HooRU YES! I worked for corps that discouraged anything that differed from the pre-concieved. At the labs it was about finding out NOT concluding.
There are smart companies and dumb companies.
Many innovators did their innovation without primary public funding---Alexander Bell, Thomas Edison, Henry Ford, Samuel Morse, George Eastman (Kodak), Chester Carlson of Xerox (who was actually a patent lawyer), Edwin Land (Polaroid), Thomas Watson at IBM, Walt Disney, Hewlett and Packard, and so many others.
And of course the old Bell Labs of the original Bell System did large amounts of basic research.
Bell Laboratories people invented the transistor in 1947.
And Bell Labs folks (Penzias and Wilson) discovered cosmic rays in 1964.
If there is a problem TODAY with companies, it is that too many of them totally focus on quarterly-earnings to keep the stockholders happy. This is often at odds with long-term projects and research.