As governments increasingly act as strategic investors in innovation, a fundamental question arises: when public risk generates extraordinary private gains, should the state capture a greater share of the upside? This seminar was given by John Haigh, M-RCBG Co-Director, and Edoardo Campanella, M-RCBG Research Fellow and Director and Chief Editor of the UniCredit Investment Institute. It was held on Tuesday, September 8, 2026.