The United States is like no other place in the world because of the environment we maintain for providing incentive for those willing to think outside the box. As I travel, talking to individuals who have taken a crazy idea all the way to a profitable venture, I am struck by how few of us even know about what these Americans do.
Here are two examples which you will never see on even The Science Channel:
First, there is a small division of a larger American company that uses patents developed in Star Wars labs to make possible that which was impossible just a few years ago. A small research team has developed the ability to use lasers to destroy incoming missiles, airplanes, or even mortar rounds—instant, accurate, and very powerful lasers to heat and destroy in order to make us safe from these threats. In accomplishing this task, an idea emerged that a spin-off use of this kind of technology would be easy. As they say, tactical to practical.
This small division uses powerful lasers to hammer metal into complex shapes and to stress metals in a manner that extends their useful life fivefold.
What if the U.S. military purchased a fighter which cost $350 million…a fighter that, after a mere 800 hours of flight time, risked having the mounts securing the wings fail and the wings fall off? What if these mounts could easily be made many times stronger, and last many times longer, by hitting them with powerful lasers?
What if a large, multi-national aviation company determined that the aluminum frame for their aircraft would begin to fail after just a decade of use? What if the use of a powerful laser could extend the useful life of these frames fivefold?
What if the U.S. nuclear power facilities learned that the steel reaction chambers were being harmed by the radiation in a manner that failure was likely? What if these steel chambers could be strengthened by hitting the surface with powerful lasers, thus extending the useful life greatly?
These and many more equally fascinating problems are being solved by this small group.
Another example…There’s a unique American metal-working company that is capable of pressing hot alloys into complex shapes using pressures of 5.2 million pounds. The press weighing in at 5,300,000 pounds with three of the heaviest components weighing almost a million pounds each. Aerospace industries so rely on this company for its unique capabilities that they require back-ups for each of the press components to be kept on-site, so that any component failure can be quickly replaced. There is no other press like this in the world.
Wouldn’t you consider these companies something to be heralded by the media? I, for one, find this infinitely more interesting than what fashion some actor prefers.
These two companies, and the hundreds of other unique American companies, cause me to ask, what is so different about the United States that entrepreneurs are willing to risk all to chase their dreams? Profit, of course. The ability to bring a great idea, or capability, to market and be compensated for the passion, perseverance, and hard work it takes to overcome the myriad of obstacles every entrepreneur faces daily.
So, when I hear the Occupy Wall Street types and short-sighted legislators say that the capital gains income tax rate should be the same as ordinary income, I want to scream out that we only need to look at what’s occurring in France now that their long-term investment tax rate is 60 percent. If we remove the profit incentive, we will remove the incentive to innovate, create, and work as hard as it takes to overcome the challenges of a new business venture.
Any views and/or opinions present in “The Know-It-All” columns are solely those of the author and do not necessarily represent those of B2B Omaha Magazine or their parent company and/or their affiliates.