That's the real issue. What are these new approaches that will actually work? Many things have been tried before and the track record is very poor.

And stepping back is a shortage of funds really the problem holding back innovation? Seems like there is plenty of seed and VC money for good business ideas.

I think more and better managed basic research is what the government should focus on. One area that seems obvious is basic energy research which seems grossly underfunded.

http://dotearth.blogs.nytimes.com/?s=koizumi+research+energy...