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Facts and Myths in the Globalization Debate - Vivek Wadhwa, Duke University
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Facts and Myths in the Globalization Debate - Vivek Wadhwa, Duke University

Facts and Myths in the Globalization Debate - Vivek Wadhwa, Duke University

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  • 1. Facts and Myths in the Globalization Debate Duke University – Pratt School of Engineering – www.pratt.duke.edu Vivek Wadhwa Visiting Scholar, UC-Berkeley Director of Research, Center for Entrepreneurship and Research Commercialization and Exec in Residence, Pratt School of Engineering, Duke University Senior Research Associate, Harvard Law School Columnist, BusinessWeek, TechCrunch www.GlobalizationResearch.com © 2010 Vivek Wadhwa
  • 2. Overview Duke University – Pratt School of Engineering – www.pratt.duke.edu  Myths in the globalization debate  Research 1. Engineering graduation rates, why companies are going offshore, shortages?, trends 2. The next wave of globalization 3. Solving the mystery of India’s success 4. Some American advantages  University research  Immigration  Entrepreneurship  Conclusions © 2010 Vivek Wadhwa
  • 3. 7 myths in global competitiveness debate Duke University – Pratt School of Engineering – www.pratt.duke.edu  We’re falling behind in graduating engineers (and scientists)  Companies are going where the skills are  Strong math and science education = Global Competitiveness  More investment in research = more innovation  Skilled immigrants fuel the economy: so more H1-B visas  Young college dropouts: typical Silicon Valley entrepreneurs  America world leader in workforce development © 2010 Vivek Wadhwa
  • 4. Common arguments Duke University – Pratt School of Engineering – www.pratt.duke.edu  Last year China’s schools graduated more than 600,000 engineers and India’s schools produced 350,000, compared with 70,000 in America -- The U.S. Department of Education  U.S. children rank below international averages on a test in general knowledge in mathematics and science --National Academies  Tech companies going abroad because they can’t find enough computer science applicants in the U.S.…-- Bill Gates and others Do we have our facts straight? © 2010 Vivek Wadhwa
  • 5. Duke research – part 1 Duke University – Pratt School of Engineering – www.pratt.duke.edu  Engineering graduation rates  Why companies are going offshore  Skills of American engineers vs. Indian/Chinese  Trends in globalization © 2010 Vivek Wadhwa
  • 6. Engineering graduation rates Duke University – Pratt School of Engineering – www.pratt.duke.edu Country Graduates What’s Included: Only accredited 4-year engineering U.S. 70,000 bachelors degrees “short cycle” engineering degrees, China 600,000 inconsistent definition of "engineer,“ CS, IT and technician degrees (motor mechanics, etc) 2 year “diplomas,” CS and IT India 350,000 degrees Problem: We’re not comparing Apples with Apples © 2010 Vivek Wadhwa
  • 7. Engineering, CS & IT degrees awarded in 2004 Duke University – Pratt School of Engineering – www.pratt.duke.edu ***China data are considered suspect – collection methods and definition of engineers are inconsistent © 2010 Vivek Wadhwa
  • 8. Questions raised Duke University – Pratt School of Engineering – www.pratt.duke.edu  Are companies going offshore because of a U.S. skills shortage or a deficiency in U.S. workers?  What are the relative strengths and weaknesses of U.S. engineering graduates vs. India/China?  Do companies hire 2- or 3-year degree/diploma holders?  How do U.S. engineering jobs compare with India/China?  Where is this headed? We surveyed 78 division representatives of 58 U.S. based companies involved in engineering outsourcing © 2010 Vivek Wadhwa
  • 9. Companies are going where the skills are? Duke University – Pratt School of Engineering – www.pratt.duke.edu Is there a shortage of engineers in the U.S.?  Acceptance rates:  47% reported acceptance rates greater than 60%  80% said acceptance rates had increased or stayed constant  Signup bonuses:  88% offered no bonuses or to less than 20% of hires  Time to fill an open position:  80% said engineering jobs were filled within 4 months In other words – No indication of a shortage in U.S. © 2010 Vivek Wadhwa
