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The velocity of technological change is quicker than ever before in today's global economy, and competitive advanced technologies are decisive in national economic growth. Private-sector investments in research and development are focused mainly on incremental improvements to capture faster returns for companies and their shareholders. Few financial institutions, venture capitalists, and angel investors fund unconfirmed, early-stage technologies. This approach, however, erodes the foundation for significant advances that are crucial to creating new capabilities, improving productivity, and ensuring growth. As a result, it is important to cultivate community and government buy-ins.

Community and government buy-ins help industry invest in long-term, high-risk research with payoffs far beyond private profit. Communities and governments can fund new ventures' high-risk research and accelerate the development of new-to-the-world technologies by sharing the ...

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