The innovation impact of U.S. universities
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Citation (published version)Vinit Nijhawan, Cullum Clark, Christian Blackwell. 2020. "The Innovation Impact of U.S. Universities." Bush Institute, https://www.bushcenter.org/publications/resources-reports/reports/universities-innovation-impact.html
America’s long-term economic growth demands a stepped-up commitment to promoting the innovation impact of the nation’s top-tier universities and other research institutions. For research institutions themselves, this commitment means prioritizing research, empowering great researchers, building efficient and outcomes-focused technology transfer operations, instilling cultures of innovation and entrepreneurship, and engaging with surrounding business and innovation communities. For America as a whole, it means funding more research resources and paying more attention to the worldwide competition for human talent, including high-skilled immigrants. American universities play a pivotal role in fueling innovation, which in turn drives economic growth and raises living standards in the United States. U.S. universities spend approximately $75 billion per year on research, amounting to 13 percent of America’s total spending on research and development (R&D). Most of this spending funds research activities in science, technology, engineering, and mathematics (STEM) fields.