It's partially true but it's not as true as doomers would like. It's not America: innovation=yes, Europe: innovation=no. Most of the American innovation came from a small number of very rich people. It has a lot of very poor people as a consequence.

> Most of the American innovation came from a small number of very rich people

Replace "came from" with "was purchased by" or "was copied by an entity with the resources to push the inventor out of the market" and you're getting a lot closer.