Innovation / Global Competition

The following is the working issue statement for the Innovation group.

Reasons to address: MHTA is uniquely positioned to raise awareness at the state level to establish what is needed to foster an environment for innovation and to support the development of people in technology and beyond. As a leadership group representing many industries, the ACE Leadership group has the unique ability to generate practical strategies based in real-world experiences. We have access to individuals and organizations that have a perspective on ways to innovate services and products to meet global competition. The outcome of fostering an innovative environment will enable Minnesota companies to produce more innovative products with the potential to improve their profitability. There is an opportunity to attract key talent and innovative companies to Minnesota, which will benefit Minnesota-based companies and the general economy.

Issue: Competition with nations abroad who have more favorable cost advantages impedes growth and sustainable competitive advantages of Minnesota companies. How can we foster an environment of innovation, in Minnesota, in order to remain competitive nation-wide and globally? We need resources allocated to innovation in order to provide incentives to create, realize and manage innovative ideas. We need to develop skills in our students in order to compete globally. How can we attract and retain innovative people and companies to Minnesota?

Consequences: Addressing global competition will allow Minnesota companies to reinvest in businesses and to create new jobs in Minnesota by finding ways to compete locally versus abroad. We can also leverage other company’s strengths to fuel growth. Fostering an innovative environment means organizations will produce new products. Ignoring it may result in stagnation of new product development or in products and services become obsolete and stagnate. Without addressing the skills needed, people, communities and businesses will fail to stay connected to the market place and will fail economically as a result. If we can develop the skills to react and be creative with technology we can lead the world and take advantage of its growing resources.

Who Benefits: Minnesota-based companies who may improve their profitability and may have access to the best talent, Minnesota workers who will have the skills to meet this competitive market and Minnesota public who, having more competitive companies, will allow us to raise standards of living & benefit people in other countries. Customers will benefit because products are improved and designed to meet their needs. Employees will benefit as they will feel they have direct contributions into the creation/ realization of innovative ideas. Ultimately the entire community suffers if there is a wide gap between the leaders and the laggards. Everyone benefits from successful businesses in the community.