https://youtu.be/ZTC_RxWN_xo (Secret History of Silicon Valley - Computer History Museum, Mountain View)
In reality capitalism only took over after massive (debt based!) spending by (US) government during WWII. The risky stuff doesn't happen in companies. Even things like e-cars and rockets, see Elon Musk and his companies as the most prominent examples, didn't invent any of the basics. They just take well-established concepts.
It's not either or, it's specialization: The low-probability-of-success stuff for larger society (government mostly, at this point), and when there is something to build on the more focused business people and entrepreneurs who want to see an ROI are better at executing from there on.
But, back to the comment you replied to, basic research, the risky stuff, is better off being open and available.
If so, do you think that the world will do just fine if we removed large financial rewards for "shallow innovation" like the smartphone, new drugs, medical devices, software, etc?
everyone building out a new technology borrowed ideas freely without compensating the real innovators (of course, implementation can be the more difficult piece)
As long as governments subsidize public universities and research departments, there will exist a font of innovation
This is such a sweeping statement it's just false
> everyone building out a new technology borrowed ideas freely without compensating the real innovators (of course, implementation can be the more difficult piece)
Implementation is innovation too
> As long as governments subsidize public universities and research departments, there will exist a font of innovation
We need both
Until it becomes unprofitable to invest in innovation