On Tuesday, January 4, President Obama signed into law The America COMPETES Reauthorization Act of 2010, which significantly advances the administration’s innovation agenda by doubles funding to our nation’s basic research agencies, boosting investment in high-risk, high-reward energy technology development, and improving science, technology, engineering, and mathematics (STEM) education.
Importantly for EDA, COMPETES supports the core of our Jobs and Innovation Partnership initiative, which seeks to elevate regional innovation cluster development as a key driver of future jobs and economic growth, by calling for the Secretary of Commerce to establish a regional innovation program to encourage and support the development of regional innovation strategies, including regional innovation clusters and science and research parks.
In addition, COMPETES formally establishes the Office of Innovation and Entrepreneurship at the Department of Commerce “to foster innovation and the commercialization of new technologies, products, processes, and services with the goal of promoting productivity and economic growth in the United States.”
Below is Commerce Secretary Gary Locke’s statement outlining how this important legislation will further strengthen the Commerce Department’s mission.
STATEMENT FROM U.S. COMMERCE SECRETARY GARY LOCKE ON THE
REAUTHORIZATION OF THE AMERICA COMPETES ACT
“Yesterday, the President signed the America COMPETES Act and renewed our nation’s focus on science, education and technology, recognizing their importance to the future of American innovation and competitiveness.
“At the U.S. Department of Commerce, this means more research and expanded programs at our National Institute of Standards and Technology and our National Oceanic and Atmospheric Administration to advance science and technology in the United States. It bolsters our Office of Innovation and Entrepreneurship in its efforts to drive the commercialization of new innovations to foster job creation and economic growth. And it supports a Regional Innovation Program through our Economic Development Administration that will help business get off the ground and capitalize on regional strengths.
“These innovative programs and initiatives at the U.S. Department of Commerce, with the help of the America COMPETES Act, will help create jobs here at home, make our businesses more competitive abroad and strengthen the foundation of our economy.”