Steve Ballmer, CEO of Microsoft, told an audience at The National Summit at the Detroit Economic Club June 17 that innovation and education are two critical factors that will determine how well the United States economy will perform in the decades to come. Ballmer was speaking at the Detroit Economic Club June 17. An excerpt of his remarks below:
"At the heart of U.S. economic success is really quite a simple fact: American companies are the best in the world, bar none, at turning new ideas into successful products and successful services. But how do we continue in every industry, from the automotive industry to the technology industry, how do we continue to be the best? And I think there are two things that are essential.
First, we really do have to deepen our commitment to innovation by investing more in research and taking a longer term view of the role that innovation plays in creating business success. Too many American companies I think have overemphasized – sounds like a funny thing to say – but overemphasized short-term profits over the kinds of long term investments in R&D which are necessary. And too many American companies failed to focus in on the type of business model innovation that really turns technology into successful, sustainable and profitable products.
The second thing we have to do, absolutely must do is provide a first-class education to everyone in this country. At a time when knowledge is a source of innovation and progress, as Aneesh (Aneesh Chopra, Chief Technology Officer of the United States) had a chance to say, we're falling behind other nations, particularly in math and in science."
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