“derisked” is [willful?] misrepresentation. This isn't a hard argument: board early research requires a lot of speculative work which doesn't pan out for everything which does, not to mention tons of basic training and equipment investment. Companies have a hard time justifying that and, unsurprisingly, the record shows they largely don't. Government funding operates with different incentives and timescales and has a lengthy track record of success getting ideas to the point where companies are willing to foot the remaining development costs.