Mega Science Projects: Current Funding Issues and Why it is Important for Venture Investors
AI, GPS, lasers, and vaccines took decades from research to commercialization. What are today’s mega-science projects? What’s the impact of rejected ones, and why is private funding growing?
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Have you ever wondered where some of the most transformative technologies of our time come from? Often, they trace their roots back to mega-science projects—large-scale, internationally collaborative research efforts that aim to tackle humanity's biggest scientific challenges. These projects demand billions of dollars in funding, global expertise, and cutting-edge infrastructure, but their potential to unlock groundbreaking discoveries is unmatched. These projects cost billions or even tens of billions of dollars. While this is by no means a small amount, it’s just a drop in the ocean compared to the scale of global economies and, more importantly, the positive economic impact they will have in the future.
What are These Mega-Projects?
Think of the Large Hadron Collider (LHC) at CERN, where the Higgs boson was discovered, advancing our understanding of fundamental physics. Or consider the International Thermonuclear Experimental Reactor (ITER), striving to make fusion energy a reality—a clean, virtually limitless energy source. Then there’s the James Webb Space Telescope (JWST) (check out our article about telescopes), which is revealing the universe's secrets, from the birth of stars to the possibility of life on distant exoplanets.
Why Should this Matter to Deep Tech Investors?
Like many Deep Tech Venture investors, we monitor academia for research projects that could be commercialized in the next couple of years. But while we love the immediacy of short-term returns, the breakthroughs from fundamental research—often born out of mega-science projects—truly change the game. The laser, GPS, and even the Internet began as research projects that took decades to reach the market. Still, they have since revolutionized industries and created trillions of dollars in value. These projects are the foundation of the deep tech ecosystem we invest in today.
Why are We Worried About Funding? Isn’t this a Government Issue?
You might think so, but here’s the reality: funding for mega-science projects often faces political and economic challenges. Budgets are frequently reduced or delayed, jeopardizing progress. Ironically, the sums at stake are often smaller than a typical late-stage VC funding round, yet their potential impact on humanity and innovation is far greater.
So, what can we learn from these funding struggles? Why do they matter to us as investors? And how can supporting fundamental research drive the next wave of deep tech opportunities?
The Long Arc of Innovation: Examples of Fundamental Research Which Took 50+ Years to Commercialise
Innovation is often seen as a rapid process, but history tells a different story. Some of the most transformative technologies took decades—sometimes over a century—to go from initial discovery to widespread commercialization. This delayed impact underscores the importance of fundamental research and its potential to drive progress over the long term. Here are some compelling examples:
1. The Laser: From Physics Theory to Everyday Use
Initial Discovery (1917): Albert Einstein introduced the concept of stimulated emission, laying the theoretical groundwork for lasers.
First Working Laser (1960): Theodore Maiman built the first functional laser, a breakthrough in applied physics.
Commercialization (1980s–2000s): Lasers became ubiquitous in various industries, from barcode scanners and optical storage (CDs/DVDs) to medical devices (LASIK surgery) and telecommunications (fiber optics).
Impact: Today, the laser industry generates $16 billions annually, powering innovations in healthcare, manufacturing, and communications.
2. X-rays: From Discovery to Global Diagnostics
Initial Discovery (1895): Wilhelm Röntgen discovered X-rays while experimenting with cathode rays, earning the first Nobel Prize in Physics.
Early Use (1900s): X-rays were used in limited medical imaging applications, primarily in hospitals.
Widespread Commercialization (Mid-20th Century): Advances in X-ray technology and accessibility transformed healthcare diagnostics, enabling routine use in medicine, dentistry, and security (e.g., airport scanners).
Impact: X-ray technology is now a cornerstone of modern medicine, saving millions of lives each year and generates $13B in revenue annually.
3. GPS: Navigating the Road from Theory to Smartphones
Fundamental Research (1950s): The launch of the Soviet Sputnik satellite inspired U.S. scientists to study satellite-based positioning. This research was underpinned by Einstein’s theory of general relativity.
Operational System (1973): The U.S. Department of Defense launched the first GPS system for military use.