  • 10. Where are the shortages? Duke University – Pratt School of Engineering – www.pratt.duke.edu  Where is there an adequate to large supply of well-qualified entry level workers?:  India -- 75%  U.S. -- 59%  China -- 54% No shortages in India, and greater supply in the U.S. than China?? © 2010 Vivek Wadhwa
  • 11. Skills of Indians/Chinese vs. Americans Duke University – Pratt School of Engineering – www.pratt.duke.edu  Productivity -- 87% said U.S. workers more productive or equal  Quality -- 98% said U.S. locations produced higher or equal quality  Relative advantages:  U.S. -- communication skills, understanding of U.S. industry, business acumen, education/training, proximity to work centers  China -- cost, willingness to work long hours  India -- cost, technical knowledge, English, strong work ethic Americans are ahead in productivity, quality & market knowledge, but Indian and Chinese workers cost less and work harder © 2010 Vivek Wadhwa
  • 12. Do bachelor degrees even matter? Duke University – Pratt School of Engineering – www.pratt.duke.edu Degree requirements:  44% hired engineers with 2- & 3-year degrees. Additional 17% would hire such applicants if they had additional training or experience Companies will make do with the best talent they can find and train employees as needed © 2010 Vivek Wadhwa
  • 13. Why are companies going offshore? Duke University – Pratt School of Engineering – www.pratt.duke.edu In your offshoring endeavors, how much of an advantage, if any, has your company gained from the following? (1: No Advantage; 2: Slight Advantage; 3: Moderate Advantage; 4: Strong Advantage; 5: Significant Advantage) In other words, its all about cost and markets -- not the education level of Americans © 2010 Vivek Wadhwa
  • 14. The trend Duke University – Pratt School of Engineering – www.pratt.duke.edu Where is this headed?  95% said outsourcing will continue and gain momentum  Most said they would send a greater variety of jobs abroad including research and design  Senior execs of India/China divisions of IBM, Microsoft, Oracle, GE, etc. expressed strong satisfaction with local operations and expected their units to increasingly provide R&D for worldwide operations In other words, we’ve got a lot to worry about © 2010 Vivek Wadhwa
  • 15. More questions Duke University – Pratt School of Engineering – www.pratt.duke.edu  Will the new R&D jobs being outsourced require more advanced degrees?  How does the U.S. compare to India/China in the production of Masters and PhDs?  What has the trend been in degree production? In other words – Where is the U.S. edge? © 2010 Vivek Wadhwa
  • 16. Bachelor in engineering, CS and IT Duke University – Pratt School of Engineering – www.pratt.duke.edu China numbers are suspect – inconsistent data collection, unrelated degrees. India/China numbers were revised slightly based on new data © 2010 Vivek Wadhwa
  • 17. Masters in engineering, CS and IT Duke University – Pratt School of Engineering – www.pratt.duke.edu China numbers are suspect – inconsistent data collection, unrelated degrees. © 2010 Vivek Wadhwa
  • 18. PhD’s in engineering, CS and IT Duke University – Pratt School of Engineering – www.pratt.duke.edu © 2010 Vivek Wadhwa
  • 19. U.S. engineering degrees earned by foreign nationals Duke University – Pratt School of Engineering – www.pratt.duke.edu Houston, we’ve got another problem © 2010 Vivek Wadhwa
  • 20. Duke research – part 2 Duke University – Pratt School of Engineering – www.pratt.duke.edu The next wave of globalization Do the numbers tell the complete story? © 2010 Vivek Wadhwa
  • 21. R&D in India – on-the-ground reality Duke University – Pratt School of Engineering – www.pratt.duke.edu India is the rapidly becoming the next global center of research, design and innovation:  Pharmaceutical  Drug discovery, specialty pharmaceuticals, biologics, high value, bulk manufacturing, advanced intermediate manufacturing  Aerospace  In-flight entertainment, airline seat design, collision control/navigation control systems, fuel inverting controls, first-class cabin design  Consumer Appliances/Semiconductors, etc.  Design of next-generation washing machines, dryers, refrigerators, digital TV, cell phones, automobiles, tractors, locomotive motors India is racing ahead in R&D, despite its weak education system and graduation rates © 2010 Vivek Wadhwa
