On the Horizon: New Communities of Innovation; Billions of Dollars of New Investment
Seventy-five years ago, Vannevar Bush, an electrical engineer who directed government research during the Second World War, authored Science—The Endless Frontier. His report called for a centralized approach to government research, which led to the creation of the National Science Foundation in 1950 and is credited as a path breaking roadmap for US science policy.
Over the next 75 years, the federal government invested billions of dollars of research, creating the world’s leading research universities, while places like Stanford University and state of North Carolina launched research parks; tech transfer programs stimulated by the Bayh-Dole Act flourished; and reforms in SEC regulations created the venture capital sector.
But other countries also made progress in growing their tech-based economies. And a bipartisan awareness grew that something had to be done to improve US competitiveness.
As a result, another “Endless Frontier” is on the horizon. And universities, industry, research parks, innovation districts, economic development officials, cities, states and regions need to prepare.
The Endless Frontier Act, introduced in both the House and Senate last May, is designed to increase investment in discovery, creation and commercialization of critical technologies. The Act proposes spending $100 Billion for strategically advancing science and tech research and development (administered by a renamed National Science and Tech Foundation), and $10 Billion for Regional Tech Hubs to launch new companies, revive American manufacturing and create jobs for local economic impact (administered by the US Department of Commerce). The following are the tech focus areas:
