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The rest of the world doesn't. South Korea, Japan, and Germany each spend more than the U.S. on research and development as a percentage of GDP. And 14 of the 20 top contributing cities to global venture capital growth are outside the U.S., according to a report from the Center for American Entrepreneurship.
My colleague Leigh Buchanan recently delved into this topic, and found that if you're an American entrepreneur, you're about to face some serious challenges from abroad--if you aren't already. The twist: That competition could actually be healthy, especially if you visit and learn from your foreign counterparts.
"Foreign entrepreneurs needn't be the enemy," Buchanan writes. "They offer U.S. companies access to ideas, talent, and diverse perspectives."
Recent findings from the National Bureau of Economic Research back up that thesis. Researchers tested American-born entrepreneurs and immigrant entrepreneurs residing in the U.S. in 16 categories, from innovation activities to research and development efforts. Immigrant entrepreneurs scored higher in every category but one (ability to secure trademarks and copyrights).
Innovation isn't a zero-sum game. So while your company can--and must--try to beat your competitors abroad, you can also join them.
Here's what else I'm reading today:
- Pinterest has confidentially filed for an IPO. It's expected to seek a valuation of at least $12 billion. --The Wall Street Journal
- Mark Zuckerberg is thinking about crowdsourcing Facebook's fact-checking efforts. Gee, what could possibly go wrong? --The Guardian
- Do you advertise on YouTube? Epic Games, Disney, and Nestle are pulling their ads there for a highly disturbing reason. --Bloomberg
- Here's your long-read for the weekend: a deep-dive into WeWork's effect on corporate culture. --The New York Times
- And if you watch the Oscars on Sunday, look closely at those statuettes. They're made by a tech company that also works with NASA and the U.S. military. --Inc.
- What's the hot device in Startup Nation? The fax machine, of course. --The Wall Street Journal
- New podcast alert: Flickr co-founder Caterina Fake will take on tech in her new podcast "Should This Exist?" --iTunes
- Speaking of which, Samsung just unveiled the future of phones. It's foldable and cool, but is it $2,000 cool? --Fast Company