Commercialization (2000s): After the system was opened for civilian use, GPS technology became essential for navigation, logistics, and location-based services.
Impact: GPS now powers applications ranging from ridesharing and delivery services to precision agriculture and autonomous vehicles and generates $102B+ annually.
4. Vaccines: a Century-Long Journey to Eradicating Disease
Initial Discovery (1796): Edward Jenner developed the first smallpox vaccine, introducing the concept of immunization.
Global Impact (1900s): Over 100 years later, vaccines for diseases like polio, measles, and smallpox became widespread.
Commercialization (2000s): Advances in mRNA technology, built on decades of immunology research, led to groundbreaking vaccines for COVID-19, developed at unprecedented speed.
Impact: Vaccines have eradicated diseases, extended life expectancy, and saved millions of lives globally and generates $76B annually.
5. Electricity: from Curiosity to Powering the World
Initial Discovery (18th Century): Experiments by scientists like Benjamin Franklin and Michael Faraday explored the properties of electricity and magnetism.
Practical Use (Late 19th Century): Thomas Edison and Nikola Tesla developed systems for electrical lighting and power distribution.
Widespread Adoption (20th Century): Electricity became the backbone of industrialization, powering homes, businesses, and innovations like the internet.
Impact: Today, electricity underpins nearly every aspect of modern life, from smartphones to renewable energy systems.
6. Artificial Intelligence: Decades in the Making
Initial Research (1950s): Pioneers like Alan Turing laid the foundations of AI, developing concepts of machine learning and computation.
Early Applications (1990s): AI began to emerge in niche areas like chess-playing computers and rule-based systems.
Commercial Boom (2010s–2020s): Breakthroughs in deep learning and computational power have driven AI applications in healthcare, finance, transportation, and entertainment.
Impact: AI is now driving autonomous vehicles, personalized medicine, and generative models like ChatGPT, reshaping industries worldwide and reaching $196B in 2023.
Imagine how different your life would be if someone, at some point, decided that the examples above were "too fundamental" and not worth pursuing. How much of the technology you rely on today would simply not exist? How many market niches and associated earnings for investors wouldn’t exist?
While some projects generate intellectual property (IP) that may take decades to commercialize, others are already attracting investor support. For instance, the ITER project has inspired the creation of over 30 nuclear fusion startups. To explore more DeepTech spinoffs, check out our post.
Current Mega Science Projects
Let’s dive into some of the most impactful mega science projects active today:
1. International Thermonuclear Experimental Reactor (ITER)
Objective: To demonstrate the feasibility of nuclear fusion as a sustainable, safe, and virtually limitless energy source.
Status: Currently under construction in France, with the first plasma expected by 2025. Full operations are planned for the 2030s. It’s worth noting that ITER is not just a groundbreaking scientific project but also a talent incubator. To date, 35 startups originating from ITER-related expertise have collectively raised over $6 billion.
Funding: Estimated at €22 billion, with contributions from 35 countries, including the EU, the US, China, India, Japan, Korea, and Russia.
Commercialization Opportunities: Fusion energy technologies for clean energy production, advanced materials for extreme environments, and precision robotics.
Issues: High costs, delays in construction, and geopolitical tensions among funding nations.
2. James Webb Space Telescope (JWST)
Objective: To study the origins of the universe, exoplanets, and distant galaxies through advanced infrared imaging.
Status: Successfully launched in December 2021 and fully operational, delivering unprecedented data about the cosmos.
Funding: Approximately $10 billion (over 17 years), funded primarily by NASA, ESA, and CSA.
Commercialization Opportunities: Advancements in imaging technology, materials science for space applications, and AI-driven data analysis.
Issues: Limited operational lifespan due to fuel constraints and challenges in future maintenance missions.
3. Square Kilometre Array (SKA)
Objective: To build the world's largest radio telescope to study the formation of stars, galaxies, and black holes, and to search for extraterrestrial life.
Status: Construction began in 2021, with initial observations expected in the late 2020s. The project spans sites in South Africa and Australia.
Funding: Estimated at €2 billion for construction, with ongoing operational costs shared by international partners.
Commercialization Opportunities: High-performance computing (HPC), advanced signal processing, and telecommunications technology improvements.
