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Leadership Development Institute Innovation Presentation Tom Finnegan November 16, 2012. Who Am I?. CIE Director MBA , BS in Finance and Real Estate Ex- Wall Street Investment Banker Life Sciences Professional- Public and Private . Who Am I?. Venture Capitalist Entrepreneur
November 16, 2012
The process by which an idea or invention is translated into a good or service for which people will pay, or something that results from this process.
Innovation seeks to improve the systems that already exist, making them better, faster, cheaper.
Innovation is people creating value by implementing new ideas.
From basic to applied research, academia’s contribution to advances in life sciences, economics, national security, technology, the environment and other strategic initiatives is becoming significant.
Governments and industries across the globe now recognize the synergy between the basic research carried out in institutions of higher learning and the applied research undertaken by commercial entities. And with good reason - In the US, the American Association of Universities estimates the immediate employment impact of academic R&D shows that every $1 million in R&D expenditure supports roughly 36 jobs.
During his State of the Union address on January 24, President Barack Obama urged Congress, among other things, to “support the same kind of research and innovation that led to the computer chip and the Internet; to new American jobs and new American industries. Don’t gut these investments in our budget. Don’t let other countries win the race for the future,” he pleaded.
President Proposes NIH Budget Freeze, Cuts to Health Professions Training
President Obama’s fiscal year (FY) 2013 budget, released Feb. 13, proposes to freeze funding for the National Institutes of Health (NIH) and cut funding for health professions training and children’s hospitals graduate medical education (CHGME).
The budget includes $78.3 billion for the Department of Health and Human Services (HHS), a cut of $6.6 billion (8.4 percent).
With the exception of the American Recovery and Reinvestment Act of 2009, the federal research budget has been largely flat for years, with well-publicized detrimental effects on the approval rate for NIH grant applications.
Nature September 2012
New ideas are cultivated in an environment where employees are empowered, where they feel ownership of their organization’s future, and where the freedom to explore their creativity and innovation is invited and celebrated
“The Fiscal Cliff”
Debt is reaching close to $16 trillion or over 100% of GDP
NIH funding rates