250 years of US innovation

The spirit of enterprise

“No sooner do you set foot upon the American soil than you are stunned by a kind of tumult,” wrote Alexis de Tocqueville, taken by the pace of a young republic, in 1835’s Democracy in America. I, too, was stunned. Like Tocqueville, having been educated in Europe, America appeared to have turned things upside down. The question of “why could it work?” rather than “why will it not work?” seemed reckless yet enticing.

For the first time as a young professional, I stepped onto American soil in 2000 for a narrowly defined purpose—a project involving data, analytics, and a new way of systematic equity investing—much like Tocqueville, who crossed the Atlantic in 1831 under the banner of studying the US penitentiary system. I did not expect, however, to be swept into the same whirlwind that struck Tocqueville nearly two centuries earlier. 

Everywhere I turned, I witnessed what Tocqueville described as “the spirit of improvement always abroad in the United States.” In conversations with investors, business leaders, and start-up entrepreneurs, I encountered the same impatience with the present. I saw associations—what Tocqueville had once described as “the art of pursuing in common the object of their common desires”—not only in civic groups but also in venture capital and incubators.

This passion, still vivid today, extends beyond material wealth. It is about impact, legacy, and the drive to leave something behind that is bigger than oneself. While I came to America for a project, I stayed because of this restless, inventive spirit that is part fever, part discipline, and part collaboration.

The almost 250-year history of the United States stands as a testament to the power of its unique democratic and societal spirit of entrepreneurship. Leading up to 4 July 2026, we will celebrate the semiquincentennial with a series of reports highlighting prime examples of uniquely American innovation and entrepreneurship that have not only transformed the US economic landscape but also impacted the world in profound ways. 

I’m delighted to share our inaugural report, which takes us back to the mid-1800s and the building of the transcontinental railroad. This significant and foundational innovation revolutionized transportation and commerce, but only after overcoming numerous logistical and geographic challenges.

Transformational innovation has been an engine of US economic growth since the nation’s founding and is one of the three perspectives that shape our investment views. A review of the past—the capex cycles, capital flows, productivity booms, and wealth creation—suggests many parallels to what lies ahead, especially in the areas of AI, electrification, and longevity. This arc is what fascinates me most: the chance to learn from history in order to guide portfolios through the next wave of structural change.