Basic Research - The Foundation of the Innovation Economy

Senator John Ensign and Senator Blanche Lincoln, co-chairs of the Forum on Technology & Innovation, held a joint briefing on the future of Basic Research and its effect on the foundation of the innovation economy on September 15, 2005.

America's level of investment in basic research is the subject of much debate in Washington -- whether it is enough, too much, too short-term or long, or too risk averse or risky; just to identify a few of the key issues. What is not in dispute is the positive impact basic research has on our economy. Many of America's most innovative industries - from semiconductors to GPS guidance systems to laser eye surgery-- are built upon basic research that at the time had no obvious commercial impact. Since the space race of the 1960s, the federal government has been the leader in funding high risk, frontier research through various agencies including DARPA, the National Science Foundation, the National Institutes of Health, the Department of Energy and the National Aeronautics and Space Administration.

As U.S. policymakers grapple with the funding levels for these agencies, other countries are increasing their investments in basic research with an eye towards reaping the benefits from their own innovations. No longer is the United States the only place for scientists to seek support for groundbreaking research. If basic research truly is the foundation for economic growth, then what response is warranted?

To help better understand the importance of basic research in our economy today and in the future, the Forum on Technology & Innovation brought together a panel of experts to answer questions such as:

• What is basic research?
• What kind of research is the federal government funding?
• Who is conducting the research?
• What can taxpayers reasonably expect as a return on their investment?