Accelerating Economic Recovery Through Agricultural Innovation
COVID-19 threatens to slow or halt agricultural innovation in the US by exacerbating the decline in public R&D and threatening private sector R&D as well. Research at universities, government labs, and companies has slowed down as labs have closed or downsized. In addition, venture capital funding for startups is falling, though lab, salary, and other expenses remain.
To ensure that promising research efforts, companies, and infant industries do not fail, it is critical to increase public R&D funding as well as incentives for private R&D investments.
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- American agricultural innovation, which generates tens of thousands of jobs, is threatened by COVID-19, the economic downturn, and longstanding public underinvestment in research and development.
- Research labs and companies developing novel crop varieties, fertilizers, livestock feeds, alternative proteins, and other technologies are also essential to mitigating climate change and ensuring American leadership in emerging industries.
- Government support for basic and applied research efforts and early-stage startups at risk of failure, would accelerate innovation, protect existing jobs, and lead to new job growth