Closing the gap between innovation and commercialization is the key to boosting the national economy. That is one of the messages at a manufacturing summit being held in Rochester this week. Industry leaders say economic growth triggered by American ideas needs to be kept within the United States' borders.
"Innovation here, commercialization there." It's a phrase that summarizes the pathway for many great American ideas that too often end up manufactured overseas, by international economic competitors.
John Pyrovolakis, CEO of Innovation Accelerator, says if the trend continues it will weaken the nation¿' global economic standing.
"We're literally in a situation where by inventing these things, we are subsidizing the acceleration of our own economic decline," said Pyrovolakis.
A summit keynote speaker and former member of President George W. Bush's administration, Emily Stover DeRocco says America's competitive manufacturing status is increasingly challenged by other economies, and she says the nation can no longer rest on its laurels if it wants to remain a world leader in the sector.