Ask HN: Isn't Google an example of commercialized research?

This is in reference to the discussion during office hours today at TC disrupt. The exchange was something like.

PG: So this is commercialized research?

Entrepreneur: Yes

PG: Ouch!

I am currently flirting with academic research that I believe has commercial potential, but a solid market has not been identified yet.

I think academic research often inspires commercial endeavors. Is the issue in this case just that a business is actually being pursued before a customer who cares has been identified?