How public funding unlock private innovation
How can public funding unlock private innovation and economic growth?
In this video, Paolo Surico, Professor of Economics at London Business School, explains why a small share of government-funded but privately owned patents drives outsized gains in US productivity and GDP.
His research shows that public investment in high-risk, early-stage research can reduce uncertainty and unlock the private investment needed to turn ideas into products. Startups can play an especially important role, driving competition and innovation when given the support to scale.
For Europe, the lesson is clear: modern industrial policy should prioritise high-risk, high-reward innovation capable of delivering significant returns for society.
How can public funding unlock private innovation and economic growth?
In this video, Paolo Surico, Professor of Economics at London Business School, explains why a small share of government-funded but privately owned patents drives outsized gains in US productivity and GDP.
His research shows that public investment in high-risk, early-stage research can reduce uncertainty and unlock the private investment needed to turn ideas into products. Startups can play an especially important role, driving competition and innovation when given the support to scale.
For Europe, the lesson is clear: modern industrial policy should prioritise high-risk, high-reward innovation capable of delivering significant returns for society.