“The key to our success – as it has always been – will be to compete by developing new products, by generating new industries, by maintaining our role as the world’s engine of scientific discovery and technological innovation. It’s absolutely essential to our future.” — President Barack Obama, November 17, 2010
Federally funded research and development (R&D) has resulted in innovations and discoveries that led to the creation of new companies and entire industries making Americans more prosperous, healthier, and safer. Although it has helped spawn many inventions that, in turn, have led to new firms, new industries, and new jobs, Federal funding of R&D cannot drive innovation by itself.
Healthy private sector participation in every stage of R&D is critical in turning great ideas into revenues, profits, and ultimately jobs. However working together, the private sector, the federal government, and universities and research labs create a healthy research “ecosystem” that provides the optimal amount of social benefits of R&D, while actively supporting the commercialization of new products and ideas. Watch the video below to find out more, or explore the materials related to this topic on your right.