U.S. innovation policy, which in the latter half of the twentieth century became focused on massive federal investment in basic research, is no longer tenable, according to a new report from the Information Technology and Innovation Foundation (ITIF). In the post-World War II era, the federal government funded a wide variety of costly basic research projects at U.S. universities and federal laboratories without a guiding economic strategy for these investments. This approach has ceased to yield the kind of economic growth it once did, due to the globalization of the economy and knowledge diffusion. ITIF proposes 25 recommendations that could be adopted by the federal government along with the reauthorization of the America COMPETES Act in order to modernize the country's innovation policy and improve U.S. competitiveness.
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