I agree that some valuable research would go undone if performed by companies because the time window to see a return on investment would be too long. Unfortunately, academia is a huge mess, and we really need a new approach to basic science.
The requirement for Science to produce real, tangible benefits to mankind for it to get funded makes a lot of it unfeasible, because a good bit of it is useless on it's own, but is good to figure out because of potential uses in the future.
Gravity is a perfect example - physics has a lot of open questions on gravity. What if someone closed one of them? It could mean nothing, just a slightly better understanding of why things fall - or it could be a major change that allows us to create "anti-gravity paint" making a self-supporting colony on Jupiter simple (image all the "land" you could own there - whatever "owning land" on gas planet means)
Potentially even a kind of faster than light travel.
As a side boon new kinds of materials can be created in extreme artificial gravity conditions some this maps to extreme and impossible to achieve otherwise pressures. Including just creating stars in a controlled environment making for immense energy availability. Instead of magnetic fusion containment you'd have gravitational fusion containment.
This is how powerful practically breaking gravity can be.
There definitely needs to be a cost sharing scheme in place in science to encourage basic research that benefits everyone. I'm doubtful that the current model is optimal though, and I think we should explore other options.
The root of the problem with either funding method goes back to people not valuing science that may bring no benefit for to them. What's the solution for fixing that? Especially when talking to someone who care barely make ends meet.
Several individuals are pumping a lot of money into moonshot projects, and of course Google X type incubators exists. But I'm excited for projects like Elon Musk sending those artists to the moon, because those are the type of unpredictable upsides that could never achieve government funding.
If science is worth doing, and companies have money, then they’ll probably do a lot of science.
If you’re arguing that science should not only be left to private companies then I fully agree and think most would.