidential candidates stand on the issue of innovation? The creation of new things that have value in the marketplace has always been a major force for generating wealth and power. But the rise of Asia is changing the geography of innovation, shifting it East, away from the U.S. and Europe. China and India have become not only low-cost sources for manufacturing and services, but also their universities and research labs are growing centers for talent—engineers, scientists, designers, inventors. It is no accident that governments in Asia and Europe are putting billions into building a creative generation of innovators. Wealth and power in the 21st century will increasingly depend not only on new products and services but also on new business models, health-care organizations, educational systems, and military forces.
BusinessWeek questioned the leading candidates in the Republican and Democratic parties about their views on innovation. First we asked for their definition of the word. Innovation is not simply invention. It involves creating value, both in business and in civic society. Their responses varied from broad visions to specific policy proposals.
Then we asked for their plans to stimulate innovation in four major areas—science and engineering education, green energy, the military, research and development—as well as how they would develop better ways to measure innovation.
We present their answers here. It is clear that some have thought deeply about the subject and others have not. Among the Democrats, Hillary Clinton, Barack Obama, and Bill Richardson have the most detailed proposals. Two out of the leading four Republican candidates, John McCain and Mitt Romney, have very specific proposals. Rudy Giuliani emphasizes lower taxes and school vouchers in his approach. We didn't get a response from Fred Thompson so we examined his speeches to mine his thoughts.
Nearly all the candidates are in favor of spending more federal money for education in science, math, and engineering. And Republicans and Democrats alike want to invest more in nonoil energy sources. Most have advisers on innovation with ties to Silicon Valley and leading research universities.
View the leading Presidential candidates' outlook on innovation—what it is and what they'll do