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Today's state leaders face two economic challenges: to maintain national leadership in job and wealth creation and to compete successfully in a global economy. The key to both of these goals is innovative capacity. Why? Because innovation drives productivity growth, which, in turn, drives prosperity and justifies higher wages. This report focuses on what states can do to build the science and technology capacity of their state, thus creating a foundation for business innovation. Prospering in the global economy requires new ways of thinking about economic development and new strategies to catalyze growth. To build a foundation to support business innovation, the report suggests that governors should focus on four key areas: - building on core business cluster strengths;
- investing in specialized research and research facilities;
- creating pools of specialized talent; and
- catalyzing knowledge transfer and technology commercialization.
The report provides specific options to achieve each of the above.
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