As outlined in his campaign proposal, President-elect Joe Biden intends to invest $300 billion over four years in research and development (R&D) and breakthrough technologies. His plan calls for more government spending in support of existing programs and further development of new growth projects.
Some Highlights of Biden’s Plan
- More stimulus, more government spending. With the intention of high-quality job creation in high-value manufacturing and technology, Biden’s plan calls for major spending increases to support new National Institutes of Health, National Science Foundation, Department of Energy, Biden’s new Advanced Research Projects Agency for Health (ARPA-H), Defense Advanced Research Projects Agency (DARPA), and other peer-reviewed science research grants. Additionally, the plan calls for competitive capital financing to encourage small businesses to commercialize cutting-edge technology.
- Looking toward the future. The $300 billion investment is designed to create jobs and growth in advanced materials, health and medicine, biotechnology, clean energy, autos, aerospace, artificial intelligence, telecommunications, and more. Biden also pledged to support minority-owned small businesses by allocating $30 billion (10% of the R&D spending) specifically toward a Small Business Opportunity Fund, which would also leverage private investments. State-of-the art workforce skill development funded by the Labor Department will allow for the creation or expansion of technical training programs focused on digital, statistical and technology skills.
- Breakthrough technology. In support of U.S. competitiveness, direct investments will be made to key technologies including advanced materials, biotechnology, clean vehicles, 5G and artificial intelligence (AI). As explained in an article on SwissCognitive, “The Relationship Between 5G and Artificial Intelligence,” AI can not only operate massive amounts of data but also learn from its previous experiences and improve its approaches. 5G technology was developed to improve the performance of wireless apps and the connection between devices. This emerging technology promises to continue to grow and influence everything in our lives from how we receive medical treatment to working and learning from home to how we use our cell phones.
We are monitoring technology spending and developments which may lead to further investment opportunities. Please contact us if you have any questions.