Federally funded research and development (R&D) is a hallmark of the U.S. economy. Two-thirds of the most influential technologies of the last 50 years were supported by federal R&D at national laboratories and universities.1 Smartphones, autonomous vehicles, personalized medicine and other transformational innovations owe key technical components to public R&D. Moreover, this federal commitment does more than produce new products. By fostering innovation, it translates into productivity growth, the most important mechanism for ensuring economic growth and broadly shared prosperity.
In Chicago, Argonne National Laboratory and Fermilab are working with the University of Chicago to further the mission of the Polsky Center for Entrepreneurship and Innovation in its efforts to develop new research-based startups in the city.