I have been a big fan of the book “Jump-Starting America,” written by MIT professors Jonathan Gruber and Simon Johnson. The authors makes a compelling case that the U.S. became an economic powerhouse not simply through private ingenuity, but through bold public investment in science and technology. So, it was energizing to see this year’s Nobel Prize in Economic Sciences affirm that same core truth: global prosperity has been driven primarily by innovation and new technologies. Put simply, the world grows when we invent. That recognition should matter to every business leader who cares about economic competitiveness, talent and long-term prosperity.
This is not a new idea. The U.S. became an economic powerhouse by pairing private ingenuity with public investment in research and development. Breakthroughs that reshaped entire industries did not appear by chance. The internet, GPS, lifesaving vaccines and countless other defining technologies all benefited from federal investment in science and commercialization. We have seen this play out right here in Akron. During World War II, natural rubber supplies were cut off, threatening the nation’s industrial and military capabilities. In response, a federally backed research initiative brought together university and industry scientists who helped pioneer synthetic rubber and secured a critical supply chain for the U.S.
Yet, as the authors note, American public spending on scientific research has steadily declined from its historic highs. At the same time, other countries are accelerating. The lesson is clear: innovation requires intention, and retreating from that investment risks weakening the foundations of our economy.
Ohio offers a compelling counterpoint to this national trend. Over the last two decades, state leaders and industry partners made a long-term bet on innovation. Initiatives like Ohio Third Frontier, JobsOhio, Innovation Districts and Innovation Hubs have strengthened our economic base by supporting new technologies and the companies that grow from them. These efforts have not only created jobs and attracted capital, they have produced a statewide entrepreneurial support ecosystem that is now one of the most robust in the country.
As someone who works with founders and innovators every day, I have seen firsthand what targeted investment can unlock. Facilities, talent pipelines, accelerators, translational research, and industry partnerships do not appear organically. They are built over time by aligning public, private, academic and philanthropic resources. Absent that investment, our state would not have the infrastructure it has today to support technology commercialization. We would not have the density of startup activity, talent, or industry collaboration that now exists across Ohio.
The Nobel Prize this year serves as a reminder of the power of innovation. Success in today’s economy comes from our ability to turn scientific discovery into real-world solutions and jobs. That requires patient capital, continued support for research and strong commercialization pathways. It also requires partnership between government and business. One side alone cannot sustain the level of investment and risk that breakthrough technologies demand.
Business leaders must remember that when government invests in innovation, business benefits. When private industry engages, mentors and co-invests alongside these efforts, communities grow stronger. That shared responsibility has been Ohio’s formula and it is working. Now is the moment to accelerate, not retreat. ●
Jessica Sublett is President and CEO of Bounce Innovation Hub
