I'm not one to bash software, but software only goes so far in radical innovation.
I think the reason you don't have the radical innovation is because everything has tipped heavily towards web and consumer/convenience oriented innovation. This isn't a bad thing, the costs for writing code are much smaller than R&D costs for most anything else, and it puts people to work and solves problems.
There are still some companies like Tesla/SolarCity in the valley (or technically, on the East bay) changing the name of the game, but even Tesla is valued less than Groupon, for instance.
I think this is one of the key factors: most of the buzz today is orienting on what amounts to entertainment for the moneyed. Since the moneyed, well, have money, they buy it, and thus the company does well.
What makes my life 1% more fun does nothing for someone in a third-world country. This is compared to, say, 50 years ago, where something that made my life better, e.g., an advance in refrigeration tech, could be distributed out to the third world better. I'm pulling examples out of a hat here, and I'm sure that other and better examples could be found.
There are a ton of more fundamental projects done by companies, people, and universities out there. But they don't get the buzz right now, generally speaking.
I think the reason you don't have the radical innovation is because everything has tipped heavily towards web and consumer/convenience oriented innovation. This isn't a bad thing, the costs for writing code are much smaller than R&D costs for most anything else, and it puts people to work and solves problems.
There are still some companies like Tesla/SolarCity in the valley (or technically, on the East bay) changing the name of the game, but even Tesla is valued less than Groupon, for instance.