On Tuesday, June 8th, the Senate passed the bipartisan U.S. Competition and Innovation Act. This bill provides increased federal funding to science and technology, while simultaneously giving the National Science Foundation (NSF) the authority to make new investments in science aimed at improving the quality of life and economic growth in the United States. It also provides protections for safeguarding research at universities from foreign governments attempting to steal American IP.
This bill comes in the wake of decades of stagnation in federal investment in science and technology in the US, while other nations jump ahead. The United States government has overlooked scientific innovation and discovery for many years, with low funding in many research and development programs causing them to deteriorate.
With this bill, there will be an influx of federal investment along with the renewed authority of agencies such as the National Science Foundation to make investment decisions, all with the ultimate goal of bolstering the US economy and innovation, and the intention of improving the quality of life nationwide.
One of the key impacts of this bill, discussed in this Forbes article, is the significance of technologies that boost productivity. Only by increasing the productivity and efficiency of our workforce can we foster economic growth and lifestyle improvements. Several industries named in Forbes as being primary drivers of enhanced productivity include biotechnology and artificial intelligence. At Resultid, we have developed one of the primary tools that will transport us into this future: a platform powered by AI, using NLP to connect hundreds of millions of data points and automate the research and commercialization process for investors.
While this Senate bill has not yet passed through the House, one can observe this new attention on federal funding of the sciences as a positive sign for the future of innovation and technology in America.