Innovation and technology are the cornerstones of the US economy. Since its inception, the country has been leading in terms of adapting and applying technology. Though the country faces strong competition from rising economies, it is expected it will continue to retain a technology supremacy over its competitors. Additionally, the US has also been at the forefront in enhancing and developing technologies in areas such as nanotechnology, environmental technology and biotechnology, which opens up massive opportunities for companies with expertise in the mentioned fields. IT is another field the US has been excelling in. However, it has also been facing intense competition from countries like China and India.