Creating a National DeepTech Capital Fund
Summary
The Biden-Harris Administration should establish a National DeepTech Capital Fund (NDTC Fund) to bridge capital gaps and enable more DeepTech entrepreneurs to bring promising and beneficial technologies to market.
Greater investment in DeepTech is critical in order to return the United States to the forefront of advanced science and technology research and development (R&D). “DeepTech” refers to companies and innovators building science-based, or R&D-based, products and services including hardware and advanced materials, robotics, manufacturing, and biotech. U.S. government investment in technology has declined by two-thirds in the past decades. Private capital typically eschews investment in advanced technologies, due to a combination of the additional expertise needed for and risks inherent to advanced-technology investment. Silicon Valley’s early days were cushioned by government risk capital at a time when the private sector could not see the value of investing in R&D. But relying entirely on Silicon Valley to drive investment in innovation has led the U.S. to a point where it risks being replaced by other innovation centers such as China. A National DeepTech Capital Fund would encourage and enable investment in companies building solutions to society’s greatest challenges, while ensuring that the United States remains at the center of global innovation.
These ideas aim to advance the detailed policy solutions needed to foster public trust and implement fairness in the adoption of AI across diverse domains, from healthcare and government benefits to rural access, education, and worker protections.
The evidence is clear: algorithmic pay-setting is established in app-based work, and payroll/timekeeping failures show how software can produce systemic wage harm at scale
While a few states have taken steps to implement decision-making mechanisms for certain AI systems, too many leaders are simply accepting narratives about AI’s purported public benefit at face value – jumping to the “how” of AI implementation before thoroughly vetting potential systems and deciding whether they are appropriate to use at all.
When properly structured — with specific numeric targets, secured financial obligations, independent monitoring, and meaningful enforcement — CBAs transform data center deals into durable community partnerships.