A type of non-profit start-up could be a better way to support projects that enable research. These would have full-time scientists, engineers and executives, and total funding of about US$20 million to $100 million that would last around 5 years — longer than most grants or venture-capital funding rounds allow. And they would be set up to pursue predefined milestones, such as improving the resolution of a measurement system by tenfold, or gathering a pre-specified amount of data. We call them focused research organizations (FROs).
‘Focused research organizations’ can take on mid-scale projects that don’t get tackled by academia, venture capitalists or government labs.