That's what some EU members think. Ask us how that's going :)

That's why most of the big and wealthy companies hare are around 100 years old or more, vs about 30 years old in the US.

Here in Austria you can get various government and EU grants for your startup and tax waivers on social security, and if by some miracle, you don't crash and burn like 95% of startups and manage to produce a semi-profitable company in the end, then you have to pay to the government retroactively all the social security contributions and taxes that have been previously waived over the past years, which is the final nail in the coffin for most companies here never growing or scaling beyond a couple of guys from uni in an apartment kind of company.

Therefore most of the innovation happens nearly exclusively within academia, as "outside" it's a pretty hostile tax environment that mostly favors those 100 year old companies that already have solid revenue streams.