President’s Pledge to R&D Spending Affirms IRI’s Commitment to Open Innovation

President’s Pledge to R&D Spending Affirms IRI’s Commitment to Open Innovation

ARLINGTON, Va., April 30, 2009 – In excerpts from a speech released earlier this week by the White House, President Obama pledged to spend three percent of the gross domestic product towards scientific research and innovation, affirming the recommendations made by the Industrial Research Institute (IRI) in a 2008 position statement to the President and Congress.

This represents the largest commitment to scientific research and innovation in U.S. history, more than what was spent at the height of the space race in 1964.

“We are thrilled by The President’s commitment to federal support of innovation,” said Ed Bernstein, president of IRI. “A major increase in government R&D spending will have enormous impact on creating opportunities for growth in the current economic climate, restoring our nation's innovation pathways and securing America as the leader in R&D.”

With an increase in spending in R&D, companies will be able to focus efforts on creating new products and will allow for growth across business sectors. The increase in spending will also restore the pathways that information about R&D flows by creating a need to do so and making them more efficient.

President Obama is expected to deliver a speech at the National Academies of Science on Monday that outlines his plan to re-establish America as a leader in innovation.

“Now more than ever, R&D groups are under pressure to restructure their organizational and technological capabilities in key areas,” said Bernstein.   “President Obama’s support comes at a crucial time and will be one of the topics at IRI’s Annual Meeting, May 18-20, Boston, MA, where R&D experts representing Fortune 500 companies and America’s national labs will continue the discussion on innovation in the current economic climate.”

For more information about IRI and the Annual Meeting, visit www.iriinc.org.

###

About the Industrial Research Institute

The Industrial Research Institute represents nearly 200 industrial and service companies that have a common interest in effective management of technological innovation. IRI member companies invest more than $100 billion annually, nearly half of the nation’s privately funded R&D dollars. Spanning diverse industries and competing globally, IRI member companies employ more than 10 million American workers. Together, they generate more than $2 trillion in annual sales, representing a substantial portion of our nation’s gross domestic product. IRI is the only organization providing the R&D community with insights, solutions and best practices in innovation management developed through collaborative knowledge creation. For more information call 703.647.2580 or visit www.iriinc.org.