full transcript

From the Ted Talk by Mariana Mazzucato: Government -- investor, risk-taker, innovator

Unscramble the Blue Letters

And so to think again, there's no reason that you should believe me, so just think of some of the smartest rvntalroueioy things that you have in your pockets and do not turn it on, but you might want to take it out, your iPhone. Ask who actually funded the really cool, revolutionary thinking-out-of-the-box things in the iPhone. What actually makes your phnoe a smartphone, basically, instead of a stupid phone? So the Internet, which you can surf the web anywhere you are in the world; GPS, where you can actually know where you are anywhere in the world; the touchscreen display, which makes it also a really easy-to-use phone for anybody. These are the very smart, revolutionary bits about the iopnhe, and they're all government-funded. And the point is that the Internet was fendud by DARPA, U.S. Department of Defense. GPS was funded by the military's Navstar pgraorm. Even Siri was actually funded by DARPA. The toechcesrun display was funded by two public grants by the CIA and the NSF to two public university researchers at the University of Delaware. Now, you might be thinking, "Well, she's just said the word 'defense' and 'military' an awful lot," but what's really interesting is that this is actually true in sector after sector and department after department. So the pharmaceutical industry, which I am personally very interested in because I've actually had the fortune to study it in quite some depth, is wfdornuel to be asking this qoetusin about the revolutionary versus non-revolutionary bits, because each and every medicine can actually be divided up on whether it really is revolutionary or incremental. So the new molecular entities with piotrriy rating are the revolutionary new drugs, whereas the slight variations of existing drugs — variga, different color, different daogse — are the less revolutionary ones. And it turns out that a full 75 percent of the new molecular eeittnis with priority rating are actually funded in boring, Kafka-ian public sector labs. This doesn't mean that Big Pharma is not spending on inoaivotnn. They do. They spend on the mnktireag part. They spend on the D part of R&D. They spend an awful lot on buying back their scotk, which is quite problematic. In fact, companies like Pfizer and amegn recently have spent more mnoey in buying back their shares to bsoot their stock price than on R&D, but that's a whole different TED Talk which one day I'd be fascinated to tell you about.

Open Cloze

And so to think again, there's no reason that you should believe me, so just think of some of the smartest _____________ things that you have in your pockets and do not turn it on, but you might want to take it out, your iPhone. Ask who actually funded the really cool, revolutionary thinking-out-of-the-box things in the iPhone. What actually makes your _____ a smartphone, basically, instead of a stupid phone? So the Internet, which you can surf the web anywhere you are in the world; GPS, where you can actually know where you are anywhere in the world; the touchscreen display, which makes it also a really easy-to-use phone for anybody. These are the very smart, revolutionary bits about the ______, and they're all government-funded. And the point is that the Internet was ______ by DARPA, U.S. Department of Defense. GPS was funded by the military's Navstar _______. Even Siri was actually funded by DARPA. The ___________ display was funded by two public grants by the CIA and the NSF to two public university researchers at the University of Delaware. Now, you might be thinking, "Well, she's just said the word 'defense' and 'military' an awful lot," but what's really interesting is that this is actually true in sector after sector and department after department. So the pharmaceutical industry, which I am personally very interested in because I've actually had the fortune to study it in quite some depth, is _________ to be asking this ________ about the revolutionary versus non-revolutionary bits, because each and every medicine can actually be divided up on whether it really is revolutionary or incremental. So the new molecular entities with ________ rating are the revolutionary new drugs, whereas the slight variations of existing drugs — ______, different color, different ______ — are the less revolutionary ones. And it turns out that a full 75 percent of the new molecular ________ with priority rating are actually funded in boring, Kafka-ian public sector labs. This doesn't mean that Big Pharma is not spending on __________. They do. They spend on the _________ part. They spend on the D part of R&D. They spend an awful lot on buying back their _____, which is quite problematic. In fact, companies like Pfizer and _____ recently have spent more _____ in buying back their shares to _____ their stock price than on R&D, but that's a whole different TED Talk which one day I'd be fascinated to tell you about.

