During a Senate Commerce Committee hearing last week, U.S. Senator Todd Young (R-Ind.) discussed the importance of his United States Innovation and Competition Act (USICA) and regional technology hubs with Department of Commerce Secretary Gina Raimondo.
Senator Young shared his perspective on the overall importance of passing the USICA.
“Sometimes people try and figure out how to characterize this legislation. Is it innovation legislation? Is it a China competitiveness bill? You know, there’s a happy coincidence between the two. And if we can harness the talent, the energies, the entrepreneurial spirit, the broad, deep capital markets of the United States of America…and become more innovative, there’s no doubt in my mind that we’re going to win the 21st century for American values. So they are really one. They’re two sides of the same coin,” said Senator Young.
Secretary Raimondo discussed how technology hubs can help create ecosystems of innovation in communities around the country.
“For example, in the Midwest, there are fantastic research universities. I think Purdue just launched a whole new program for semiconductor master’s programs. So what we want to do is in regions around the country, bring together research institutions with entrepreneurs, with companies, to take the great ideas coming out of the research institutions and translate them into products that we can make,” said Secretary Raimondo.
The full conversation is available here.