{"id":31271,"date":"2021-02-01T17:15:46","date_gmt":"2021-02-02T01:15:46","guid":{"rendered":"https:\/\/lapost.us\/?p=31271"},"modified":"2021-02-01T17:15:46","modified_gmt":"2021-02-02T01:15:46","slug":"how-to-ramp-up-innovation-in-the-u-s","status":"publish","type":"post","link":"https:\/\/lapost.us\/?p=31271","title":{"rendered":"How to Ramp Up Innovation in the U.S."},"content":{"rendered":"<section class=\"hero flex flex-wrap max-w-4xl mx-auto leading-normal relative flex-col lg:flex-row  print:flex-col-reverse\">\n<div class=\"print:w-full print:flex-col w-full px-5\nflex flex-col md:pl-8 print:pr-0 print:pl-0\nprint:w-full lg:w-1\/2 lg:pr-16 lg:pl-8 print:pr-0 print:pl-0                                                                  \"><\/p>\n<div class=\"pt-4 md:pt-0 head sm:pb-20 print:pb-2 xl:pb-8 \">\n<p>Source:\u00a0<a href=\"https:\/\/insight.kellogg.northwestern.edu\/article\/ramp-up-innovation?utm_source=subscriber&amp;utm_medium=email&amp;utm_campaign=pianomailer012021&amp;pnespid=1etk_f5fFhyNG2nYyrmBwJNLKww8Qepx0MWAS_83\">https:\/\/insight.kellogg.northwestern.edu\/article\/ramp-up-innovation?utm_source=subscriber&amp;utm_medium=email&amp;utm_campaign=pianomailer012021&amp;pnespid=1etk_f5fFhyNG2nYyrmBwJNLKww8Qepx0MWAS_83<\/a><\/p>\n<p class=\"font-sans text-sm leading-normal pb-3 tracking-itty\">From venture capital to immigration law, \u201cwe\u2019re leaving an enormous amount on the table.\u201d<\/p>\n<\/div>\n<div class=\"hidden print:block  lg:flex meta pb-10  pr-16 \">\n<div class=\"  pt-6  pr-10 print:pt-0 print:flex print:flex-wrap\">\n<div class=\"whitespace-no-wrap uppercase text-ns font-sans pt-6 print:pt-0 print:pb-1 print:w-full pb-2 print:pr-3 tracking-med\">BASED ON THE RESEARCH AND INSIGHTS OF\u00a0<a class=\"text-purple font-bold\" href=\"https:\/\/insight.kellogg.northwestern.edu\/author\/ben_jones\">Benjamin F. Jones<\/a><\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"w-full print:w-full lg:w-1\/2\"><img decoding=\"async\" class=\"inline-block blur-up lazyloaded\" src=\"data:image\/jpeg;base64,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\" sizes=\"100vw\" srcset=\"\/imager\/clientcontent\/253629\/Full_0121_Innovation_265dcf20bf86bc91590c49e978b05b5a.jpeg 1200w, \/imager\/clientcontent\/253629\/Full_0121_Innovation_08cefe48e2eb87752724311a93611187.jpeg 900w, \/imager\/clientcontent\/253629\/Full_0121_Innovation_ed70ba7fff77c9fd60c2624db9acdf1d.jpeg 600w, \/imager\/clientcontent\/253629\/Full_0121_Innovation_2ea97daf9584eb0a9356116bfb5b61d0.jpeg 25w\" alt=\"Innovator and robot\" data-sizes=\"100vw\" data-srcset=\"\/imager\/clientcontent\/253629\/Full_0121_Innovation_265dcf20bf86bc91590c49e978b05b5a.jpeg 1200w, \/imager\/clientcontent\/253629\/Full_0121_Innovation_08cefe48e2eb87752724311a93611187.jpeg 900w, \/imager\/clientcontent\/253629\/Full_0121_Innovation_ed70ba7fff77c9fd60c2624db9acdf1d.jpeg 600w, \/imager\/clientcontent\/253629\/Full_0121_Innovation_2ea97daf9584eb0a9356116bfb5b61d0.jpeg 25w\" \/><\/p>\n<p class=\"font-sans text-ns md:pb-6 mb-2 px-2 text-right\">Michael Meier<\/p>\n<\/div>\n<\/section>\n<section class=\"md:px-4 print:px-0 print:-mx-4 max-w-4xl mx-auto leading-normal builder overflow-hidden relative\">\n<div class=\"lead max-w-lg mx-auto px-5 md:px-10 pb-8 print:px-4 overflow-hidden\">\n<h3>Everyone from business leaders to policymakers wants to spur innovation. But how, exactly, is that done? For a long time, it seemed there may not be a clear answer to that question.<\/h3>\n<div class=\"bodytext max-w-lg mx-auto px-5 md:px-10 print:px-4 relative\">\n<p>\u201cInnovation and creativity can seem almost magical,\u201d says\u00a0<a href=\"https:\/\/www.kellogg.northwestern.edu\/faculty\/directory\/jones_benjamin_f.aspx\">Ben Jones<\/a>, a strategy professor at the Kellogg School, \u201clike they might defy systemic insight.\u201d<\/p>\n<p>But in the past decade or so, a wealth of data on innovation and innovators has become available, meaning researchers like Jones can dig in to find patterns.<\/p>\n<p>\u201cWe have data on every new business started in the United States in the last 10 years and every founder of all those businesses. We have data on every patent and all the inventors. We have data on every scientific article published around the world,\u201d Jones explains.<\/p>\n<p>Jones has studied these data and his research points to ways the business community and local and national governments are missing opportunities to invest in the right places.<\/p>\n<p>\u201cI think we\u2019re leaving an enormous amount on the table and we\u2019re really underperforming as a society,\u201d Jones says. He discussed some of these findings during a recent The Insightful Leader Live webinar.<\/p>\n<\/div>\n<div class=\"full max-w-lg mx-auto px-5 md:px-10 video py-8\">\n<div class=\"vidwrap\"><iframe loading=\"lazy\" id=\"325996230\" src=\"https:\/\/www.youtube.com\/embed\/lK2CL-oFtTI?enablejsapi=1&amp;origin=https%3A%2F%2Finsight.kellogg.northwestern.edu\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\" data-gtm-yt-inspected-375035_720=\"true\" data-mce-fragment=\"1\"><\/iframe><\/div>\n<\/div>\n<div class=\"bodytext max-w-lg mx-auto px-5 md:px-10 print:px-4 relative\">\n<p>For starters, the public image of the ideal startup founder is flawed. Most people would describe a hoodie-wearing Mark Zuckerberg-esque figure in their 20s or 30s. But using an extensive data set from the U.S. Census Bureau, Jones and colleagues found that among the very fastest growing companies,\u00a0<a href=\"https:\/\/insight.kellogg.northwestern.edu\/article\/younger-older-tech-entrepreneurs\">the average founder was 45 years old<\/a>\u00a0when they started the company.