The world is embroiled in a global innovation race. Both countries and companies have recognized that innovation is a clear driver of national competitiveness (defined as economic and technological competitiveness) and national security.
In the 1970s, the United States accounted for roughly 70% of global research and development (R&D). Today, the U.S. accounts for only 16%, well below China's 25%. The National Science Board recently reported that in addition to lagging behind China in R&D output, the U.S. share of international patents dropped from 15% to just 10% from 2010 to 2020. In contrast, China's share of international patents increased from 16% in 2010 to 49% in 2020.
How can we compete with China and other emerging nations in the area of innovation? By embracing and nurturing diversity and inclusivity and their impact on innovation teams.
According to the U.S. Patent & Trademark Office's Progress and Potential report, looking only...