The early innovations in biotechnology primarily occurred within university and public research institutions, yet research investment by the private sector has well surpassed public investment. The nature of the research conducted in the public and private sectors still remains complementary, as the more fundamental work carried out in public institutions informs the translational research often emphasized by private industry. Both in the US and globally, the seed-biotechnology industry has concentrated, resulting in fewer small and medium-sized private biotechnology companies and the dominance of larger companies.