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Government and Innovation

In: Business and Management

Submitted By dorastora12
Words 1134
Pages 5
Government and Innovation Government and Innovation Innovation is not only time consuming but it also costs. It is important to have good investors behind a great idea, in order for that idea to come alive. Sometimes it is important for the government to step in and support the development of an innovation in order for things to happen. One might wonder how important government support is to innovation. If it is maybe even impossible for innovation to happen in some cases if the government is not behind it. If one looks over some of the innovations over the past few years that the government has been involved in, it is hard to imagine that the world would be where it is at without the government support. It is undeniable that the government plays a big role when it comes to innovation, it can be with direct funding on set policies. The U.S government has been very much involved in science and technology innovation that will help benefit the military. However, in most cases these innovation do not only benefit the military, but the society as a whole.
The abundance of new inventions resulting from government funding, such as the Internet, did not just benefit the military. These inventions also drove economic growth. The emergence of venture capital financing and entrepreneurial communities in places like Silicon Valley turned ideas into world-changing products. (Estrin, 2009, p. 55)
It is good for the society and the economy as a whole that the government gets involved. The internet, one of the greatest innovations of the 20th century, is a good example of an innovation that the government supported. The government funded that project for roughly 24 years. This long research and development period would not have been sustainable without the big funding or the commitment from the government. But that does not necessarily mean that capitalism is not...

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