The manufacturing community has been painfully aware of the critical importance innovation and product development play in the competitiveness of their organizations. Nearly three-quarters of respondents to a Boston Consulting Group survey ranking say innovation is among their companies' top three strategic priorities. A far smaller percentage has been satisfied with the payoff of their efforts.

The U.S. government appears more recently to have fully acknowledged the role innovation and product development play in the creation of a dynamic economy, particularly with regard to job creation. The Advanced Manufacturing Partnership is evidence of that increased awareness. In June, President Obama launched the partnership, a national effort to invest in emerging technologies to grow jobs and enhance U.S. competitiveness. Accelerating product development is key to reaching those goals, the launch announcement noted. The plan includes a $500m investment to start the effort.

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