  • 22. R&D in China– on-the-ground reality Duke University – Pratt School of Engineering – www.pratt.duke.edu China is using its manufacturing might to build R&D capability  Massive investments in infrastructure  Massive investments in technology parks  Massive amounts of investment capital in key industries  Massive subsidies for R&D  Pressure on multi-nationals to move R&D to China  Dependant on returnees for management/R&D Yet, China is “limping forward” – MNC investment in R&D in China is largely directed at Chinese Market. China excels in imitation – not innovation Lesson: You can’t mandate or buy innovation © 2010 Vivek Wadhwa
  • 23. Duke research – Part 3 Duke University – Pratt School of Engineering – www.pratt.duke.edu Workforce development: the secret of India’s success © 2010 Vivek Wadhwa
  • 24. India’s challenge and achievement Duke University – Pratt School of Engineering – www.pratt.duke.edu  50% of engineering graduates are not employable  Famed IIT’s graduate less than 5000 engineers  Country has weak infrastructure and weak education system Yet:  Tip of the iceberg: In 2007, top 5 IT companies hired 120,000 engineers. Accenture and IBM India added 14,000 each.  India is racing ahead in becoming a global R&D hub How? India has adopted the best practices of its Guru (the U.S.) and perfected these © 2010 Vivek Wadhwa
  • 25. Workforce development in India -1 Duke University – Pratt School of Engineering – www.pratt.duke.edu  Workforce Recruitment  Résumés don’t reflect potential and degrees are not a proxy for skill and competency. Hiring is based on ability and competence  “Bulk” hiring from universities  Open door interviews/storefronts  Lower–tier schools, non-metro areas, women, retirees, ex-servicemen, older workers, disadvantaged groups  New Employee Training  “Army boot camp” like training for new recruits in technical as well as soft-skills  2-7 month training programs for “freshers”  Infosys’ new center can train 13,500. TCS aiming for 30,000 at a time  Complemented by extensive mentoring and on-the-job training © 2010 Vivek Wadhwa
  • 26. Workforce development in India -2 Duke University – Pratt School of Engineering – www.pratt.duke.edu  Ongoing Skill Development  40-150 hours mandatory formal training every year for every employee  Supplemented by extensive mentoring/informal training  Extensive online training programs which employee are rewarded for completing  “Leaders as Teachers” – senior executives deliver training. Cadence requires every manager to spend 1-2 weeks a year. Satyam mandates 30 hrs.  “Communities of learning”, seminars, expert talks, online technical forums  Managerial development – 3 years from “fresher” to manager  Extensive managerial development programs usually in conjunction with leading business schools.  Career progression planned and predictable  Senior Management invests significant time in coaching/mentoring  Promotion from within policies © 2010 Vivek Wadhwa
  • 27. Workforce development in India - 3 Duke University – Pratt School of Engineering – www.pratt.duke.edu  Performance management/appraisal  ERP-like systems manage employee development through their careers  Sophisticated, frequent review processes like 360 degree feedback  Tied to training, salary and career progression  HCL has “Employee first, customers second” program to empower employees  Employees often appraise managers and senior leaders; results available on line  Upgrading education  Training academics, funding curriculum development  Leading companies have helped develop customized degree programs  Strong university to industry linkages © 2010 Vivek Wadhwa
  • 28. Indian outsourcers growth and turnover Duke University – Pratt School of Engineering – www.pratt.duke.edu Company 2004 2005 2006 2007 2010 2010P CAGR Accenture (India only) 9,953 16,014 23,186 36,852 41,500 43% HCL 16,358 24,090 32,626 42,017 51,038 62,435 33% Infosys (including subsidiaries) 25,634 36,750 52,715 72,241 91,187 102,838 37% Satyam (excluding subsidiaries) 14,032 19,164 26,511 35,670 45,969 53,878 35% TCS (including subsidiaries) 33,774 45,714 66,480 89,419 111,407 133,837 35% Wipro 28,502 41,857 53,742 67,818 82,122 98,092 30% 25% 20% HCL 15% Infosys Satyam 10% TCS Wipro 5% Attrition Rates 0% 2004 2005 2006 2007 2008 Accenture global attrition rate 2010 – 18%, U.S. It services industry norms – 15-30% © 2010 Vivek Wadhwa
