Observations

Federally-sponsored university-based research has made major contributions in all areas

There's been a constant flow of ideas and people, back and forth

It takes time -- 15 years elapse from initial work to billion dollar industry

Unanticipated outcomes are often as important as anticipated ones

A company that participates early is not necessarily the successful commercializer of the technology

You can distinguish "research" from "development," but not "basic research" from "applied research"
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