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In the bygone days of innovation, large corporations — like RCA, Xerox and the old AT&T — maintained internal laboratories like Bell Labs. These corporate labs were essentially research universities embedded in private companies, and their employees published academic papers, spoke at conferences and even gave away valuable breakthroughs. Bell Labs, for instance, created the world's first transistor after World War II — and never earned a dollar from the innovation.

Almost no corporate labs based on the Bell or Xerox model remain, victims of cost-cutting and a new appreciation by corporate leaders that commercial innovations may flow best when scientists and engineers stick to business problems.