First, the United States has an innovation edge over the rest of the world. Apple, Google, Facebook, Twitter — all are synonymous with American economic vitality today, but only one of these companies existed 15 years ago. The eight largest technology companies in the world by market capitalization are based in the United States. And when it comes to the next frontiers in extraordinary breakout technology, like 3-D manufacturing, artificial intelligence, nanotechnology, cloud computing, robotics, big data, and advanced material science, American entrepreneurs and companies are leading the way.
The United States also leads the world in research and development, with a projected $465 billion in spending this year — that’s over 30 percent of all global R&D.
Like so many of our strengths, our innovation advantage didn’t happen by accident. It stems from the combination of a risk-taking culture, significant investment by the American government in research, the best universities in the world churning out good ideas, and the kind of regulations and access to liquid and deep capital markets that make it possible to turn those ideas into businesses. And all these strengths come together in Silicon Valley, which represents to the world our spirit of creativity and innovation.
A second — and frankly unexpected — U.S. economic asset is our national energy outlook.
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