Hundreds of scientists and engineers across the United States have groundbreaking research that could strengthen America’s leadership in critical technology areas like semiconductors, quantum computing, and clean energy, while also addressing defining challenges of our time, such as food access, energy production, and national security.
Their innovations could secure our nation’s competitive edge in “deep tech” sectors focused on emerging technologies such as quantum computing, synthetic biology, and nanotechnology, which, are poised to drive the next decades of industrial growth and job creation. Yet, every year, many of these concepts remain locked in laboratories because innovators lack the resources to transform their research into viable inventions and startup companies. Groundbreaking technologies developed by scientists and engineers hold the power to address our most pressing challenges—but if these innovations never reach the market, their potential to change the world is lost. The next Congress and White House must take decisive action to ensure these solutions scale and succeed.
The “lab-to-market challenge” for these inventors lies in bridging the gap between developing innovative research in the lab and successfully commercializing it into market-ready products or services. They’re often hindered by a lack of seed funding, scalability plans, regulatory hurdles, or business acumen. This challenge is especially difficult for deep tech innovation.
Unlike software startups, which are built on digital technologies, deep tech innovation requires years of work to develop new materials, manufacturing processes, or hardware, often prior to attracting traditional venture capital. Even then, venture-backed startups face significant risks, with optimistic estimates of only 25 percent succeeding. Fortunately, the federal government has identified a way to help meaningfully bridge this gap and unlock capital markets.
Federal Investments in NSF Empower Deep Tech Founders
Through partnerships with the U.S. Departments of Energy, Defense, Commerce, and others, the Activate Fellowship has demonstrated how targeted federal investment can transform scientists and engineers into successful entrepreneurs. The Fellowship provides critical resources, while connecting these first-time technical founders with a network of mentors and investors. Since 2015, nearly 200 fellowship-backed companies have leveraged initial support into $3.6 billion in follow-on investment, with 96 percent still growing after nearly a decade. This represents a 44X return on investment while creating nearly 3,000 American jobs in strategic technology sectors, including high-quality manufacturing jobs needed to produce these products at scale.
Congress recently authorized the expansion of this model to the National Science Foundation (NSF), the federal agency supporting research and STEM education. NSF Director Sethuraman “Panch” Panchanathan, who champions “innovation anywhere and opportunity everywhere,” has implemented this new authority and direction from Congress with remarkable early results. The fellowship is designed to bolster the nation’s technology leadership while supporting innovators in regions outside of the same traditional hubs that account for most of the nation’s innovation sector growth. With NSF’s support, “Activate Anywhere” is cultivating founders and their companies in regions historically overlooked by deep tech sectors and now supports fellows across 25 states.
The many success stories from Activate Fellows span the nation. In North Carolina, fellow Catie McVey is strengthening agricultural resilience with Al-powered dairy management through DairyFIT.
In Houston, Solidec’s founders, Ryan DuChanois and Yang Xi, are developing emission-free chemical manufacturing processes in the heart of America’s petrochemical industry. In upstate New York, America’s photonics capital, Juniyali Nauriyal’s Photonect is advancing U.S. semiconductor capabilities with photonic chips that are 10 times faster and 4 times more energy efficient.
America has the scientific talent needed to build companies that can help the nation compete globally in key technologies, and we’ve proven our fellowship model can activate this potential nationwide.
Congress Can Unlock Startup Opportunity in the Innovation Economy
The limiting factor is funding. In the most recent annual competition, Activate secured funding for fifty fellows across the country. We just closed our annual application cycle and were met with an overwhelming 936 compelling proposals, many from qualified scientists and engineers whose technologies could advance our nation’s security and economic interests. However, we were only able to support fifty fellows across the country given current funding levels for NSF and federal other science offices.
Despite bipartisan support for the $25 million annual authorization for science entrepreneurial fellows at NSF currently directed in law, Congress must also provide robust funding to carry out the law, and budgetary constraints have limited NSF’s investment to just a fraction of that amount. Shortfalls at NSF are mirrored by the financial limitations facing other science agencies. This deficit threatens America’s ability to maintain leadership in strategic technologies and risks leaving transformative innovations stranded in laboratories across the country.
Congress’ recent support for the expansion of new and exciting science policies and programs shows an understanding of what’s at stake for America’s technological leadership. When we invest in science entrepreneurs nationwide, they deliver extraordinary returns and transform relatively modest federal support into thousands of jobs, billions in private investment, and breakthrough solutions for national priorities.
Our vision is to unlock growth by empowering entrepreneurs who can bring to market innovations across critical sectors for the country. If we, as a nation, are serious about ensuring U.S. competitiveness, strengthening domestic supply chains, and growing tomorrow’s economy, we must follow through on our bipartisan mandate and commit to increasing funding for science entrepreneurs in every corner of America.
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Publish date : 2024-12-07 04:02:00
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Author : theamericannews
Publish date : 2024-12-07 17:36:31
Copyright for syndicated content belongs to the linked Source.