Park Points – May 13, 2024

Welcome back to another edition of Park Points, a quick recap of news, information, and events relevant to KU Innovation Park’s mission and vision.

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U.S. leads global R&D spending

The United States remains atop the leaderboard when it comes to spending on research and development. But that’s the only first-place ranking it earned in a recent report by the American Association for the Advancement of Science.

  • The U.S. ranks fourth place in R&D intensity, which is gross R&D investment as a percent of Gross Domestic Product (GDP), fifth in basic science intensity and 14th in number of researchers, adjusted for labor force.
  • The business sector is the biggest funder of R&D in the 37 countries that make up the Organization for Economic Cooperation and Development (OECD), accounting for 63% in 2022.
  • China reports the largest growth in R&D spending of any country, showing an increase of 14%. The U.S. landed in fifth place, with an average annual growth of 3.8%.

Why it matters: The U.S. remains dominant in terms of spending on research and development, but other countries are catching up. “If U.S. science and technology leadership is to be maintained, policymakers must take a proactive approach to its federal R&D investment policy,” concluded the report.

Read more: Federal funding for R&D reached $190 billion in 2023, a roughly 13% increase from the previous year, marking one of the largest jumps in spending in recent years. Here’s one list of best practices on how to keep the U.S. at that top spot.

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