Hi, I'm Mark Doms, Chief Economist of the Department of Commerce. I want to talk briefly about some important contributors to American competitiveness not discussed in the other videos. These include fostering regional innovation clusters, promoting entrepreneurship, boosting our exports and opening foreign markets, and providing an effective intellectual property system. The U.S. economy is composed of many dynamic and productive regional innovation clusters that span our country. We must make sure these regions have the right tools and assistance to thrive. Another characteristic of the American economy is entrepreneurship.
However, the rate of new business formation has been on a downward trend over the past several decades. The federal government must actively promote entrepreneurship, such as through the Obama Administration's Startup America initiative, which increases access to capital, and creates mentorship and educational opportunities.
The businesses in regional clusters and new businesses started by entrepreneurs increasingly look to foreign markets. In 2010, our country exported over $1.8 trillion dollars of goods and services, and exports in 2011 are set to exceed $2 trillion. These exports support millions of high-paying American jobs. We need to continue opening foreign markets so our exporters can expand their reach and hire more workers.
Finally, a well functioning intellectual property rights (IPR) system is crucial for encouraging innovation and creating jobs. This administration is committed to an intellectual property rights system that recognizes that IP rights are fully consistent withand indeed enable other core values such as the norms of legitimate competition, free speech, fair process, and the privacy of users. I invite you to read more about these important contributors to American competitiveness in Chapter 7 of our Competes report and to explore the other tools on our website. Thank you for visiting.
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