I would go further: the idea that great research comes out of the private sector is a myth perpetuated by self-aggrandizing corporate heads. Even most AI research is the result of decades of academic work on cognitive science coming out of universities. (The big exception is transformer technology coming out of Google.) mRNA vaccines are based on publicly funded university research too. All the tech in smartphones like GPS and wifi comes from publicly funded research. The fact is, science works best when it’s open and publicly accountable, which is why things like peer review exist. Privatized knowledge generation is at a disadvantage compared to everyone openly working together.
The private sector is very good at the consumer facing portion of innovation, like user experience, graphical interfaces, and design. But the core technologies, with rare exception, almost never came out of the Silicon Valley.
There is truth but also some corporate myth making here. The main elements of the modern GUI was presented during the so-called Mother of all demos by Douglas Engelbart. Engelbart would later work at Parc to make working prototypes of his ideas he already developed at the Stanford Research Institute. Now the corporate side of the history dominates the story. Same with Ethernet, which was an extension of a researcher’s dissertation work. This sort of corporate historical revisionism is exactly what I’m addressing.