While some fail technologies and some companies fail, overwhelmingly, government backed research is a great investment. The latest data to support this comes from this report by the Battelle Technology Partnership Practice, described in the link below. As an example, they look at the publicly funded human genome project from the 1990s.
This represents a return on investment of $141 for every $1 spent by the government…
the genomics-enabled industry generated more than $3.7 billion in federal taxes and $2.3 billion in state and local taxes in 2010 alone. “Thus in one year, revenues returned to government nearly equaled the entire 13-year investment in the HGP,” states the report.
http://www.aibs.org/washington-watch/washington_watch_2012_07.html
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