Ideas Power the American Economy

Ideas are what power our economy. It’s what sets us apart. It’s what America has been all about. We have been a nation of dreamers and risk-takers; people who see what nobody else sees sooner than anybody else sees it. We do innovation better than anybody else — and that makes our economy stronger. When we invest in the best ideas before anybody else does, our businesses and our workers can make the best products and deliver the best services before anybody else.

And because of that incredible dynamism, we don’t just attract the best scientists or the best entrepreneurs — we also continually invest in their success. We support labs and universities to help them learn and explore. And we fund grants to help them turn a dream into a reality. And we have a patent system to protect their inventions. And we offer loans to help them turn those inventions into successful businesses.

And the investments don’t always pay off. But when they do, they change our lives in ways that we could never have imagined. Computer chips and GPS technology, the Internet — all these things grew out of government investments in basic research. And sometimes, in fact, some of the best products and services spin off completely from unintended research that nobody expected to have certain applications. Businesses then used that technology to create countless new jobs.

So the founders of Google got their early support from the National Science Foundation. The Apollo project that put a man on the moon also gave us eventually CAT scans. And every dollar we spent to map the human genome has returned $140 to our economy — $1 of investment, $140 in return.

Barack Obama, Text of Obama Remarks on BRAIN Initiative (April 2, 2013)

• economy
• ideas
• innovation