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Wealth Beat News > Small Business > How Businesses Can Prepare For The Future With Scientific Discovery
Small Business

How Businesses Can Prepare For The Future With Scientific Discovery

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Last updated: 2023/06/14 at 6:25 AM
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Gregory P. Crawford is President of Miami University of Ohio.

Contents
Broad PerspectivePotential DownsidesOpen Possibilities

My work as a research physicist taught me the societal value of both basic and applied research as I moved from studying photonic and electrooptic materials to earning patents and founding startup companies based on my discoveries. As an engineering dean, science dean and now university president, I have observed the impact of university research on innovation, economic development and advances in technology, healthcare, environmental sustainability, telecommunications and more. Research can elevate society, human health and industry.

Researchers can seek basic understanding, such as physicist Niels Bohr’s work in quantum theory; practical applications, such as Thomas Edison’s experiments that produced the light bulb; or both, such as Louis Pasteur’s experiments that established germ theory and extended milk’s shelf life. Fundamental discoveries can lead to important advances. For example, Bohr’s work a century ago undergirds today’s lasers, electron microscopes, magnetic resonance imaging and computer components. As a physicist, I marvel at how Bohr’s basic research in the 1920s impacted the discovery of the transistor in the late 1940s and its evolution in the decades to follow.

Many researchers practice Pasteur’s approach, choosing to investigate questions that likely will lead to basic discoveries with beneficial applications. While end-user applications get most of the attention, they depend on fundamental science. As Pasteur said, “There is no such thing as a special category of science called ‘applied science’; there is science and its applications, which are related to one another as the fruit is related to the tree that has borne it.”

Basic research reveals how the universe, life and the human body function, as well as why an application, such as a medical treatment or semiconductor, works. In the business world, basic science broadens our perspective, alerts us to potential downsides and opens possibilities for more beneficial ways to apply new knowledge.

Broad Perspective

Scientific research starts with the universal human trait of wondering about the universe where we live. People often ask themselves, “How does that work?” when they flip on a light switch, attend a video conference or take medicine. Knowing how and why adds a satisfying dimension to our everyday use of applications, like the difference between getting an answer from an artificial intelligence engine and understanding the algorithm behind it. It makes the mysterious more familiar, enhances troubleshooting and boosts confidence. This perspective also strengthens the human community. Science focuses on the physical and biological world we all share with a clear method, common language and testable evidence that can transcend divisions and reveal what we have in common.

In many ways, scientists are the first to see the future. Whether applications of basic discovery come in the short term or long term, awareness of discovery can help your company position itself. For example, an ongoing future-focused study group could explore the potential of leading-edge scientific discovery. What breakthroughs open new possibilities that align with your mission and future market? What might render current products obsolete? You might invite basic scientists to present their findings to your company to stimulate wonder, excitement and long-term vision in your company culture.

Potential Downsides

Understanding the fundamental science behind an application can alert a company to potential developments and advances that could render current products obsolete. This knowledge can enable the company to pivot early and capture a market for the new application. This awareness also helps avoid unintended consequences.

Professional disciplines use peer review and other oversight to filter the human biases that can hinder research. Scientific consensus is not groupthink; it is a careful analysis of multiple experimental results that provide the strongest explanation of current natural phenomena. Beyond that, scientists ask ethical questions about potential outcomes based on their discoveries: Not only can we do something, but should we do it? The recent explosive growth of artificial intelligence in applications has led many scientists to call for a pause to consider potential outcomes and ensure that products are safe for society.

As more powerful tools become available, companies must consider the impact of how they deploy them. Knowing the basic science behind these tools can help ensure appropriate use. This is part of the corporate social responsibility that stakeholders expect in the modern market. Commitment to evidence-based application and safety can elevate the workplace environment and the brand’s reputation.

Open Possibilities

The discovery of basic knowledge can undergird multiple applications. For example, researchers discovered how to modify mRNA and deliver it safely into the body. The discovery, employed in Covid-19 vaccines, is finding applications to treat other diseases. In addition, the potential for new applications from basic discovery provides a rich arena for entrepreneurship.

Leaders look for new products or processes to boost the company’s productivity and profitability. They want to stay ahead of the curve in a fast-changing, competitive environment. That means paying attention to where the curve starts, maybe earlier than expected and in overlooked places such as fundamental science. They can keep up with scientific discoveries by reading professional journals focusing on early-stage research.

Leaders can engage faculty researchers at a local university or their alma mater to learn what basic research is being conducted and what, if any, potential applications the researcher envisions. They can identify projects that align with their company even before the basic research is completed and the product designs are patented. The researchers might be eager to partner with them to gain their business and market interface expertise that could help accelerate the basic discovery to commercialization. Technology transfer offices seek to license applications, but researchers might engage a business leader at an earlier stage to better forecast the future through basic science.

Many breakthroughs that elevate our economy and quality of life started, sometimes decades ago, with basic scientific discovery. For companies alert to possibilities, such knowledge might accelerate its success in the marketplace.

Forbes Business Council is the foremost growth and networking organization for business owners and leaders. Do I qualify?

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News June 14, 2023 June 14, 2023
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