The US-based Science Coalition releases report detailing impact of companies based on university research.
The Science Coalition, a non-profit organisation representing over 50 of the top US universities, has released a report chronicling the impact of research-led companies, whilst simultaneously warning of the harm further budget cuts could bring.
Sparking Economic Growth 2.0 (SEG) focuses on 100 university spin-outs and how the companies fuel US innovation and economic growth. It underlines both what the spin-outs offer and what they need in terms of strong and steady investment, which is being threatened by the US sequestration. Set to run until 2021, the sequestration will see $95bn wiped out from the federal R&D budget and is forecast to have dire consequences for US innovation.
The report states that the total amount invested into the research behind the SEG 100 totals $330m over several decades, which pales in comparison to the cost of the problems they seek to solve. For example, cancer costs the US economy $552m every day whilst cybercrime claims a further $383.6m.
Tim Leshan, president of the Science Coalition, said: “This report demonstrates the power of the federal investment in basic scientific research. While research is only a small portion of the overall federal budget, the results are huge: discoveries with profound implications for our health, safety, and quality of life; training for future generations of scientists, doctors, and teachers; and innovations that give birth to new technologies, companies, and industries.”
He added: “If America wants to maintain its innovative edge, create meaningful jobs, and realise economic growth, then we must ensure that funding for scientific research is prioritised, even in times of cost cutting.”
The full report is available here.