Issues: High data storage and processing demands and ensuring equitable participation among contributing nations.
4. Large Hadron Collider (LHC) at CERN
Objective: To explore fundamental particles and forces, focusing on high-energy physics, such as the Higgs boson and dark matter.
Status: Operational since 2008, with upgrades and future projects like the High-Luminosity LHC planned for the 2030s.
Funding: Approx. €4.75 billion for construction, with ongoing funding from member nations.
Commercialization Opportunities: Advancements in particle accelerators, superconducting magnets, and data processing algorithms.
Issues: Extremely high operating costs and the challenge of translating theoretical discoveries into practical applications.
5. Human Brain Project (HBP)
Objective: To create a comprehensive simulation of the human brain to advance neuroscience, AI, and healthcare.
Status: Entering its final phase (2023–2024), transitioning to long-term research platforms.
Funding: Over €1 billion, primarily funded by the European Union.
Commercialization Opportunities: AI systems inspired by brain functionality, neurotechnology for medical applications, and personalized healthcare.
Issues: Ethical concerns, complexity in translating results to real-world applications, and data standardization challenges.
6. Laser Interferometer Gravitational-Wave Observatory (LIGO)
Objective: To detect and study gravitational waves, ripples in spacetime caused by cataclysmic events like black hole mergers, providing a new way to observe the universe.
Status: Operational since 2002, with groundbreaking detections starting in 2015. Upgrades are ongoing to enhance sensitivity for future observations. These gravitational waves were detected in 2017, a discovery that earned the Nobel Prize.
Funding: Over $1 billion, funded by the National Science Foundation (NSF), with contributions from international partners.
Commercialization Opportunities: Advancements in laser precision, vibration isolation technologies, and data processing systems that could benefit fields like quantum computing, medical imaging, and telecommunications.
Issues: Extremely sensitive to environmental disturbances, requiring constant upgrades and significant resources for maintenance and data analysis. Check out our previous post about it.
7. Bell Labs: a Cradle of Modern Innovation
Founding and Early Research (1925): Bell Labs, founded as part of AT&T, became a hub for groundbreaking fundamental research in communications, electronics, and information theory.
Key Discoveries (1940s–1960s):
Transistor (1947): John Bardeen, Walter Brattain, and William Shockley developed the transistor, revolutionizing electronics and earning a Nobel Prize.
Information Theory (1948): Claude Shannon laid the groundwork for digital communication and data compression.
Laser (1958): Bell Labs researchers conceptualized the first practical design for a laser, furthering its development.
Impact: Technologies pioneered at Bell Labs became foundational for modern telecommunications, computing, and consumer electronics. The transistor enabled the rise of semiconductors, powering everything from computers to smartphones. Shannon’s work influenced data transmission and the internet. Bell Labs' innovations have created industries generating trillions of dollars annually, from semiconductors and digital communications to modern computing. The lab’s enduring legacy underscores the transformative power of investing in fundamental research.
Mega Science Projects that Remain Unfunded
Several visionary mega science projects remain unfunded despite their potential to transform humanity's future:
Space Solar Power Satellites (SSPS): Aimed at providing limitless, clean energy by transmitting solar power from space to Earth, SSPS faces high costs and technological challenges but could revolutionize global energy systems.
Deep Space Radio Telescope Array: Proposed for the far side of the Moon, this project would study the early universe and extraterrestrial signals without Earth-based interference, advancing astronomy and deep-space exploration.
Global Geo Engineering Initiatives: Large-scale efforts like atmospheric carbon removal and solar radiation management could mitigate climate change but face ethical concerns and funding gaps.
Space Debris Comprehensive Global Strategy: Critical for sustainable space exploration, these systems aim to remove dangerous orbital debris, but a comprehensive global strategy is yet to emerge.
Universal Vaccine Development: Aimed at creating vaccines to combat all variants of influenza or coronaviruses, this project could prevent future pandemics but requires significant investment in R&D and trials.
These initiatives highlight the need for bold investments and international collaboration to address pressing global challenges and unlock transformative opportunities. But maybe one day they will see some funding.
