Top 5 Reasons to Invest in R&D and What it Means for Maine

1. Innovation will help Maine companies stay ahead of the global competition with new products, better and more efficient processes, and developing new materials that are sustainable.

2. An emphasis on innovation will prepare our citizens for the jobs of today and tomorrow in value-added manufacturing. There is a focus on more math and science content. Higher paying jobs in this new economy are based on knowledge and skill.

3. Our young people will be prepared to take the knowledge jobs, esp. engineering, held by baby boomers who will be eligible to retire in the next ten years.

4. Innovation has a broader impact to deal with the challenges facing our nation such as global warming, energy independence, security, health, transportation. All of these aspects require new approaches and new technologies. Also, innovation will help us save our traditional industries by connecting them to new markets, new products, and new ways of conducting business.

5. Innovation is needed to bridge the apparent dichotomy of maintaining the authenticity of Maine while increasing the economic well-being of its citizens. This will be accomplished by growing and attracting industry that pays well, but is also low impact.

We need to target innovations that support the strengths we have (clusters such as forest products and boatbuilding/marine trades/information technology) and the strengths we could have (biomedical, marine biotechnology, energy and environment). But we also need a diverse “portfolio” of innovation investments because technologies change very fast as do market conditions.