Technology Innovation : The United Kingdom, Sweden And Finland ( Global Innovation )

The amount of patent filings for scientific and technological innovations is a relevant category in regards to producing the superpower index. The reason for this is because it is indicative of quaternary sector employment, which generally equates to higher income due to the high standard of research that can be gathered and then sold on to other countries at a high price. Additionally, a large number of patents enables a country to become dominant sellers of a product, therefore allowing them to be the main exporter, increasing the country’s cultural influence; this also allows a country to gain a large profit. The factor of population is significant here, as a large population may result in a large number of researchers, and therefore a large number of entrepreneurs, contributing to a countrys’ influence on global markets. The figure shows that the USA has the highest ranking in regards to this factor, highlighting its superpower status as the country has 391,000 patents and innovations compared to the lowest ranked country of Brazil, which only has 4,750.

In this matter Adams Nager, a policy analyst at the Information Technology and Innovation Foundation, state that “In reality, America’s innovators are far more likely to be immigrants with advanced degrees who have paid their dues through years of work in large companies.” (Chew,2016).

General Motors applies the IEEE Spectrum Patents Scorecard to measure its patent prowess in the automotive and parts industry where GM was ranked third in the 2010 patent power rankings. This was a decline from the number one position it held in the 2008 patent power rankings. (7) Correspondingly, GM Engage is another tool that is exercised to measure innovation. It is a crowd sourcing instrument designed to harness the knowledge and creativity of every GM employee for product innovation. In other words, how receptive the culture is to open innovation. (8) On a whole the importance of innovation cannot be overestimated because it leads to prosperity and a higher quality of life for everyone.

Technological change is a fundamental driver of economic development and performance, not only at the level of firms and industries but also economies. Innovation is the organizational process through which new

While the United States touts free market policies as main guiding principles, U.S. policy makers have actively used research and development (R&D) industrial policies to maintain and grow the U.S. economy. There are two types of R&D, also known as research and experimentation (R&E), funding models; one is direct federal research dollars given to industry, typically for basic research, and the other in the use of tax credits for R&D activities. Tax credit policies began in 1981 as part of the Economic Recovery Tax Act (Talley, 2011). The U.S. has long funded R&D, however this funding has steadily decreased with the total in 1976 of just over 1.2% of GDP with dropping below .8% of GDP in 2014 (AAAS, 2014a). As of 2013, South Korea, Finland, Japan, Taiwan, and Germany all outspend the U.S. on direct R&D funding relative to GDP (AAAS, 2014b). The IMF and OECD indicate that R&D tax credits are a main growth strategy for the G-20 nations (IMF, 2014). This research topics explores how the United States domestic industrial policies supporting research and development influence business and entrepreneurial behaviors within the U.S., which industries has this benefited the most, overall societal impacts of advancements in technology and automation, and finally how this supports comparative advantage for the United States as well as implications for developing nations.

Are America patents greatly more beneficial or detrimental to innovation and trade in the economy? Arguable both stances are accurate. Innovation and trade in the national economy is based off the premise of the protection of ones inventions in the form of patents. Without this guarantee innovation would not be valued, only piracy trade would occur stagnating economic progress. On the global economic stance patents are becoming difficult to manipulate in trade deals like the highly controversial Trans-Pacific Partnership underway currently. Deals as such are becoming greatly more complicated as American politicians begin to manipulate foreign trade agreements trying to get the deal which benefit American markets and cooperations the best. This has become so difficult countries like China have opted out all together in the mass trade deals because their economic structure is built upon ripping off innovations from mostly American cooperations for a means of economic growth. This is where it is believe patents have to be saved to stop other countries impediments on fair trade but; then one could arguably say the complete opposite position, that patents all together are detrimental to innovation and trade in the economy because having them in itself is an impediment to free and fair trade alike. That idea all together is not practical and would be imprudent in term because it would disrupt the already established and paid for order.

IP is becoming increasingly important in the world economy. This can be seen in the increase of patent application and granting. Contrary to the growing IP assets, the market for IP was still con-sidered small and illiquid. Obstacles hindering the uptake of the IP market are:

The article Innovation: Location Matters discusses how the challenges for competiveness in advanced nations and regions has changed. It elaborates on how organizations must create and commercialize a stream of new products and processes that shift the technology frontier. Companies must be able to innovate to sustain competitive advantage by acquiring and deploying the best current technology. Location matters for innovation, and companies must broaden their approaches to the management of innovation accordingly: by developing and commercializing innovation in the most attractive location, taking active steps to access locational strengths, and proactively enhancing the environment for innovation and commercialization in locations where they operate (Porter & Stern, 2001).

For decades now Silicon Valley(a nickname for the San Francisco Bay southern region)has been the capital for major US technology firms and has become a thriving ecosystem for innovation. Household names in tech ranging from Apple to WhatsApp continue to drive innovations that improve or replace today’s major industries and business practices. Although many start-up companies fail to gain traction or wide spread success, a handful of companies have risen to world-wide success and multi-billion dollar valuations at a pace never before seen in business history. The well-known social media company Facebook has built a value of over $245 Billion dollars(greater than the value of Wal-mart) and the car service phone application Uber has seized a notable share of the taxi cab market although neither company existed 12 years ago. These rapid innovations and general culture of innovation are overthrowing well-entrenched incumbents and revamping the structure of a diverse array of markets. Destructive innovation, however, is not a new concept. Technological advancement has been the cornerstone of growth for most economies and particularly for the United States for hundreds of years. The railroads seized the market that once belonged to horse drawn carriages and the digital camera brought an end to the dominance of the Polaroid camera. Disruptive innovation and growth lead to the reallocation of value amongst firms within any given sector and between the sectors of the

2000). Agglomeration patterns and externalities are an important element of the regional innovation system context. Specialized firms dominate the region, making way for knowledge to spill over vertically within the value

Technology is the future; it drives economic growth and determines the course of living standards. But the route of technological progress in the near future will be largely decided within a triangle formed by the United States, Europe and Japan. The positions taken by the private companies of these countries and by their respective governments on basic and applied R&D will determine the future of technology itself. Decisions concerning R&D made

Sweden wasn’t always a country every other country looked up to in regard to innovation. Instead, it was mostly dismissed and forgotten. In fact, as long ago as the early 90s, the country was actually hit with a huge financial crisis. National debt was at an all-time high, and unemployment and government spending didn’t fare much better.

Factors such as related and supporting industries have a great influence on the national competitiveness of the United States in the computer and software industry. The presence clusters with a dense population of high-tech companies, in particular the Silicon Valley, not only

7 Patent is a useful indicator of scientific outputs and economic activities of countries. It provides

The following three problems were discussed by Bloom et al. (2011). (i) The data from the last decade used to examine the recent role of trade in affecting technical change in developed countries. (ii) It has examined off shoring to China, and (iii) the impact of imports on patents, information technology (IT), research and development (R&D)