Translational research or “use-inspired research” is in the ascendency even in the agencies that are the principal sponsors of basic research. This emphasis on translation, while a cause for concern with respect to the future of support for basic research, strikes a resonant chord with the founding charter of land grant universities such as Purdue. In this context, the speaker presents personal experiences with “deliberate innovation” strategies for crossing the “valley of death” between basic research and commercialization for societal impact. The speaker’s experiences with large, capital-intensive projects on: (1) the transformation of shale gases to liquids; (2) a novel manufacturing process for medical isotopes; and (3) drug discovery and development, will be presented. The lecture will conclude with the challenge of balancing fundamental and applied research in the modern university setting.