labels: economy - general
US faces stiff competition from China and India in innovation: surveynews
30 November 2005

New York: According to the 'Fast Track Leadership' survey of business professionals conducted in October 2005 by IMD MBA, Fast Company magazine and human resources firm Egon Zehnder International, China and India are likely to gain significant market share from the US in the IT, automotive and internet business sectors in the future.

The vast majority of survey respondents (81.1 per cent) believe the US needs to develop policies to increase its number of engineering and science graduates to maintain its innovative competitive edge against other countries.

The survey included responses of 1,962 business professionals in the US and abroad who were asked quantitative and qualitative questions online about the relationship between innovation and business performance.

Sectors India China
Information Technology 85.7 62.4
automotive 12.6 53.9
biotechnology 47.6 37.9
internet 61.4 35.7
medicine 43.7 29.3

In addition 46 per cent of survey respondents agreed that MBA students should pursue jobs in China, India or other fast-emerging markets to advance their creative and innovative talents while 27.5 per cent respondents disagreed followed by 25.6 per cent were neutral.

Further, 74.5 per cent respondents said that in today's global market innovation can and should happen anywhere in the world and that US companies should worry less about international rivalry and focus more on where to get things done.



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US faces stiff competition from China and India in innovation: survey