The National Science Foundation’s (NSF) director and Silicon Valley Democratic Representative Ro Khanna warned against delaying funding for U.S.-based research due to the booming technology investments by competitors such as China.
Sethuraman Panchanathan told Reuters that despite the CHIPS and Science Act authorizing the NSF budget of $81 Billion over five years (which could double the budget annually by 2027), he is concerned about funding delays.
President Joe Biden signed the bill last year, as the U.S. aims to bring chip manufacturing back and maintain a technological edge against competitors.
The time is now. Panchanathan stated that it is important to maintain leadership in emerging technologies.
The NSF is an agency of the federal government that finances a large portion of research in universities and science.
The NSF had an $8.8 billion budget for fiscal year 2022. Panchanathan stated that an increase in funding will help support Directorate for Technology, Innovation and Partnerships, also known as TIP.
TIP is the first new agency directorate in over 30 years. It will help identify research that has been funded by NSF and can be turned into technology products.
The directorate will help create an ecosystem that includes academics, corporations, venture capitalists and others, to assist researchers and startups.
Panchanathan and Khanna discussed the CHIPS and Science Act with nearly two dozen venture investors, CEOs of startups, and executives from big tech firms in Santa Clara.
We underinvest in science in America. Khanna, a Reuters reporter, said: “We are at historic lows.” “China invests enormously in these technologies we need to compete.” This is the first major investment made in this area.
