U.S. scientists and engineers at global investment companies are fueling America’s innovation advantage. They are working on diverse research and development projects here in the United States.
These FDI firms spend $53 billion annually on U.S. research and development activities. That equates to 16.4 percent of all R&D performed by U.S. companies. Here are three quick examples of how global companies are investing heavily in innovation:
GlaxoSmithKline is investing in a state-of-the-art vaccine research center in Maryland, creating 700 new jobs in Montgomery County. This facility, which is close to the National Institute of Allergy and Infectious Diseases (NIAID), will serve as a global vaccine R&D facility. In collaboration with NIAID, GlaxoSmithKline is working on a vaccine for the Ebola virus, which led to an epidemic in West Africa, causing nearly 30,000 deaths in 2014.
According to Thomson Reuters, more than 22,000 new inventions related to self-driving cars have been created since 2010. That research has shown that a number of global investment employers are leading the way in self-driving vehicle innovation, including Toyota, Bosch, Denso, Hyundai and Nissan.
While Samsung is certainly a household name, perhaps best known for their high-tech TVs and mobile devices, they also set records in innovation and investment. In 2015, Samsung was the top global innovator in the telecommunications industry, according to Thompson Reuters. In 2012, Samsung announced plans to invest $4 billion in Texas, the largest single foreign investment in the Lone Star State. That facility is helping to meet growing demand for advanced mobile processors like those found in tablets and smartphones.
Clearly, global investment is boosting America’s innovation advantage.