this post was submitted on 15 Sep 2023
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I believe you are mistaking research for innovation. I don't fault you for that as they're often talked about in the same breath in the media.
What it should be framed around is Technology Readiness Levels (TRL). And innovation can happen at any level and usually rapidly advances the technology up several levels.
https://en.m.wikipedia.org/wiki/Technology_readiness_level
So most public sector research and innovation happens around TRL 1, 2, 3, and 4. Large privately owned labs operate around TRL 5 and 6. R&D departments in private companies work in TRL 7, 8, and 9.
So what I read from there is the public sector creates the new tech and private ones turn it into a product to sell. That's also pretty much what I said. Yea, I'm good with that part being handled by literally anyone other than the already rich.
Like my preference would be that any large company is collectively owned by everyone who works there. That would let the people who do the actual work to also keep the profits from said work. That would also not change anything about innovation, great or small.