The quote suggests that fundamental technological advancements and innovations that drive long-lasting economic growth often originate from government-funded research rather than private sector investment alone. This implies that government initiatives play a crucial role in pioneering technologies like biotechnology, semiconductors, and the internet.
Exploring further, the statement critiques the notion that private capital is sufficient for initiating groundbreaking scientific research and development. It underscores the importance of public funding and governmental support in laying the groundwork for transformative innovations. By highlighting examples such as biotech and the Internet, Kelman emphasizes how these technologies have had profound impacts on job creation and economic stability over decades. The implication here is that without substantial government investment in early-stage research, many foundational technological breakthroughs might not occur or would be significantly delayed.
Glenn Kelman is a software entrepreneur and executive known for his insightful commentary on technology, business, and economics. As the co-founder of Redfin, a real estate brokerage firm, he has gained recognition for his perspectives on innovation and market trends. His quote reflects his broader understanding of how public investments in research and development are essential for fostering long-term economic growth and technological progress.
