We hear a lot in the news about America losing its competitive edge. With the private sector focusing myopically on short-term profits and Congress staggering along as usual, there seems to be no way out. In the past, our nation's academic research powerhouse spawned new industries that reignited our economy in times of contraction -- personal computers, fiberoptic communications, and the biotechnology industry are all prime examples. University researchers are as inventive and productive as ever. But as investors became increasingly risk-averse over the past few decades, a "valley of death" formed that swallows up promising technologies before they are mature enough to attract the financing they require for successful commercialization.
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