You might enjoy the book "The Entrepreneurial State" by Mariana Mazzucato makes a similar argument that a lot of innovation is actually driven by the state, because they can afford to invest a lot in research without an immediate payoff. The author mentions DARPA in particular as a great example of the US stimulating innovation that then later benefits companies. For example, while the iPhone is a great piece of innovation, it built on innovations made possible by state funded research.

There's also a very good book by Bill Janeway (of Wargburg Pincus notoriety) on the same subject called 'Doing Capitalism in the Innovation Economy: Reconfiguring the Three-Player Game between Markets, Speculators and the State'.

He argues the same point about the states roll in RnD (also explicitly calls out DARPA) and also their role in booms and busts.

There’s some, obviously, especially in companies in chemicals and materials. I think the push in the 80s-90s to remove slack from corporations to reward managers and shareholders killed a lot of basic research they were doing for posterity.

Have a look at MSR.

What about them? They make nice gear. They've done some nice innovation around some of the gear they make. That seems different from pumping multi-millions of dollars into research that may never have direct commercial value--unless you're talking about a different MSR.