Funding, Collaboration, and Perception Challenges in Mega Science Projects
Mega science projects are essential for tackling humanity’s greatest scientific challenges and driving transformative innovation. However, these large-scale international efforts face recurring issues related to funding stability, geopolitical coordination, and public perception. Addressing these challenges is critical to their success. Here’s an in-depth look at three key issues with specific examples:
1. Funding Instability
Mega science projects are resource-intensive, often requiring billions of dollars and decades of commitment. Yet, funding is frequently delayed or reduced due to economic and political fluctuations.
ITER (International Thermonuclear Experimental Reactor):
ITER’s budget has ballooned from an initial estimate of €5 billion to over €22 billion, with construction delays pushing back its operational timeline to the 2030s. Funding shortfalls and delays from member countries like the U.S. and EU have created uncertainty and raised questions about the project’s viability.Square Kilometre Array (SKA):
The SKA telescope, involving contributions from over 10 countries, has faced funding challenges, leading to phased implementation instead of the originally planned full-scale build-out. This reduces the immediate impact of its scientific objectives.
2. Geopolitical and Multinational Coordination Challenges
Global collaboration is the cornerstone of mega science projects, but managing contributions, priorities, and expectations among nations can be fraught with difficulties.
James Webb Space Telescope (JWST):
Jointly funded by NASA, ESA, and CSA, the JWST experienced years of delays due to coordination challenges and disagreements over cost-sharing and technical contributions. Despite its ultimate success, it highlights the complexities of multinational partnerships.LHC (Large Hadron Collider):
The LHC’s operation depends on funding from CERN member states. Political tensions among nations occasionally impact funding levels or timelines, with some countries reevaluating their contributions based on domestic economic conditions.
3. Public and Political Perception
Mega science projects often struggle to justify their long-term value to policymakers and the public, especially when immediate applications or economic returns are unclear.
LIGO (Laser Interferometer Gravitational-Wave Observatory):
Before its landmark discovery of gravitational waves in 2015, LIGO faced funding skepticism from policymakers due to its seemingly abstract goal of detecting spacetime ripples. Its success has since validated its significance, but securing initial funding was an uphill battle.International Space Station (ISS):
With annual operational costs exceeding $3 billion, the ISS often faces scrutiny over its value compared to terrestrial priorities like healthcare or education funding. Public support fluctuates depending on visible scientific outputs and geopolitical relations.
Mega science projects like ITER, LIGO, and the LHC are beacons of human ingenuity, but their success depends on overcoming challenges in funding stability, international collaboration, and public perception. Addressing these issues through better communication, streamlined coordination, and innovative funding mechanisms can ensure these projects continue to advance science and drive global innovation.
Emerging Private Funding Models: Could they be the Solution?
But not everything is public funding. The Breakthrough Initiatives demonstrate that private funding can successfully drive mega science projects, particularly when aligned with visionary leadership and ambitious goals. Foundations like the Chan Zuckerberg Initiative, the Wellcome Trust, and the Simons Foundation highlight the growing potential for private endowments to support foundational research. Expanding these models could catalyze the next generation of mega-science projects.
We are witnessing the rise of a new generation of family offices that prioritize generational horizons, focusing on the long-term well-being of their children and grandchildren. Investing in visionary projects not only fosters lasting prosperity but also positions these families to benefit from commercialization within 20–50 years. Additionally, these investments offer a strategic advantage, ensuring the next generation has access to top talent and exclusive opportunities when the time for commercialization comes.
The Breakthrough Initiatives, founded by billionaire Yuri Milner and supported by private donors including Mark Zuckerberg and the late Stephen Hawking, represent a successful model of private funding for ambitious science projects. Launched in 2015 with an initial $100 million investment, the initiatives aim to address fundamental questions about life in the universe.
Key Components:
Breakthrough Listen:
A $100 million effort to search for extraterrestrial intelligence (SETI) by analyzing radio and optical signals from nearby stars and galaxies. It uses cutting-edge telescopes like the Green Bank Observatory and the Parkes Radio Telescope.Progress: Major advancements in data processing and signal detection technologies.