<\/p>\n<p>The research didn\u2019t show exactly why the average age is a good decade older than most people assume. But Jones believes these older founders are accumulating something during their years in the workforce that younger innovators lack. This likely includes both a more robust professional network, which can help with funding, as well as experience and knowledge from within an industry.<\/p>\n<p>Indeed, the researchers found that founders of the very highest growth companies were not disruptors who parachuted into a field but were much more likely to be insiders from that industry.<\/p>\n<p>If you are a founder who came from within your startup\u2019s industry, \u201cyour chances of a home run go up by a factor of two or three,\u201d Jones says.<\/p>\n<p>These findings should do more than simply challenge the public perception of founders, Jones says. Venture capitalists who fund these founders should take note.<\/p>\n<p>\u201cPeople later in life have more expertise, whether it\u2019s market knowledge or a deeper scientific or technical knowledge,\u201d Jones says. This is the expertise needed to fight climate change, or cure cancer, or tackle pandemics. \u201cAnd if we\u2019re rotating early stage financing away from those people because of a popular bias toward the young, what are we not getting? We need to be rotating funding in that direction.\u201d<\/p>\n<p>Another area of opportunity is to increase funding of research and development. Jones and a colleague\u00a0<a href=\"https:\/\/www.nber.org\/system\/files\/working_papers\/w27863\/w27863.pdf\">analyzed the return<\/a>\u00a0in terms of social benefit for every $1 spent on R&amp;D. They found that the answer was between $5\u201310, meaning that for every $1 spent on R&amp;D, per capita income increases by as much as $10.<\/p>\n<p>Yet the U.S. only spends 2.7 percent of GDP on R&amp;D, Jones says. \u201cWe should do far more.\u201d<\/p>\n<p>Jones also discussed research he and colleagues conducted on\u00a0<a href=\"https:\/\/insight.kellogg.northwestern.edu\/article\/immigrants-to-the-u-s-create-more-jobs-than-they-take\">immigrants and innovation<\/a>. Again using U.S. Census Bureau data, they looked at every company founder during a five-year period and determined if they were born in the U.S. or an immigrant. Then they looked at how many people all these companies employed to determine if, overall, immigrants take more jobs than they generate, as many believe, or vice versa.<\/p>\n<p>\u201cThe really striking finding is that immigrants are extraordinarily entrepreneurial,\u201d Jones says. \u201cThey\u2019re more likely to start companies than U.S.-born individuals, and they tend to start companies of all sizes, including very, very big ones.\u201d<\/p>\n<p>So, he explains, \u201con net, immigrants create jobs, and that means that the usual narrative is \u2026 exactly backwards.\u201d<\/p>\n<p>These findings shouldn\u2019t dissuade anyone from pursuing their entrepreneurial dreams because they don\u2019t fit into the right demographic group, Jones says. The more important issue is if a potential founder is prepared for the challenges of entrepreneurship.<\/p>\n<p>\u201cThe question is, \u2018Am I ready? Do I understand something that most people don\u2019t? And do I have the requisite skills to execute against that?\u2019\u201d<\/p>\n<\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>Source:\u00a0https:\/\/insight.kellogg.northwestern.edu\/article\/ramp-up-innovation?utm_source=subscriber&amp;utm_medium=email&amp;utm_campaign=pianomailer012021&amp;pnespid=1etk_f5fFhyNG2nYyrmBwJNLKww8Qepx0MWAS_83 From venture capital to immigration&#46;&#46;&#46;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,12],"tags":[],"class_list":["post-31271","post","type-post","status-publish","format-standard","hentry","category-opinion","category-science-tech"],"_links":{"self":[{"href":"https:\/\/lapost.us\/index.php?rest_route=\/wp\/v2\/posts\/31271","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lapost.us\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lapost.us\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lapost.us\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/lapost.us\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=31271"}],"version-history":[{"count":1,"href":"https:\/\/lapost.us\/index.php?rest_route=\/wp\/v2\/posts\/31271\/revisions"}],"predecessor-version":[{"id":31272,"href":"https:\/\/lapost.us\/index.php?rest_route=\/wp\/v2\/posts\/31271\/revisions\/31272"}],"wp:attachment":[{"href":"https:\/\/lapost.us\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=31271"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lapost.us\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=31271"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lapost.us\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=31271"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}