That is the bad news. One of the most powerful advantages America has in addressing its productivity problems is the research potential of our universities. We haven't done a very good job in getting that message out. The bridge from universities to industry is key. Universities supply ideas, research results and expertise.
Industry furnishes entrepreneurial energy and support for promising research.
Right now, far too little is being invested in building the necessary bridges to link research and application. We need to invest in emerging industries that are replacing declining industries such as defense and heavy manufacturing. Biotechnology, agriculture, communications, pharmaceuticals are all on the brink of university-led research breakthroughs that will have major commercial applications. We are living in one of the most exciting and expansive periods of intellectual discovery in history and the economic potential of the explosion of knowledge is tremendous.