The Story of Technology: How We Got Here and What the Future Holds

by Daniel M. Gerstein

The first is the investment community composed of venture capitalists, angel investors, and strategic partners. The investment community provides funding for small businesses and entrepreneurs. It also can be important for identifying cutting-edge technologies and tracking investments to calculate rates of return for the R&D that has been conducted. In-Q-Tel, discussed previously, is such a venture capital firm, with a focus on the US Intelligence Community. These firms can be a source of funding for small start-ups and are willing to take a longer view of their investment, but they will normally look for a payoff—either in the form of a high rate of return or partial ownership—should the R&D be successful. The second are industry organizations, which include trade associations, regional innovation clusters, and chambers of commerce. The Institute of Electrical and Electronics Engineers (IEEE) is an example of an industry organization. These organizations play significant roles in establishing standards and representing the industry in question. They are uniquely positioned to understand trends, develop road maps, and establish policies that promote the health of the industry. They are also essential in guiding the development of R&D. While they do not develop technologies, they protect and promote the interests of businesses and key technology sectors. Consider how the establishment of an IEEE standard for electrical components has led to the growth of this industry. With...