Two and a half centuries ago, the United States was founded as an innovative experiment in self-government. The spirit of risk-taking that accompanied signing the Declaration of Independence has informed much of American industry over the ensuing years. It helped give rise to everything from the airplane and moon landers to the microchip and personal computer.
The challenge is keeping this culture of creativity and ingenuity alive as we head into the next quarter millennium, while ensuring it delivers for all and not just the few—or at the expense of others. At the annual meeting of Fast Company’s Impact Council, our 300-person collective of executives from some of the world’s most forward-thinking businesses, members used America’s past to assess both its present and its prospects for the future. Held at Grace Farms, in New Canaan, Connecticut, the daylong workshop brought together council members in panels and roundtables to discuss topics like the future of America’s workforce and how to rebuild the country’s innovative edge.
We asked speakers to weigh in on America’s most pressing challenges and what opportunities lie ahead.
What’s one misconception that people have about what drives innovation at scale?
“Businesses must value innovation as much as they value the bottom line if they want it to drive growth. Innovation needs to be core to the business strategy.” —Ndidi Oteh, CEO, Accenture Song
“It’s really hard to scale innovation, and you need an ecosystem of partners and suppliers and funders. You also need timing, you need incredible people, and you need the right regulatory environment. I think we underplay how much is needed to innovate.” —Phillip Haid, founder and CEO, Public
Where does the U.S. currently stand on the global stage of innovation?
“The U.S. is only 250 years old, a ‘startup’ compared to many nations. Whatever national growing pains we navigate today, we must think beyond immediate outcomes and build the innovation systems and incentives that remain strong and adaptable across generations.” —Bo Zhao, founder and CEO, Baby Gear Group
“We still benefit from extraordinary wealth, world-class institutions, and deep access to global talent. But federal policy and bureaucracy are creating headwinds in key areas such as immigration, renewable energy, and support for leading research universities.” —Jean-Claude Brizard, president and CEO, Digital Promise Global
What role should business leaders play in shaping policy around innovation?
“They need to create room for experimentation, where failure is acceptable before something is scaled, not after it creates real risk. Put differently: Learn fast, but never fail at scale.” —Todd James, founder and CEO, Aurora Insights
“Business leaders have the ability to inform and advocate for policies that expand access to capital and grow business ownership. The best leaders create the conditions for more people to contribute to a thriving economy.” —Joe Scantlebury, president and CEO, Living Cities
What’s the single greatest threat to America’s long-term competitiveness?
“The single greatest threat is underinvesting in people. To stay competitive, we need to prepare leaders who can work across cultures, understand different business environments, and collaborate across disciplines.” —Deirdre White, president and CEO, Pyxera Global
“In some quarters, there’s a movement away from the value placed on science and scientific research, leading to the U.S. being seen by some as a less attractive place to practice innovation. That could lead to brain drain to other parts of the world. I hope I’m wrong, as I’ve always found innovation to be key to growth across all the companies I’ve led, but we need to be watchful.” —Gordon Boggis, CEO, Carnegie Fabrics
As somebody who’s borderline millennial/Gen Z, I think the biggest threat is losing that competitive spirit to innovate— identifying a niche concept and expanding it into something impactful—if my generation doesn’t pick up that torch.” —Liam Ryan, CEO, StreetLeaf
Other than China, which countries or regions are you watching most closely as competitors to American innovation?
“India’s definitely one of them. The caliber of entrepreneurs and companies emerging there is increasingly comparable to what you’d find in the U.S. That momentum is creating the foundation for a much stronger innovation ecosystem over the next decade.” —Muneer Panjwani, CEO, Engage for Good
What’s the right balance between moving quickly to stay competitive and innovating responsibly?
“The best and most innovative people can usually see around corners and anticipate longer-term impacts. People with deep expertise should be advising people, writing policy, and making sure that we’re moving forward quickly and responsibly.” —Regan Parker, chief legal and public affairs officer, ShiftKey
“The effort lies in two places. First, understanding your business deeply enough to tell safety from ritual. Second, respecting the experience already encoded in standards, regulations, and recommended practices, including from other industries.” —Xiaodi Hou, founder and CEO, Bot Auto
Other than AI, what industries or technologies will define America’s next competitive advantage?
“Quantum computing just entered a major government-backed phase. The Commerce department committed about $2 billion in CHIPS Act incentives, with equity stakes, to nine companies, framing quantum as a strategic national security priority in the race against China.” —Ed Mitzen, founder, Business for Good Foundation
It’s definitely going to be energy. AI gets the headlines, but the strategic underpinning here is how to meet this extraordinary energy demand. AI cannot scale without abundant, affordable, and reliable power.” —Leah Qusba, CEO, GoodPower
