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Yes, but private industry can't justify these investments until the research makes it to the transitional phase. That's after governments and NGOs have invested - millions sometimes.
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I wouldn’t rest on the laurels of NGOs and the state. They seem to only research and invest in things nobody else wants or that are destructive to all life. Using Be-Ill Gates or George Soros are good examples of that.
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It would be worth much more if the private economy were investing in that research, unsullied by government largess.