Imagine watching Shark Tank where Mr. Wonderful writes a $2 million check, takes nothing in return, and wishes the founder luck. The network would cancel that show by lunch. Yet that’s the standing offer from Washington. The National Science Foundation’s seed fund advertises “0 percent equity” and up to $2 million, with nothing to pay back. Founders keep the company and the intellectual property. I run a small business, so I like founders. I’m also a taxpayer, and the national debt stands at $40.3 trillion. If we want Washington to run like a business, the first rule of the business is that risk capital earns a return.
My proposal is simple. Leave basic research grants alone. For later-stage companies with a real shot at commercial scale, attach a small, capped warrant to the federal check. Taxpayers fund the risk. When the bet pays off, they should own a slice of the winner. Think of it as a toll on success, collected only when someone wins. In business, we call that risk and reward.
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