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Innovation and entrepreneurship are powerful engines driving long-term improvements in living standards. Startups accounted for nearly 70% of job growth in major economies over the past decade, and 87% of global companies report that innovation has enhanced productivity. Technological advancements in healthcare, energy, and education have lifted millions out of poverty, with digital entrepreneurship contributing $11.5 trillion to the global economy by 2030. As new solutions emerge, innovation will continue to address societal challenges, ensuring sustained economic growth and quality of life.
Innovation alone won’t guarantee rising living standards. Despite massive investments, productivity growth in the U.S. has stalled at 1.4% annually since 2005. Moreover, 60% of startups fail within three years, and wealth concentration leaves innovation’s benefits in the hands of a few, not the many.
Innovation is stagnating—breakthroughs are rare, not inevitable. U.S. productivity growth has plummeted from 3% in the 1950s to below 1.5% today, and over 90% of startups fail. Real wages have barely grown for decades, with median income rising only 0.3% annually since 2000. Big tech monopolies stifle competition, and debt-fueled consumption masks stagnation. Blind optimism ignores that real progress comes from visionary contrarians, not endless entrepreneurship hype. Without fundamental shifts, living standards will plateau, not rise.
Innovation is accelerating globally, with startups contributing 50% of new jobs annually and global R&D spending surpassing $2.9 trillion in 2023. Productivity rebounds in sectors like AI, healthcare, and energy show entrepreneurship is a driving force behind long-term improvements in living standards.