I find it very hard to decouple VC from innovation, if its the case that this 1% area has most the VC is true, isn't most of the world's innovation coming from

I find it very hard to decouple VC from innovation, if its the case that this 1% area has most the VC is true, isn't most of the world's innovation coming from it too? Europe hasn't been creating as much as the US before GDPR, I would think it gets worse after it. I am pretty sure some other reason for the decline will pop up, if not the alright denial you displayed.