Since 1945, three-quarters of all global economic growth has been driven by technological advances. Since 1990, 90% of that advance has been rooted in fundamental science, according to Michael M. Crow, president of Arizona State University.
Corporate leaders in the United States understood this decades ago when they urged Congress to back “patient capital” for research – because this type of investment creates openings for breakthrough applications.
Think of the building blocks of our modern economy – wifi, smartphones, advanced cancer therapies, drought-tolerant crops and satellite navigation. These began as basic research, often with no obvious immediate application. Then they became the platforms for whole new industries.
