In the United States, Congress approved, In February 2003, increases in the 2003 budgets of both the National Institutes of Health and National Science Foundation. America is not alone in – vainly – trying to compensate for imploding capital markets and risk-averse financiers.
In 1999, chancellor Gordon Brown inaugurated a $1.6 billion program of “upgrading British science” and commercializing its products. This was on top of $1 billion invested between 1998-2002. The budgets of the Medical Research Council and the Biotechnology and Biological Sciences Research Council were quadrupled overnight.
The University Challenge Fund was set to provide $100 million in seed money to cover costs related to the hiring of managerial skills, securing intellectual property, constructing a prototype or preparing a business plan. Another $30 million went to start-up funding of high-tech, high-risk companies in the UK.
According to the United Nations Development Programme (UNDP), the top 29 industrialized nations invest in R&D more than $600 billion a year. The bulk of this capital is provided by the private sector. In the United Kingdom, for...
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