The innovator State

“In every sector, innovation processes need time and the risk of failure is high […] that is why we must be ‘a bit crazy’ to work in the innovation field: sometimes it costs more than what it gains, if we considered the traditional cost-benefit analysis, we would not even start. But when Steve Jobs, in its famous lectio magistralis at Stanford, invited all the graduated to stay hungry and foolish, very few ones stressed that the foolishness the CEO of Apple was talking about had been the most important part of public sector’s innovations.

Those innovations and the investments they involved – with a very high level of uncertainty – were not made possible by venture capitalists nor by inventors working in a garage. Those innovations would not be here if we had to wait for the market or businesses to invest on them.”

Marianna Mazzucato, 2014