Can't wait for this publicly funded research to make some private corporation billions!
If anything, we should be doing more of this... create dedicated academic R&D funding streams by taxing established or dying industries in order to publicly explore new fields, and use X Prize-style programs or NASA's COTS/CRS programs to incentivize private commercialization. America needs jobs, what's better than creating new industries?
Plus, public investment in R&D has a good track record. This study from 1980 [1] indicates a $17 return over 18 years for every $1 invested in NASA - 1700% ROI. Returns depend on programs and the administration in office, but similar numbers can be obtained from other programs (NOAA and agricultural, military and medical research, etc). R&D is speculative, but most programs do much better than breaking even.