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The role of innovation in the US economy

The role of innovation in the US economy. Innovation - definition. Joseph Schumpeter - Theorie der Wirtschaftlichen Entwicklung , 1912 The introduction of a new good — that is one with which consumers are not yet familiar — or of a new quality of a good.

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The role of innovation in the US economy

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  1. The role ofinnovation in the US economy

  2. Innovation - definition • Joseph Schumpeter - TheoriederWirtschaftlichenEntwicklung, 1912 • The introduction of a new good — that is one with which consumers are not yet familiar — or of a new quality of a good. • The introduction of a new method of production, which need by no means be founded upon a discovery scientifically new, and can also exist in a new way of handling a commodity commercially. • The opening of a new market, that is a market into which the particular branch of manufacture of the country in question has not previously entered, whether or not this market has existed before. • The conquest of a new source of supply of raw materials or half-manufactured goods, again irrespective of whether this source already exists or whether it has first to be created. • The carrying out of the new organization of any industry, like the creation of a monopoly position (for example through trustification) or the breaking up of a monopoly position

  3. Global Innovation Index - 2009

  4. Most innovative companies in the world -2010 • 1. Apple • 2. Google • 3. Microsoft • 4. IBM • 5. Toyota Motor • 6. Amazon.com • 7. LG Electronics • 8. BYD • 9. General Electric • 10. Sony

  5. But… • for the first time since the rankings began in 2005, the majority of corporations in the Top 25 are based outside the U.S. • 15 of the Top 50 are Asian • China – BYD, Lenovo, Haier Electronics, China Mobile and HTC (same number of corporations as Japan)

  6. Financing methods of new innovative corporations in the USA • Own capital • Business angels • Google - Andy Bechtolsheim - co-founder of Sun Microsystems – 100 000 USD • Venture capital • Google - Kleiner Perkins Caufield & Byers and Sequoia Capital and other funds – 25 million USD • IPO • Google - August 19, 2004 - the company offered 19,605,052 shares at a price of $85 per share

  7. Silicon Valley – main innovation cluster Fortune Global 1000 corporations • Adobe Systems • AdvancedMicroDevices (AMD) • Apple Inc. • CiscoSystems • eBay • Google • Hewlett-Packard • Intel • NationalSemiconductor • Nvidia • OracleCorporation • SanDisk • SunMicrosystems (acquired by OracleCorporation) • Symantec • Yahoo!

  8. Najlepšie univerzity sveta podľa zoznamu Shanghai 500

  9. Future of the US economy Ing. Tomáš Dudáš, PhD.

  10. Source: U.S. Bureau of Labor Statistics

  11. Main factors of long term economic changes • Technological improvements • Changing consumer tastes • Increasing globalization • Changing workforce skills

  12. 15 U.S. industries projected to ADD jobs the fastest through 2014* Health and social services 1. Home health care services 4. Residential care facilities 9. Outpatient & laboratory services 10. Child day care services 12. Offices of health practitioners 15. Rehabilitation services High-tech services 2. Software publishers 8. Computer systems design * Among industries with more than 100,000 employees Business services 3. Management consulting services 5. Facilities support services 6. Employment services 7. Office administrative services 13. Accounting, tax, & payroll services Education services 11. Other educational services 14. Colleges & universities Source: U.S. Bureau of Labor Statistics

  13. 15 U.S. industries projected to LOSE jobs the fastest through 2014* Nondurable manufacturing 1. Cut and sew apparel mfg. 2. Fabric mills 3. Basic chemical mfg. 6. Rubber product mfg. 8. Synthetic materials mfg. 13. Pulp & paper mills 14. Petroleum & coal mfg. Durable manufacturing 4. Industry machinery mfg. 5. Electrical equipment mfg. 7. Foundries 10. Computer mfg. 12. Metalworking machinery mfg. 15. Other machinery mfg. * Among industries with more than 100,000 employees Natural resources 9. Sawmills & wood preservation 11. Crop production Source: U.S. Bureau of Labor Statistics

  14. Largest Economies in 2050 (JP Morgan)

  15. Largest economies in 2050 (Goldman Sachs)

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