After the collapse of Bell Labs and the inefficiencies at the University level, this is an effort that can truly impact change.

True fundamental innovation takes 15+years... stable ecosystems (govt policies, strong economies etc) are needed to foster this type innovation. YC is definitely a stable environment to foster fundamental inno.

Fundamental innovation also creates new methodologies in two or three areas, whether it be technology, market or implementation. Everything else is incremental innovation (new tech enhancing products in a known market), this can be achieved in 1 to 3 years. Kudos YC!