This. Innivation is fueled by money. Innovation is risky. Private investors need a return on their investment. Public doesn't need a direct financial return.

This. Innivation is fueled by money. Innovation is risky. Private investors need a return on their investment. Public doesn't need a direct financial return. Hence innovation thrives wherever there is money with little strings attached. For smaller sums, private investors can do that (think about an accelerator that gives 1 million to 10 startups). For bigger sums, you need a space race against a foreign power funded by the gov.