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U.S. dropped ball on innovation

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Not enough money

According to former Google CEO Eric Schmidt, the United States has “dropped” funding for basic research.

Schmidt said China was able to catch up because the United States was so stingy when it came to cash. He is currently chairing the Pentagon Innovation Board and currently believes the United States is still leading China in innovation. But the gap is closing rapidly.

“In China, there is a real focus on inventions and new AI technologies,” he told the BBC’s Talking Business Asia Program.

“China is catching up now in the competition to publish papers.”

Schmidt blames the lack of funding in the United States for narrowing the innovation gap between the United States and China.

“Throughout my life, the United States has been an unquestionable leader in research and development,” said a former Google boss. “Funding was about 2 percent of the country’s GDP. Recent R & D has fallen to a lower percentage than before Sputnik.”

According to the Information Technology and Innovation Foundation, a technology lobby group in the United States, the US government is currently investing less in research and development compared to its economic scale of more than 60 years. This has resulted in “stagnation of productivity growth, slow competitiveness, and reduced innovation.”

Schmidt states that U.S. technology dominance is built on international talents that are allowed to work and study in the United States, and if this type of talent is not allowed by the state, the U.S. Warn that the risk goes back further. “This highly skilled immigrant is essential to America’s competitiveness, global competitiveness, and the construction of these new companies,” he said.

“America does not have enough people with those skills.”

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