Federal investment in university research has a much bigger impact on the nation's economy than previously thought. We are seeing much more commercialization coming out of universities that has not been measured.

Industry and universities must be alert to removing obstacles to joint research, or emerging countries will overtake us in innovation breakthroughs, and the burst of discovery that has been driving our economy for the past half-century will be over.

The state investment in the university is going down and down, but the return to the state continues to go up and up.

An element of it is investment driven but our research has found that most of it is from incredibly wealthy people who have done their homework and have become incredibly sophisticated buyers in a short space of time.

The United States would seem to have a comparative advantage in maintaining its innovative leadership through the high caliber of its scientists and its strong protection of IP. Industry and universities must be alert to removing obstacles to joint research, or emerging countries will overtake us in innovation breakthroughs, and the burst of discovery that has been driving our economy for the past half-century will be over.

American universities and industry have a long history of collaborative efforts that have spawned significant innovations and fueled our entrepreneurial economy. It is imperative to take the lessons from these collaborative relationships so that we may improve the process by which discoveries and innovations move into the marketplace.