[jrumbut]

I would also say, and I'm surprised this needs to be said in a community that is so connected to the Open Source and startup cultures, that just because something is valuable doesn't mean it's possible to make a business out of it.

Imagine research into a technique for getting better blood pressure readings from people who are so nervous around medical settings that their blood pressure spikes (or more basic research into the mechanisms of blood pressure and anxiety). This is a valuable thing to society (more accurate data informing treatment decisions for individuals, screening for physically demanding jobs, life insurance, forecasting medical spending for Medicare and the like), but it's not worth a lot to anyone in particular.

For the field you described originally, complex imaging devices, there are only so many users of that research so it's conceivable that work could be taken up by a corporate R&D department.

There are all kinds of other very useful research topics that are very valuable to humanity as a whole but it's not clear exactly who should pay for it (I'm not saying you aren't aware of this BTW, hopefully I'm adding support to your argument). In those cases it makes a lot of sense to take a fraction of a cent from everyone and pay for it that way, as we currently do.

[photochemsyn]

It's very difficult to tell what will become valuable in the basic research world and what will remain a curiousity. A classic example in biotech is the study of sex in bacteria - it seemed about as useful as studying the sexual reproduction of ferns at the time. Bacteria generally replicate themselves clonally, but the discovery that they were also exchanging genetic material by the use of plasmids (essentially, mating with each other) eventually opened the doors to things like cloning the human insulan gene, inserting it into a plasmid, getting a bacteria to take up the plasmid, and then, voila, human insulin could be grown in vats in bulk. That was the first real biotech business that I know of, and from there it just exploded.

The problem with universities pushing research that clearly has some short-term financial reward (due solely to patents and exclusive licenses under the 1980s Bayh-Dole law) is that they neglect basic research and so close the door to the potential of truly fundamental discoveries like that. This is generally known as the corporatization of the American academic system and it's really been a disaster for basic technological advances.

[jrumbut]

Do you think the decline of large corporate R&D efforts is cause or effect here (or is this a false premise)?

I am wondering whether we've seen the reverse of the idea I was originally challenging (if research was valuable it would be a business), where universities captured a profitable business because it was being neglected by the business community (and were distracted from basic research).

[throwmamatrain]

The original concept was that universities were places of basic research, and more translational (read: monetizable) research was thought to be done at corporations.

That theme changed after 2008~ when NIH was flat funded and most universities were gazed upon by the Eye of Sauron for funding. A lot of places that were basic science focused, let's say at the level of studying a set of proteins in mitochondria, had to figure out how to connect the dots to disease or therapeutics. Not everyone made it.

Also, universities got into the game of stacking patents to license. I don't know the arc of that, but I know for sure after 2008 my Office of Technology Transfer was really into it.

Ex before: "We study apoptosis signalling in mitochondria, to understand how mitochondria are related to cell death." After: "We study apoptosis during heart attacks, and how mitochondria contribute to cell death in ischemic conditions."

Something along those lines.

[throwmamatrain]

Totally! Most of our best equipment was stolen and modded from materials science imaging or manufacturing automation. There was a budding industry for automated fluorescence imaging, but they were still finding their legs.

We had a couple electron microscopes that we modernized from film, and the companies we contracted with mostly dealt with materials people.