It’s easy to talk about innovation. But true innovation is groundbreaking, disruptive and transformative. And that type of innovation, which is the kind that we say we most desperately need and want, doesn’t happen in a vacuum. Real innovation is a function of risk and reward in a very mathematical sense. The more risk, the greater the reward. But the converse is also true—the less reward, the less one will be willing to risk. And in the United States today, that innovation equation is broken and it has been for some time.

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