international

Entrepreneurs attracted $5.6 billion in FDI to establish new businesses in 2016

Foreign investors expended $373.4 billion in 2016 to acquire, establish, or expand U.S. businesses — a 15 percent decrease (approximately $66.2 billion) from $439.6 billion in 2015 — according to an infobrief from the Bureau of Economic Analysis (BEA). Of that $373.4 billion, approximately $5.6 billion was deployed to support the creation of new businesses. BEA reports that foreign direct investment (FDI) in newly acquired, established, or expanded foreign-owned businesses was responsible for employing 480,800 individuals. The BEA data also provides information on investments broken out by select industries, state, and type of investment made (e.g., startup capital, expansion capital, or business acquisition).

 

Economic development potential of blockchain tech industry highlighted

In Blockchain and Economic Development: Hype vs. Realityexperts from the Center for Global Development address the economic development potential of blockchain technology including its potential and existing hurdles to its growth. After explaining blockchain technology’s nuts and bolts, the authors highlight technology areas that would benefit from blockchain technology and the benefits it could offer with wider adoption, including facilitating faster and cheaper payments; providing a secure digital infrastructure for verifying identity; securing property rights; and, making transactions more secure and transparent. 

Foreign governments capitalize on shifts in US policy

Since President Trump has taken office, the U.S. has seen several dramatic shifts in science and technology (S&T) policy from the previous administration—changes that several foreign leaders believe will create economic growth opportunities for their countries. As the Trump administration continues to roll out its S&T policy directives, these nations seem committed to growing their economies while chipping away at U.S. dominance in S&T.

Canadian government launches C$950 million superclusters initiative

In an effort to incentivize large-scale industry partnerships, Innovation, Science and Economic Development (ISED) Canada will invest up to C$950 million (US$708.5 million) between 2017 and 2022 in superclusters as part of the nation’s Innovation and Skills Plan.

Cluster opportunity to establish international link

U.S. clusters looking to collaborate with European clusters are invited to an event taking place in Washington, D.C., during the TechConnect World Innovation Conference, on May 16, 2017. The seminar and matchmaking event is being organized by the European Cluster Collaboration Platform and BILAT USA 4.0. BILAT USA 4.0 seeks to support transatlantic cluster cooperation for strategic business partnerships and enhance, support and further develop the research and innovation cooperation between the European Union and the U.S.

U.S. companies investing in foreign R&D

U.S. companies spent 18 percent of their research and development dollars outside of the United States in 2013, according to data recently released by the NSF. The $73 billion in foreign R&D is concentrated in the information industry, pharmaceuticals, semiconductors, and automobiles and parts. Those four industries accounted for 52 percent of all foreign R&D performance by U.S.

OECD Forecasts Global Change in Economic Development Activities

Megatrends like ageing societies and digitization are expected to shape future research and development agendas across the globe, according to a recent report by the Organisation for Economic Co-operation and Development (OECD). A broader distribution of science, technology and innovation are expected around the world due to the fast pace of economic development in emerging economies, and global competition for talent and resources will most likely intensify according to the OECD Science, Technology and Innovation Outlook 2016. Such megatrends, and others highlighted in the report, require policy responses that will likely face major constraints, including high public debt, international security threats, a possible erosion of social cohesion and the rise of influential non-state actors, the report maintains.

EU Announces $256M Innovation Institute to Help Greece Create Jobs, End Recession

The European Union (EU) will commit €240 million (approximately 265 million USD) to create a nonprofit Research and Innovation Institute in Greece that will fund research and innovation to support the country’s efforts to pull it out of prolonged recession and create new high-paying jobs, according to the University World News.

Depending on Definitions, Canada’s Tech Sector Bigger Than Anticipated

A recently released report finds evidence that Canada’s tech sector – when properly defined – plays an important role in the nation’s economy. In The State of Canada’s Tech Sector, authors Creig Lamb and Matthew Seddon develop a definition of the tech sector based on those industries employing an oversized share of technology occupations. Ultimately, they suggest that the sector is responsible for $117 billion (88.9 billion USD) in economic output, roughly on par with finance and insurance and construction as a percent of total GDP (7.1 percent).

Growth in Global Accelerator Industry Prompts Characterization, Evaluation

Around the world, accelerator programs continue to multiply, prompting the need for continued research on what they are, how they operate, and how they can be evaluated. The Global Accelerator Report 2015, recently released by Gust and Fundacity, highlights the global development of the accelerator industry and includes details on how accelerators are funded and insights into the industry’s future.

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