For great innovation to happen these four things are essential for large-scale digital innovation to flourish:
- Great research universities, big fundamental pursuits
- The rule of law and respect for contracts and property, intellectual and civil protection
- Large pools of innovation-seeking capital
- A cultural acceptance of risk and failure.
America’s combination of these is “unprecedented and unparalleled in the world. I note that one other country I can think of with all four of these in ample supply is Israel, which has a large (especially for its size) and thriving tech sector.