USA is in recession and job losses are mounting. There is genuine fear that the ongoing financial crisis will lead to additional job losses and deterioration in the US economy. The new US administration is undoubtedly taking action and working towards bringing back the economy. US, needless to say, has to focus on utilizing the stimulus money towards fixing the system that once used to flourish but is now the very cause of the misery. These include the banking system, the financial system, the credit industry and the mortgage industry.
But this is hardly sufficient. In fact, there is even a bigger focus necessary in a largely ignored industry that could not just fix what's broken, but could help the US propel forward - to heights never seen before.
USA has long been known as the world's technology innovator and leader. Technology is one of America's stronghold. But as the research reports show, this is in now in grave danger. US, which has held its superior technology position since the World War II, is now clearly headed in the direction to lose this coveted position. A recent research study conducted by Georgia Tech clearly demonstrates that the traditionally known powerhouses of low-cost goods manufacturer are fast gearing up to lead the "high-tech" revolution. The report features, "The 2007 statistics show China with a technological standing of 82.8, compared to 76.1 for the United States, 66.8 for Germany and 66.0 for Japan. Just 11 years ago, China's score was only 22.5. The United States peaked in 1999 with a score of 95.4".
USA can't ignore this and lag behind in technology and innovation in the midst of the economic turmoil caused by the credit crisis, the mortgage crisis, the banking crisis and the financial crisis. Is there anything that can be done?
Yes. Absolutely. Here's one plan for consideration.
The new US administration, being the young, energetic and dynamic force it has clearly shown itself to be, should dedicate $1 Billion of the economic stimulus package towards a USA Venture Fund that has a single mission - "to fund technology ideas with the goal to steer USA to be THE global technology leader in the century ahead". Let's call this new venture "Idea Incubatory - a place where ideas are incubated to success.
$15 Million - $20 Million of the Fund should be allocated to each of the US States, Washington DC and other US territories, with each location (called an "Idea Incubatory Hub") led with the principles and discipline of any successful Venture Capital Fund.
Each Hub focuses on finding and funding 4-5 hot high-tech, clean-tech or other revolutionary ideas that have the potential to get USA back on the technology leadership map. In the process, each Hub will create multiple jobs, an important focus, given today's situation.
While the credit crisis, the bank crisis, the mortgage crisis and the financial crisis gets addressed, it is just as important to not lose focus on where the US can grow by leaps and bounds.
Why use the economic stimulus just to recover, while there is an opportunity to prosper?
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