Here is a short video of Bill Gates discussing the important role of government in driving innovation.
We continually hear from rich self interested individuals who insist that government get out of the way. That entrepreneurs well fix the world if only we would give them the freedom to do so.
The solution will be a combination of both. Typically the private sector will only innovate in areas where the reward is certain. Government is still needed to push the private sector in the right direction, creating incentive if necessary.
Consider the private sector’s relative disinterest in the current antibiotic resistance issue the world faces. Sure there is some interest but relatively little especially compared to the fixer of the problem.
Check out @BillGates’s Tweet: https://twitter.com/BillGates/status/784425769107947520?s=09