  • 29. Duke research – Part 4 Duke University – Pratt School of Engineering – www.pratt.duke.edu What does this mean for the U.S. and how can we compete in era of globalization? © 2010 Vivek Wadhwa
  • 30. The U.S. is in greater trouble than it thinks Duke University – Pratt School of Engineering – www.pratt.duke.edu  Rather than making policy based on myth…we need to focus on our strengths:  Commercialize university research  Bring in the worlds best and brightest…to stay  Foster entrepreneurship And we need to understand globalization – the biggest opportunities are now abroad © 2010 Vivek Wadhwa
  • 31. University research Duke University – Pratt School of Engineering – www.pratt.duke.edu $48.8 billion invested every year in U.S. university research with very few spinoffs and less than $2 billion in license revenue. European university investment is much lower than the U.S., but generates 3 times as many startups and far fewer patents Common Problems  Incomplete system -- legal and finance in place, but corporate development, marketing, and sales are missing  Cultural issues -- academics want to disseminate knowledge and publish papers rather than inhibit it’s use. What comes first -- students or commercialization? What about the conflicts of interest?  University technology is half-baked -- proof of concept not funded Untapped goldmine of knowledge and innovation © 2010 Vivek Wadhwa
  • 32. Skilled immigration Duke University – Pratt School of Engineering – www.pratt.duke.edu  Based on 5 research projects: 1. Contribution of skilled immigrants to the tech sector  Called 2,054 engineering and tech companies founded from 1995-2005  Was the CEO or CTO a first-generation immigrant? From what country? 2. Interviews with 144 immigrant tech founders 3. Analysis of WIPO patents, U.S. government data 4. Survey of 1200+ returnees to India/China 5. Survey of 2000 foreign students in U.S. © 2010 Vivek Wadhwa
  • 33. Americas New Immigrant Entrepreneurs Duke University – Pratt School of Engineering – www.pratt.duke.edu Tech and engineering companies founded from 1995-2005:  25.3% nationwide had an immigrant as a key founder  52.4% of Silicon Valley startups founded by immigrants  2005 revenue -- $52 billion. Employed 450,000  Indians founded 26% of these -- more than the next 4 groups (from U.K, China, Taiwan and Japan) combined WIPO patents:  25.6% had foreign national authors in 2006. This increased from 7.6% in 1998  16.8% had a Chinese-name and 13.7% had and Indian-name authors in 2006. This increased from11.2% and 9.5% in 1998 © 2010 Vivek Wadhwa
  • 34. Background of immigrant entrepreneurs Duke University – Pratt School of Engineering – www.pratt.duke.edu  96% of immigrant company founders have bachelors degrees  74%+ have a Masters or PhD  75%+ have degrees in engineering, math, or science-related fields  52% obtained degrees in the U.S. and stayed after graduation  Plus, anecdotal evidence indicates that immigrants who come to the U.S. are risk takers and highly entrepreneurial Higher Education in STEM does provide advantage © 2010 Vivek Wadhwa
  • 35. U.S. immigration backlog Duke University – Pratt School of Engineering – www.pratt.duke.edu Legal, educated, skilled workers currently waiting for green cards:  500,040 in main employment-based visa categories plus 555,044 family members  259,717 intl. grad students plus 38,096 in practical training (includes postdocs) Permanent resident visas available yearly:  120,120 in the three main employment visa categories (EB-1, EB-2, and EB-3)  Largest numbers in queue from India and China  Max. number of visas per country – 8,400 (7% of pool) Over 1 million skilled immigrants waiting for yearly quota of 120,000 visas – with 8,400 max/country U.S. is headed for a massive reverse brain-drain – Returnees will accelerate the offshoring of R&D © 2010 Vivek Wadhwa
