Nature Materials starts the new year with a rousing editorial in its January edition (Nat. Mater. 8, 1; 2009) on the importance of innovation: “we cannot afford reductions in fundamental research or to be complacent on issues such as the energy crisis. The lesson from the recent financial meltdown seems straightforward. If we do not understand the risks we are exposed to and cover ourselves against them, the long-term implications might be grim. Unlike the banks and their complex financial instruments, which even proved too complex for sophisticated risk-assessment computer models, the gamble we are taking with our planet is painfully clear.”

According to the editorial, the energy crisis and global warming need immediate action if we are to avoid significant costs and serious implications. “Even though public budgets are badly strained, it is clear that we have to take a long-term approach and cannot afford to reduce our spending on fundamental research. Budget cuts and hiring freezes are anything but a solution. We must equip our academic system with sufficient funds to push ahead fundamental research in areas such as clean energy technologies.” The journal hopes “that 2009 will mark a turning point, not only for the economy, but also in our approach to science policy and science funding.”

See also in the same issue of the journal (Nat. Mater. 8, 3-4; 2009) an interview with Joseph Michels, a managing director at One Equity Partners, who talks to Nature Materials editor Joerg Heber about making private equity investments in high-tech companies in times of recession.