Most venture capital funds are too short-termist and exit-driven to deal with the highly uncertain and lengthy innovation process.

Real median household incomes in the U.S. were basically the same in 1989 as in 2014. But we are also seeing similar challenges in the U.K. in the stagnation of real wages.

It's important that public funds be spent in research directions that are pushing market frontiers rather than working in existing areas. This means funding research not only on drugs but also on areas like life-style changes, even if the profit potential is lower for Big Pharma as you cannot sell that change as you can sell a medicine.

We should be investing where the public returns are greatest - that is in innovation.

Fixing markets isn't enough. We have to actively shape and create them and tilt the playing field in the direction of the growth we want.

My specific concerns with Trump's plans are that they are likely to investments in infrastructure where the private returns are highest (for example toll roads and bridges) rather than where the public gains are greatest.

With a Trump administration we don't know enough yet to make predictions, but if past behavior is any indication, I am not encouraged.