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Regulation needs to catch up with innovation.

Innovation is moving at a scarily fast pace.

Innovation happens because there are people out there doing and trying a lot of different things.

My view is that innovation has declined in the everyday processes that businesses tinker with incrementally as they try to become more productive over time.

The regulatory systems in place disincentive innovation. It's intense to fight the red tape.

Everybody believes in innovation until they see it. Then they think, 'Oh, no; that'll never work. It's too different.'

Intellectual-property rules are clearly necessary to spur innovation: if every invention could be stolen, or every new drug immediately copied, few people would invest in innovation. But too much protection can strangle competition and can limit what economists call 'incremental innovation' - innovations that build, in some way, on others.

Innovation is this amazing intersection between someone's imagination and the reality in which they live. The problem is, many companies don't have great imagination, but their view of reality tells them that it's impossible to do what they imagine.

Innovation makes the world go round. It brings prosperity and freedom.

We should favor innovation and freedom over regulation.