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unlike European schooling, American education is not based on equation drills and memorization

Erm... My education hasn't been based on drills and memorisation despite being 'European'. I wish journalists wouldn't just make stuff up.

Yes there are a few inaccurate generalizations here. Another gem is: "Only a disproportionately minute number of discoveries traditionally came from directed academic research. "

Having said that the essence of the article is quite interesting.

I have always been amazed at how few people end up creating a new product where there is a need.

What must it be, 1 in 100,000?

By reading some of the entries in the Startup news section. one gets the feeling that these people are self-centered and have a limited viewpoint of what the masses really wanted.