in·no·va·tion def·i·citnoun [in-uh-vey-shuhn def-uh-sit] (From InnovationDeficit.org)
1. the gap between needed and actual federal investments in research and higher education.
2. the flat or declining investment in research and higher education at a time when other nations
such as China, Singapore, and Korea are dramatically increasing their investments in those areas.
The presidents and chancellors who signed the letter are deeply concerned about federal funding cuts to research and higher education. Their letter draws attention to the value of investing in universities, especially since economists agree that roughly half of economic growth since WWII can be attributed to technological innovation.
As Congress faces tough budgetary decisions, President Mary Sue Coleman and her colleagues hope to remind representatives of the value of scientific research as an investment in the future.