  • 36. Returnees – Why did they originally come to the U.S.? Duke University – Pratt School of Engineering – www.pratt.duke.edu Average rating of factors contributing to decision to migrate to the U.S. © 2010 Vivek Wadhwa
  • 37. Returnees – Reasons for returning Duke University – Pratt School of Engineering – www.pratt.duke.edu Average response values for questions regarding reasons for returning to home country © 2010 Vivek Wadhwa
  • 38. Returnees: Is the grass really greener back home? Duke University – Pratt School of Engineering – www.pratt.duke.edu Average response values comparing social situation in home country and in United States © 2010 Vivek Wadhwa
  • 39. Returnees: Professional comparisons Duke University – Pratt School of Engineering – www.pratt.duke.edu © 2010 Vivek Wadhwa
  • 40. Returnees to India and China Duke University – Pratt School of Engineering – www.pratt.duke.edu  Average age of Indians – 30, Chinese – 33  Indians – 65.6% masters, 12.1% PhD’s. Chinese 51% masters, 40.8% PhD’s…primarily in management/STEM  26.9% Indians, 34% Chinese were U.S. perm. residents/ citizens  Indian senior management positions increased from 10.2% in the U.S. to 44.1% in India and Chinese increased from 9.3% in the U.S. to 36.3% in China  More than half plan to start businesses in home countries © 2010 Vivek Wadhwa
  • 41. Foreign Students in the U.S. Duke University – Pratt School of Engineering – www.pratt.duke.edu For how many years would you like to stay in the U.S. after graduation? © 2010 Vivek Wadhwa
  • 42. Foreign Students: Where is the future? Duke University – Pratt School of Engineering – www.pratt.duke.edu Best days of home country’s economy behind or ahead? © 2010 Vivek Wadhwa
  • 43. Entrepreneurship Research Based on 3 projects: – Survey of 652 CEO’s/CTO’s of 502 tech companies – Interviews with 144 Immigrant tech company founders – Detailed survey of 549+ founders of companies in 12 high- growth industries Common Myths: – Tech entrepreneurs: unmarried, rich, college-dropouts obsessed with making money – Ivy-league education provides huge advantage – Venture Capital prerequisite for economic growth © 2010 Vivek Wadhwa
  • 44. Tech entrepreneurs: Not young US Tech Founder Age at the Time of Startup Establishment 0 - 19 1.2% 20 - 29 14.2% Founder Age 30 - 39 37.5% 40 - 49 34.1% 50 - 59 10.5% 60 - 69 2.5% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% Percentage of all Respondents © 2010 Vivek Wadhwa
  • 45. Married with children 69.9% 40.3% Average Number of Children Marital Status 28.0% 24.9% 16.4% 11.0% 4.5% 3.4% 0.7% 0.9% Single Married Divorced/Separated Widowed 0 1 2 3 4 5 © 2010 Vivek Wadhwa
  • 46. Entrepreneurs: Not from rich families 36.9% 34.6% 21.8% 5.4% 0.7% 0.6% LOWER-LOWER CLASS LOWER-MIDDLE CLASS LOWER-UPPER CLASS UPPER-LOWER CLASS UPPER-MIDDLE CLASS UPPER-UPPER CLASS © 2010 Vivek Wadhwa
  • 47. Tech entrepreneurs: Not college dropouts Associates Degree, High School Certification, MD, Diploma or Economics, STEM Fields 46.5% JD, Arts, Some 3.8% Lower, 5.9% 1.8% 3.5% Humanities College, 2.3% and Social Sciences, Other, Applied Law, 4.6% 2.8% Sciences*, 4.2% 9.0% Healthcare, PhD, 5.5% 10.0% Engineering 27.6% Bachelors, 44.0% Masters, Business, Mathematics 31.0% Accounting, 1.5% Finance, Computer 33.4% Science, Information Technology 9.0% Highest Completed Degree Fields of Highest Degree © 2010 Vivek Wadhwa
  • 48. Even better educated than their parents 27.8% 36.8% 24.5% Father Mother 19.7% 22.7% 19.3% 10.0% 10.0% 5.2% 5.6% 5.8% 5.8% 8.3% 0.2% 1.0% 0.2% © 2010 Vivek Wadhwa
  • 49. Pretty smart in high school, but drank too much in college 51.2% University High School 36.5% 29.9% 26.1% 23.2% 20.1% 3.7% 1.4% 3.1% 2.9% 0.4% 1.6% Top 10% Top 30% Average Bottom Bottom N/A Top 10% Top 30% Average Bottom 30% Bottom 10% N/A 30% 10% © 2010 Vivek Wadhwa
  • 50. Education counts…not necessarily ivy-league $8 50 $7 Average 2005 Sales (Millions of USD) Average 2005 Total Employees $6 40 $5 30 $4 $3 20 $2 10 $1 $0 0 All Startups Startups w/ an Ivy-Leauge Founder Startups w/ a High School Founder Average 2005 Sales Average 2005 Employment What makes the difference is higher education: not the degree or school. © 2010 Vivek Wadhwa
  • 51. Entrepreneurs: Highly experienced Approximately how many years did you work for another employer prior to starting your first business? 27.6% 24.6% 23.3% 14.3% 10.3% 0-5 years 6-10 years 11-15 years 16-20 years 20+ years
