WHEN: Today, Monday, October 17th at 9PM ET
WHERE: CNBC's "Meeting of the Minds: The Business of Science"
Following are excerpts from the unofficial transcript of a CNBC EXCLUSIVE roundtable interview with CNBC's
CNBC's "Meeting of the Minds: The Business of Science" premieres tonight, Monday, October 17th at 9PM ET on CNBC.
For more information, go to: meetingoftheminds.cnbc.com
All references must be sourced to CNBC.
SIMONS ON AMERICA COMPETITION
JIM SIMONS: Look, it certainly comes down to one important thing...the people, training our people, getting them so they can function in this society, which has a lot of problems, as you have all identified, this that and the other thing. But if we don't have trained American people who are enthusiastic and able to enter these fields, we are surely going to fall behind. It's a good thing that China is galloping ahead, galloping forward. Why not? It's good for the world that this stuff is happening. India, God knows, was suffering for many years and now it's dynamic there. That's good, not bad.
MARIA BARTIROMO: As long as America keeps up.
JIM SIMONS: Sure, it's not that they're going fast; it's that we are slowing.
BILL JOY ON CHINA
MARIA BARTIROMO: You know best-selling author Suzy Welch Tweeted last month while she was on a visit with her husband Jack Welch to China and she said 'you can't be in China for one day without starting to be very afraid for American business. Entrepreneurs here on fire and unfettered.'
BILL JOY: Things moving so much faster in China. Google up the stories about how they build hotels. I mean they can build a hotel in weeks because they build it in modules and have a new way of constructing things.
MARIA BARTIROMO: But let's not underestimate freedom. I mean China will say look, we want to do a high-speed train over there, guess what, you're moving, there's no property rights....
BILL JOY: Right, that's very benevolent dictatorship, it's very efficient! Construction of things, facilities, infrastructure, moving at a different speed. And if we want to create the jobs from all these great sciences and technologies, we have to get competitive on access to capital, capital willing to take risk and being able to do things at a competitive speed.
HUGIN AND VENTER ON RISK TAKING
MARIA BARTIROMO: How long does it take to get a product from idea to the shelves, 10 years, 20 years?
BOB HUGIN: It's hard to believe it's less than 10. It takes time, it takes incredible investment. And if you don't have that environment that says listen, if you take this risk, you're going to be able to do great things for the society, great things for the economy, and benefit from it.
J. CRAIG VENTER: He said the key word, it's risk. We have risk aversion, particularly in the government side of things. What we did with human genomics, you can go faster with less money outside of government than with government-driven programs. We've been expecting government to drive all these things, not the venture capitalists and not the scientific ingenuity that we have in this country.
MICHIO KAKU ON GOVERNMENT FUNDING
MICHIO KAKU: I think we also have to have government support jump-start some of these technologies that private investors can not fund. Look at the laser, radar, the electronic computer, GPS, weather satellites. No small inventory in the laboratory could create these gigantic industries that came out of electronic computers and radar and lasers. But we're eating our seed corn, Congress keeps cutting back on these things not realizing that science is the engine of prosperity.
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