You cannot rely on large, bureaucratic institutions - private or public - to champion  innovation  because those in charge of such institutions are, by and large,  vested in the status quo with their high salaries and see no compelling reason to disrupt anything.    Small business is the most likely source of innovation. We need to rethink our tax and policy framework to reward innovation rather than penalize  it with with prohibitive taxation.  That requires better identifying capital gains and dividend income derived from  innovation and treating it differently than we treat uncreative speculation.  That means not taxing more than half of your income if you create and innovate .    If you penalize innovation and hard work, you risk losing it.