Earlier this month, President Obama announced his 2015 budget, a roadmap for accelerating economic growth, expanding opportunity for all Americans and ensuring fiscal responsibility. The budget supports the President’s Management Agenda to deliver a 21st century government that is more effective, efficient, and supportive of economic growth. One key element of the President’s Management Agenda is accelerating the transfer of Federally funded research from the laboratory to the commercial marketplace – a “Lab-to-Market” agenda.
The Federal Government spends more than $130 billion on research and development (R&D) each year, conducted primarily at universities and Federal laboratories. This investment supports fundamental research that expands the frontiers of human knowledge, and yields extraordinary long-term economic impact through the creation of new knowledge and ultimately new industries – often in unexpected ways.