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Companies in Advanced Economics Face a New Competitive Challenge, According to Report
"Fast-growing economies in emerging markets are outpacing more developed countries with respect to investment in innovation," according to Encouraging and Protecting Innovation — a new report from PricewaterhouseCoopers (PwC). A PwC researcher compiled the report utilizing survey data collected from over 200 global executives who attended the annual meeting of The Wall Street Journal CEO Council. The report points out that Asia's emerging markets, mostly due to China, already invest more on R&D than the EU and Japan, respectively.
In the near future, respondents believe U.S. companies and companies from other advanced economies will face a competitive challenge from aggressive, cash-rich firms from emerging economies due to sustained commitments to national R&D spending. Twenty percent of global executives also report finding China and India as the most attractive countries for their businesses to invest in innovation.
The Wall Street Journal CEO Council commissioned the report, where respondents were also asked to select the biggest threat to the U.S. as the global leader of innovation. The results of factors that impede innovation by U.S. companies include:
- A lack of adequate intellectual property protections in developing countries as biggest threat (Nearly 40 percent of respondents)
- Ineffective science, technology, engineering and math (STEM education) systems and policies are the second biggest threat (20 percent of respondents);
- Respondents also cite immigration policies (15 percent);
- A prohibitory national regulation framework (15 percent) and,
- A high corporate tax rate (13 percent)
Another recently released survey looked at the racial makeup of the venture capital (VC) industry. According to the 2011 Venture Census, diversity increased among newer venture capital professionals while gender composition of industry remains largely unchanged. However, the industry remains dominated by white males. The National Venture Capital Association (NVCA) and Dow Jones VentureSource released the report.
policy recommendations, inclusion, international