Pretty sure part of the answer is that the most valuable ideas create new narratives that are completely outside (& eventually redefine) the mainstream. But to get funding - in either academia or tech - you need a somewhat plausible starting narrative.
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Groucho's Law: never work on any project for which you can get funding.
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FWIW public-key cryptography was invented at GCHQ https://en.wikipedia.org/wiki/Clifford_Cocks …
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It's close enough to academia I'm willing to give academia much of the credit: the useful (because public) parts came from Diffie, Hellmann, Merkle and RSA, as well as the inventors of ideas like hashing. And Cocks (& to some extent Ellis) were in any case a product of academia.
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They are overfitting ...could not think outside the box. That's what happen if you are optimized only for one/few things in life. Look at the great scientist of our time ... Einstein ..he didn't come from academia ... If fact he has a rather boring job at that time
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He got his PhD in 1905 and had had a rather conventional academic life up to that point.
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Incentives?
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Sorry if this is overly obvious... But I think we still underestimate how little someone's thinking they want to innovate and their actual will and ability to innovate overlap. Sadly resources are mostly wasted on groups who have no interest to subvert, to step back, to rebuild.
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