To start off you need to subscribe (free) to the Crazy Stupid Tech newsletter from Om Malik and Fred Vogelstein. A couple of paragraphs from their introduction gives a sense of where they're going:
Together we have followed Silicon Valley’s innovation engine for decades. We've seen a lot. But one observation stands out: The best ideas - the ones that launch meaningful companies - need to seem crazy and stupid at first.
We get that tech makes many of us more nervous than hopeful right now. But as Silicon Valley’s influence extends deeper into all corners of our economy and lives, there also have never been more interesting, crazy, stupid new and interesting technologies out there. They are not getting enough attention. So our goal is to tell you about them.
I've been involved in a variety of technologies from application to tools, but I'm a bit of an outlier. My background is fundamental physics - something I've been able to mostly keep up since grad school while doing other things and what consumes most of my time these days. It's non-linear and the payoffs often don't arrive for decades and rarely for those who did the work. But over time it's where almost all technologies come from as well and a number of powerful tools. It's difficult to quantify the payoffs, but most numbers exceed one hundred time return in investment after factoring in inflation - and that includes a large number of paths that didn't work out. It may come as a surprise, but this is a case where the liberal arts win over time.1
A secondary effect is the training. Get to the point of a postdoc in physics and you begin to think like a physicist. The same for chemistry and probably many other areas. Sometimes this ability to 'think different' is useful in more applied areas - particularly when it comes to stepping outside just a bit. Of course you probably don't want a room full of physicists, chemists and mathematicians working on finance .. well .. unless you happen to be Jim Simons, but he was probably an outlier.
This kind of research, often called curiosity-driven or discovery research, has been increasingly under fire in the US and EU for about thirty years. Funders are much more interested in some kind of payoff - more of an applied research (although that term is used for something else in industry). This has happened before and I suspect we'll see a swing the other way as China takes over as the leading scientific power.
I'm not discounting applied research.. more of it needs to be done and I suspect a better focus is required. The enormous sums of money and numbers of people going into computer science for gAI strikes me as mis-targeted and wasteful given more pressing challenges around global warming, inequality in healthcare and so on.
Finding the right mix of people and research areas at the fundamental end demands a great deal of good taste. A few organizations have been very successful: Cambridge was behind in sorting out issues of telegraphy and the likelihood of radio, but decided to work on fundamental issues of thermodynamics. They managed to assemble some of the best minds and created the modern research laboratory. They created the spark that launched quantum mechanics which exploded in the 1920s. In the teens Caltech was a sleepy little engineering school that found itself with a new mandate. They decided not to work on the transmission of electricity like everyone else. By going deeper they managed to become one of the more relevant pure research organizations for the next century. There are other examples like Bell Labs which had about six decades. To be fair it was mostly applied research, but there was a core that changed the world.
There's an interesting form of teamwork at these places. People tend to talk to each other a lot. Places like the Perimeter Institute have blackboards in nearly every room and hallway. Each table in the cafeteria has notepads and pencils to facilitate the discussions that flow across groups and through the building. Setting direction is an art that is often based on a perception of beauty. It's similar, but slower in the experimental laboratories and there's something of a competition and balancing act between theory and experiment. It may seem like herding cats and it's messier and more inefficient than the so-called scientific process, but it turns out to be the most efficient way to create possible futures. It's an act of faith that learning more about the Universe is important to humanity. Of course it takes time along with the insight of people with different skills to turn that into reality and Crazy Stupid Tech will probably give some insight into that direction.
__________
1 The physical science and math are part of the liberal arts as opposed to professional and technical fields.