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Innovation Policy

Washington MonumentWith rising competition and emergence of low-cost producers around the world, the United States must increasingly rely on innovation to compete and stimulate economic development, growth and job creation. Today, every level of government—Federal, state, regional and local—is instituting policies and programs, and making investments to spur innovation and build innovation capacity.

The Federal government is a major supporter of these efforts through:

  • Investing $148 billion directly in research, technology development and demonstration in a wide range of scientific and technical fields
  • Tax incentives for private R&D and clean energy technology
  • Comprehensive legislation to spur innovation and competitiveness
  • Financial support and technical assistance for modernizing manufacturing
  • Regulations that promote innovation
  • Incentives to commercialize Federal research results
  • Investments to train scientists, engineers, mathematicians and technical workers
  • Efforts to improve K-12 math and science education
  • Investments in high-tech infrastructure
  • Financing for early stage businesses
  • Financing for advanced manufacturing facilities
  • Support to establish and grow regional innovation hubs, business incubators and technology commercialization programs