If you're looking for innovation by American companies to save us, don't hold your breath. Sure there are innovators and companies started by them. The problem is that they are not instantly profitable, whereas some piece-of-crap social networking company can make you a billionaire overnight.
Internet-based companies leverage yesterday's research. Everyone knows that biotech and genomics will drive the next wave of "creative destruction"; but all the smart money wants someone else to take the early stage risks. Bold venture capitalists my ass. Read this obscure article from the high-tech business sector and weep:
Considering a Career in Biotech? How About Trying Computer Science Instead