Most have merged into other companies, but two of the twenty-five have closed their doors forever. Everywhere in our society change of all types and sizes is what fuels the new economy, creates opportunities, and enables the creation of enormous wealth. It was only during the early part of the 20th century that governments and companies began to search for new technologies in a systematic manner. One of the oldest innovation centers, Bell Laboratories at Murray Hill in New Jersey, was founded in 1925. The productivity of industrial laboratories today is twice what it was a couple of decades ago.
Risk capital provides the fuel for the engine of innovation.
A full third of all venture capital raised around the world goes on nurturing companies in Silicon Valley. But the gospel is apparently spreading around the globe. According to the Economist, at last count, no fewer than 73 places had billed themselves as CyberThis or SiliconThat. There has been no such transition in the history of the world. Today, there is almost no country where the majority of people do not live in cities.