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Governments the world over have long backed innovation, for example through public funding of universities.
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"There's a reluctance to back innovation".
There needs to be a greater focus on smaller, grassroots organisations instead of larger, well-established institutions; less bureaucracy and fewer rules; more flexibility and risk-taking to back innovation.
He later founded venture capital firm Khosla Ventures, where he backs innovations in areas ranging from artificial intelligence and robotics to health care.
Unitus, too, is backing innovations in eye-care.
"We want to back innovations that can improve our health and care system, wherever they can be found – and we know that some of the best innovations are being driven by clinicians and staff up and down the country".
Zappedy was founded in early 2010 and was backed by Innovation Endeavors, the investment firm founded by former Google CEO Eric Schmidt.
In addition to the immature consumer market, China's education system also holds back innovation.
"The banks have held back innovation in money for so long.
The lack of gender diversity in senior leadership teams is holding back innovation.
Requirements to use a standard can limit the performance of technologies and hold back innovation.
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