Innovation isn’t just about breakthrough technologies. It’s about building the institutions that allow those breakthroughs to scale.

David Hsu, Wharton professor of management, explores how the United States has repeatedly reinvented the way innovation works, from the patent system and Bell Labs to venture capital and today’s AI ecosystem. He explains why commercialization, institutional design, and effective regulation have been just as important as invention itself, and what lessons they offer for the future of artificial intelligence and entrepreneurship.