MIDLAND, Mich., May 26, 2015 /PRNewswire/ -- When Northwood University economist Timothy G. Nash listened to keynote speaker, Presidential hopeful and former Hewlett-Packard CEO Carly Fiorina at the recent Michigan Chamber of Commerce Foundation dinner, he was struck by her message of business invention and innovation. Her address got him thinking.
"Too often, many lump the concept of invention under the umbrella of innovation," says Nash, vice president of Corporate and Strategic Alliances at the Midland, Michigan-based university. "By doing this, you lose the key distinction between the two concepts and, in the process, the cornerstone of the American economy since its inception. While Fiorina focused much of her message of leadership and business growth on innovation and entrepreneurship, we at Northwood University believe the formula for American success is an economic troika of invention, innovation and entrepreneurship."
Nash examines the concept of the American entrepreneurship process and the nuances between innovation and invention in the latest edition of the Northwood University Monthly Economic Outlook, available at the university's virtual Free Market Library.
In his recent report, Nash examines the history of invention, noting that 52 percent of the top ranking inventions were conceived in the United States, a country that is less than 250 years old and makes up less than 4 percent of the world's population.
"The American passion for invention is special," Nash says. "It's exceptional and is probably why the United States has survived and prospered in ways most countries can only dream of. America has been a beacon for invention, innovation and entrepreneurship. The question is, are we still that beacon?"
Nash expresses concern that the conditions necessary for entrepreneurs to thrive and succeed in the United States may no longer be favorable in the report. He discusses high school test scores and education spending, and he also touches upon the U.S. regulatory environment.
The latest issue of the Northwood University Monthly Economic Outlook also examines the latest economic statistics and positive and negative signs affecting the U.S. economy in April, comparing these factors against previous months and years.
For a more in-depth look at Nash's view on entrepreneurship in the United States and his examination of the latest economic indicators, including job growth and labor statistics, download the Northwood University Economic Outlook May 2015.
For more information on Northwood University, visit www.northwood.edu, or call 800.622.9000.
ABOUT NORTHWOOD UNIVERSITY
Northwood University is committed to the most personal attention to prepare students for success in their careers and in their communities; it promotes critical thinking skills, personal effectiveness, and the importance of ethics, individual freedom and responsibility.
Private, nonprofit, and accredited, Northwood University specializes in managerial and entrepreneurial education at a full-service, residential campus located in mid-Michigan. Adult Degree Programs are available in seven states with many course delivery options including online. The DeVos Graduate School offers day, evening, and weekend programming in Michigan and Texas. The Michigan-based Alden B. Dow Center for Creativity and Enterprise provides system-wide expertise in family enterprise, entrepreneurship, creativity and innovation, and new business development. International education is offered through study abroad and in Program Centers in Switzerland, China (Changchun and Wuxi), Malaysia and Sri Lanka.
For additional information regarding Northwood University, go to www.northwood.edu.
SOURCE Northwood University