Mariana Mazzucato: The Entrepreneurial State: Debunking Private vs. Public Sector Myths - The Long Now:
The iPhone, Mazzucato pointed out, is held up as a classic example of world-changing innovation coming from business.
Yet every feature of the iPhone was created, originally, by multi-decade government-funded research. From DARPA came the microchip, the Internet, the micro hard drive, the DRAM cache, and Siri. From the Department of Defense came GPS, cellular technology, signal compression, and parts of the liquid crystal display and multi-touch screen (joining funding from the CIA, the National Science Foundation, and the Department of Energy, which, by the way, developed the lithium-ion battery.) CERN in Europe created the Web. Steve Jobs’ contribution was to integrate all of them beautifully.
Venture Capitalists (VCs) in business expect a return in 3 to 5 years, and they count on no more than one in ten companies to succeed. The time frame for government research and investment embraces a whole innovation cycle of 15 to 20 years, supporting the full chain from basic research through to viable companies."
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