  • 52. Entrepreneurship wasn’t necessarily in the genes or pre-planned How interested were you in becoming an Which Members of Your Family entrepreneur while you were completing Started a Business Before You Did? your higher education? 51.9% 38.8% 34.7% 27.5% 24.5% 15.2% 6.9% 7.2% 6.1% I was the first in Father Mother Siblings my immediate family to start a Not at all Not very Didn't think Somewhat Extremely business interested interested about it interested interested © 2010 Vivek Wadhwa
  • 53. Reasons for becoming an entrepreneur Entepreneurial friend or family role model 2.1 Always wanted own company 3.1 Startup company culture appealing 3.0 Developed a technology in lab 1.4 Wanted to capitalize on a business idea 3.1 Co-founder encouraged to start company 1.7 Wanted to build wealth 3.2 Working for someone else didn't appeal 2.9 Couldn't find traditional employment 1.2 1= Not important factor, 5 = Extremely important factor © 2010 Vivek Wadhwa
  • 54. Some States more fertile for entrepreneurs Percentage of US Founders who Establish a Startup in the Same State in which they Received a Degree 69.2% 70.0% Percentage of Founders with a Degree and Startup in the Given 58.3% 60.0% 52.4% 52.9% 50.0% 45.0% 45.2% 40.0% 29.0% 29.7% 30.0% 30.0% 28.1% State 21.2% 20.0% 17.9% 15.0% 10.0% 0.0% -10.0% State © 2010 Vivek Wadhwa
  • 55. Bootstrapping is the norm – not VC Corporate investment 6.2% Bank loan(s) 14.6% First business started Private/angel investor(s) 9.2% Venture capital 10.8% Business partner(s) 15.4% Personal savings 70.0% Friends and family 13.8% Other 10.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% © 2010 Vivek Wadhwa
  • 56. Success factors Your prior industry/work experience 4.4 Lessons you learned from your previous successes 4.1 Lessons you learned from your previous failures 4.0 Company's management team 3.8 Good fortune 3.3 Professional/business networks 3.3 Availability of financing/capital 3.2 Your university education 3.2 Personal/social networks 3.0 Location 2.5 Advice/assistance provided by company investors 2.2 University/alumni contacts/networks 1.7 Assistance provided by the state/region 1.3 1= Not at all important, 5 = Extremely important © 2010 Vivek Wadhwa
  • 57. Obstacles faced by entrepreneurs Difficulty of co-founder(s) recruitment 1.6 Family or financial pressures to keep a traditional,… 1.8 Availability of health insurance/risk of losing… 1.9 Lack of industry knowledge 2.0 Lack of available mentors or advisors 2.0 Concern about the consequences of failure 2.2 Concern about protecting company's intellectual… 2.3 Lack of prior experience in running a business 2.5 Lack of available capital/financing 2.6 Amount of time and effort required 2.9 1.0 1.5 2.0 2.5 3.0 1= Not at all a challenge, 2=Small challenge, 3=Somewhat of a challenge, 4= Big Challenge, 5=Extremely big challenge 1= Not at all a challenge, 5 = Extremely big challenge
  • 58. What stops others from becoming entrepreneurs? Difficulties in recruiting co-founders 2.5 Availability of health insurance/risk of losing existing 2.7 coverage Family or financial pressures to keep a traditional, 3.2 steady job Knowledge about how to start a business 3.3 Knowledge about the industry and markets 3.4 Lack of business management skills 3.6 Difficulties in raising capital/financing 3.8 Amount of time and effort required 4.0 Willingness or lack of ability to take risks 4.3 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5
  • 59. Conclusion: What does the U.S. need to do? Duke University – Pratt School of Engineering – www.pratt.duke.edu  Learn from the former disciple: focus on moving workforce up the ladder rather than graduating more  Bring and keep the worlds best and brightest  Make our investments in research more effective  Foster entrepreneurship at its source – the workforce  Understand globalization and create new business models which leverage innovation abroad  Compete on American strengths -- In other words, let’s do what we do better © 2010 Vivek Wadhwa
  • 60. Duke University – Pratt School of Engineering – www.pratt.duke.edu More information at: www.GlobalizationResearch.com © 2010 Vivek Wadhwa