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Does intellectual speculation have value? That's one eternal question the theoretical physicists at Mike Lazaridis's Perimeter Institute probably shouldn't be thinking about.

The BlackBerry tycoon has donated $170-million to build a stunning research centre in Waterloo, Ont., where some of the world's most brilliant minds can confront fundamental problems of the universe in the renegade spirit of Newton and Einstein.

To look at this far-reaching quest in terms of bottom-line rewards would seem to be a very earthbound way of missing the point. The best thinking, philosophers have insisted for centuries, can never be a means to an end: Money distracts the mind almost as much as an absence of money.

So it may be that investing in theoretical physics, as economist Deirdre McCloskey says, is about as dependable as investing in poetry.

But not so fast. Perhaps it isn't all so beautifully useless after all. This week, the Bank of Montreal bought into Mr. Lazaridis's vision and donated $4-million to create a new research chair in theoretical physics, one of five corporate-sponsored posts planned for the ever-expanding Perimeter.

After years of neglect, pure research may be mounting a comeback, because it has figured out how to portray itself as socially and economically advantageous.

With special guest star Stephen Hawking …

At the Perimeter Institute, allusively known to insiders as “Pi,” much of that transformation has been carried out by its director, Neil Turok, a distinguished cosmologist who brought global attention to the centre by persuading his friend and collaborator Stephen Hawking to take up a visiting fellowship.

Mr. Turok is shrewd enough to recognize that corporate money likes to bask in the glow of celebrity, and clever enough to make a convincing case for funding highly speculative pursuits in a prudent, money-driven culture. “The maximum payoff in science comes from super-ambitious, unpredictable areas,” he says with the self-assurance of a man whose day job is explaining the nature of the universe. If you're the kind of investor who is attracted to the rewards of risk, then you're already won over.

Canadian banks, historically, are less likely to be identified with risk. But the corporate culture is changing, says Ed Waitzer of York University's Schulich School of Business.

“The best CEOs are people who've developed the ability to synthesize complex ideas from completely unrelated fields like science and philosophy. What to one person is theory becomes to another person the grist for very practical applications.”

The practicality of his work doesn't escape Dr. Turok. For him, it's a given that most of what we now regard as human progress, the devices that make our world smarter, faster, healthier, easier, can be traced back to breakthroughs in theoretical physics. If pure physics produced such enormous breakthroughs in the past, then it will do so in the future, and the only question becomes how you position yourself to encourage those discoveries.

The answer is what he calls “the simple naive vision of Michael Lazaridis,” an institute that needs little more than coffee, blackboards and the unlimited power of the mind.

“Here's a field that's been extra-fruitful,” Dr. Turok says, “and yet people missed what was blindingly obvious: Gathering brilliant people together, giving them a good working environment , challenging them to go for the most difficult problems, this is something you can do strategically. And when you do it, and you do it well, you become a magnet for talent.”

Lab booms, space-race-style

Can the free association of limitless funds and outsized brains generate breakthroughs? The Manhattan Project successfully produced the atomic bomb, for better and for worse. The Rockefeller Foundation created the Green Revolution in the developing world, an example the Gates Foundation is emulating with its goal of solving the AIDS crisis is Africa, so far with less success.

CERN, the European Organization for Nuclear Research, has brought together scores of researchers (including two from Perimeter) to analyze results from the Large Hadron Collider. It is optimistic that it will revolutionize theories in particle physics. But in that happy-accident, free-association way of money plus intelligence, CERN is also the place where the World Wide Web was born as a way of fostering communications within its own far-flung community.

In this respect, CERN resembles NASA: The post-Sputnik space race might have been the focus, but the spinoffs were perhaps more productive – in the case of the NASA, about 1,700 documented technologies, including advanced robotics, self-righting life rafts, tissue-imaging equipment, golf-ball aerodynamics and fire-resistant clothing.

“The mission to the moon wasn't a very practical thing to do,” Dr. Turok notes. “And yet all the U.S. scientists of that generation that I know were brought into science because of it.”

On the other hand, Albert Einstein did his most important work as a solitary patent clerk. Only in later life did he find his way to the Institute for Advanced Research in Princeton, a dedicated research centre that has been accused of overvaluing genius-level thought at the expense of real-life interactions.

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