American ingenuity remains a driver of innovation on the global stage, but the best companies are learning to tap into local strengths on a case-by-case basis, says John Moavenzadeh of the World Economic Forum. Companies may house most R&D in the U.S. but open specialized research centers overseas to tap into locally available expertise and skills. "When companies think about building their own capabilities, they're also shopping for the best talent on a global basis," Moavenzadeh explains.

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