The basic problem is cultural fragmentation of the middle class who are the main market for any product (the middle classes are the only class with the money an

The basic problem is cultural fragmentation of the middle class who are the main market for any product (the middle classes are the only class with the money and size to be worth mass selling). There is so much more diversity now in what middle class people want that it is impossible for one idea to appeal to a large section of the population. When everyone middle class listened to same music, watched the same TV shows, saw the same movies, ate the same food, drove the same cars, lived in the same houses, etc it was possible to create a product that appealed to most. Today that is no longer possible so all ideas are small and niche. Regulation and risk avoidance has also played a strong role in killing ideas. For example, most of pharmaceuticals developed in the 1950 to 1970s could not be brought to market today.