The Biden Administration issued an executive order earlier this week that provides guidance on the safe, secure, and trustworthy development and use of Artificial Intelligence (AI) in the U.S. The EO includes guidance for agencies to work to provide new opportunities for small businesses and entrepreneurs in AI and other directives.

Two recent reports highlight the importance of funding innovation in the U.S., and give a glimpse into the perils of ignoring it. The reports, from The Aspen Institute and Information Technology & Innovation Foundation (ITIF), independently corroborate the role of the public sector in ensuring a more prosperous future through innovation.

Rhode Island Gov. Gina Raimondo has announced the first three projects for the state’s Innovation Campus Program, an effort to support the commercialization of academic research in key industries such as cybersecurity, data analytics and agricultural technology. The centers, in partnership with the University of Rhode Island and located in Kingston and Providence, will receive a combined $12 million from the state. The funding stems from a $20 million innovation bond approved by the state’s voters in 2016.

High-risk/high-reward research can yield breakthroughs, produce new technologies, and allow the surrounding region to remain economically relevant. However, the scientific community remains concerned that research and development-focused policies, both in the U.S. and elsewhere, continue to be conservative with their goals by only encouraging incremental growth that can yield tangible results in shorter amounts of time. These concerns, and potential policy solutions, are explored in a recently published research paper by the Organization for Economic Cooperation and Development (OECD).