Solution

  1. funded
  2. innovation
  3. question
  4. viagra
  5. boost
  6. entities
  7. phone
  8. money
  9. iphone
  10. program
  11. priority
  12. wonderful
  13. touchscreen
  14. stock
  15. amgen
  16. dosage
  17. revolutionary
  18. marketing

Original Text

And so to think again, there's no reason that you should believe me, so just think of some of the smartest revolutionary things that you have in your pockets and do not turn it on, but you might want to take it out, your iPhone. Ask who actually funded the really cool, revolutionary thinking-out-of-the-box things in the iPhone. What actually makes your phone a smartphone, basically, instead of a stupid phone? So the Internet, which you can surf the web anywhere you are in the world; GPS, where you can actually know where you are anywhere in the world; the touchscreen display, which makes it also a really easy-to-use phone for anybody. These are the very smart, revolutionary bits about the iPhone, and they're all government-funded. And the point is that the Internet was funded by DARPA, U.S. Department of Defense. GPS was funded by the military's Navstar program. Even Siri was actually funded by DARPA. The touchscreen display was funded by two public grants by the CIA and the NSF to two public university researchers at the University of Delaware. Now, you might be thinking, "Well, she's just said the word 'defense' and 'military' an awful lot," but what's really interesting is that this is actually true in sector after sector and department after department. So the pharmaceutical industry, which I am personally very interested in because I've actually had the fortune to study it in quite some depth, is wonderful to be asking this question about the revolutionary versus non-revolutionary bits, because each and every medicine can actually be divided up on whether it really is revolutionary or incremental. So the new molecular entities with priority rating are the revolutionary new drugs, whereas the slight variations of existing drugs — Viagra, different color, different dosage — are the less revolutionary ones. And it turns out that a full 75 percent of the new molecular entities with priority rating are actually funded in boring, Kafka-ian public sector labs. This doesn't mean that Big Pharma is not spending on innovation. They do. They spend on the marketing part. They spend on the D part of R&D. They spend an awful lot on buying back their stock, which is quite problematic. In fact, companies like Pfizer and Amgen recently have spent more money in buying back their shares to boost their stock price than on R&D, but that's a whole different TED Talk which one day I'd be fascinated to tell you about.

Frequently Occurring Word Combinations

ngrams of length 2

collocation frequency
public sector 3
silicon valley 2
dynamic venture 2
venture capital 2
private sector 2
market failures 2
big revolution 2
molecular entities 2
priority rating 2
huge implications 2
retaining equity 2

ngrams of length 3

collocation frequency
dynamic venture capital 2

Important Words

  1. amgen
  2. awful
  3. basically
  4. big
  5. bits
  6. boost
  7. boring
  8. buying
  9. cia
  10. color
  11. companies
  12. cool
  13. darpa
  14. day
  15. defense
  16. delaware
  17. department
  18. depth
  19. display
  20. divided
  21. dosage
  22. drugs
  23. entities
  24. existing
  25. fact
  26. fascinated
  27. fortune
  28. full
  29. funded
  30. gps
  31. grants
  32. incremental
  33. industry
  34. innovation
  35. interested
  36. interesting
  37. internet
  38. iphone
  39. labs
  40. lot
  41. marketing
  42. medicine
  43. molecular
  44. money
  45. navstar
  46. nsf
  47. part
  48. percent
  49. personally
  50. pfizer
  51. pharma
  52. pharmaceutical
  53. phone
  54. pockets
  55. point
  56. price
  57. priority
  58. problematic
  59. program
  60. public
  61. question
  62. rating
  63. reason
  64. researchers
  65. revolutionary
  66. sector
  67. shares
  68. siri
  69. slight
  70. smart
  71. smartest
  72. smartphone
  73. spend
  74. spending
  75. spent
  76. stock
  77. study
  78. stupid
  79. surf
  80. talk
  81. ted
  82. thinking
  83. touchscreen
  84. true
  85. turn
  86. turns
  87. university
  88. variations
  89. viagra
  90. web
  91. wonderful
  92. word