“Fat, Dumb, and Happy”– Intel CEO Craig Barrett Comments on American Competitiveness at Risk at Aspen Ideas Festival

KPCB’s John Doerr interviewed Intel’s Craig Barrett at the Aspen Ideas Festival on the impact of technology on our society and dives into the topic of the sustainability of American competitiveness in innovation. This topic is front and center for the American venture capital industry, as the National Venture Capital Association (NVCA) declared yesterday that a U.S. capital markets crisis exists for the start-up community. Just as the capital markets problems for emerging US companies are structural and have been building for years, Barrett accurately points to underlying structural issues in the U.S. educational system that put America at risk of losing its ascendance in innovation leadership.

Some ominous signs– Intel used to make 90% of its investments in the US– today the split is 50% US, 50% Asia. While the U.S. still has the best engineering schools in the world, Barrett points out that 60% of PhD graduates from US universities are foreign nationals. He notes that, due to our current visa policy, the US is stupidly sending them home after the US taxpayer has subsidized their education in this country. Watch the video:

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