Breakthrough Starshot:
A $100 million program to develop technology for interstellar travel by creating tiny, light-propelled spacecraft capable of reaching nearby star systems like Alpha Centauri within a few decades.Progress: Early-stage R&D on light sail propulsion and nano-spacecraft.
Breakthrough Watch:
A project to enhance telescope technology for the discovery of Earth-like exoplanets in nearby star systems.Progress: Partnerships with observatories like the European Southern Observatory (ESO).
Foundational Endowments for Future Mega Science Projects
Private endowments and philanthropic organizations also have the potential to fund foundational research and mega-science projects:
The Chan Zuckerberg Initiative (CZI):
Focused on advancing science and technology, CZI has committed billions to scientific research, particularly in healthcare and computational biology. While not yet funding mega-science projects, its model could be adapted for such initiatives.The Wellcome Trust:
As one of the world’s largest biomedical research funders, the Wellcome Trust has an endowment of over £38 billion and supports long-term, high-risk scientific endeavors. Its approach could serve as a template for funding large-scale physics, space, or energy projects.The Simons Foundation:
Known for its focus on mathematics and fundamental science, the Simons Foundation funds initiatives like the Simons Observatory, advancing our understanding of the universe through cosmology research.
What Can we Do to Improve Mega Science Projects Funding and Execution?
Mega science projects are crucial for advancing humanity's understanding of fundamental questions and driving technological breakthroughs. However, persistent challenges such as unstable funding, geopolitical tensions, and public skepticism often hinder their progress. To address these challenges and ensure the success of these transformative initiatives, the following strategies can be implemented:
1. Diversify Funding Sources
Increased Private Sector Involvement: Encourage investments from private entities, philanthropists, and corporate foundations to complement public funding. Examples like the Breakthrough Initiatives demonstrate the potential for private contributions to drive impactful science.
Public-Private Partnerships: Foster collaborations between governments and businesses to share costs, risks, and benefits. This model can enhance long-term funding stability. Check out our post about public private partnership in space exploration.
2. Establish Dedicated Mega Science Endowments
Create international endowments specifically for mega science projects, pooling resources from participating nations and organizations.
Utilize interest generated from these endowments to ensure consistent funding, minimizing reliance on annual budget approvals.
3. Improve International Collaboration
Streamline Governance: Simplify decision-making processes to reduce bureaucratic inefficiencies and ensure equitable contributions from all partners. Potentially using AI.
Resolve Geopolitical Barriers: Use science diplomacy to align national interests and secure commitments from member countries.
4. Enhance Public and Political Advocacy
Increase Public Awareness: Communicate the long-term societal and economic benefits of mega science projects through targeted campaigns and accessible content.
Engage Policymakers: Demonstrate the return on investment (ROI) of fundamental research, including its role in creating jobs, driving innovation, and fostering global leadership.
5. Leverage Emerging Funding Models
Crowdfunding for Science: Engage global citizens to fund smaller components of mega science projects through innovative platforms.
Tax Incentives for R&D: Provide incentives to encourage corporate investment in foundational science related to mega projects.
Some statistics indicate that funding for fundamental science is slowing down compared to applied science (Basic Research Decline: In the U.S., basic research accounted for 24% of total federal R&D funding in 2022, compared to 51% allocated to experimental development and 25% to applied research)—a trend that poses significant risks. This shift could lead to a future where innovation stalls, as the foundational research that fuels groundbreaking discoveries is neglected. Many of today’s mega science projects have untapped potential to generate startups, intellectual property, and transformative technologies, yet their long-term impact remains underappreciated.
Consider this: we still don’t fully understand what 96% of the universe is made of. Without robust support for fundamental science, we risk leaving these profound questions unanswered.
That said, there’s hope. Emerging trends, such as private funding in science and innovative funding models, are creating opportunities for a more sustainable future. We launched Space Ambition to provide information and inspire people with resources (investors, entrepreneurs, policy makers, HNWIs and others) to make meaningful decisions and support technologies that will have a profound impact on our civilization. Let’s explore these possibilities together. If you’d like to share ideas or have a conversation, feel free to email us at hello@spaceambition.org —we’d love to hear from you.
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