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 Second, we find that a competitive domestic industry is critical to innovation and security. We therefore recommend policies aimed at developing and attracting talent, funding basic research and development that is critical to innovation, reforming corporate tax laws, and reforming permitting practices.

As noted above, however, a level playing field and a strong business environment are necessary but not sufficient. Our final set of recommendations focuses on driving transformative innovation. We propose a series of “moonshots”—such as developing game-changing biodefense systems and cutting-edge medical technologies—that have independent merit and would, if achieved, also deliver radical semiconductor advances of much broader applicability.

Delivering on such transformative innovation, as on our other recommendations, will require strong cooperation among government, industry, and academia to be maximally effective.