The current financing model builds businesses which may show short-term gains, but provide no long-term benefit to the economy or job creation
INVESTMENT IN NEW TECHNOLOGIES has always been risky. Older innovations like railways, canals, telephones, cars and airplanes, resulted in substantial losses to many investors. The uncertainty surrounding the projects, lack of understanding of the technology and unrealistic return expectations were all contributors. Recent technology investment cycles are similar, though there are additional risks.
First, the financing model has changed. Patient capital has been replaced with a focus on quicker returns.
Funding for scientific research has declined in real terms in many nations. Historically, government funding for research was important. Public money funnelled through the Pentagon helped develop the internet. A National Science Foundation grant seeded development of Google’s search engine. Public funded venture capital provided great societal benefits as well as large profits for private businesses. But increasing public finance pressures have reduced government funding.
This has resulted in research shifting focus to safer proposals that are more likely to receive funding rather than uncertain, but potentially groundbreaking, areas. Increasing reliance on corporate investment or sponsorship accentuates applied research rather than pure research. Crucial fundamental knowledge is now neglected. But quantum physics makes silicon chips possible, Einstein’s theory of relativity underlies satellite navigation systems and abstract mathematics makes computing and telecommunications possible.
Esta historia es de la edición February 16, 2018 de Forbes India.
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Esta historia es de la edición February 16, 2018 de Forbes India.
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