Earlier quoted context omitted.
I tend to agree. Apparently it's very hard to get funding for novel ideas in Switzerland. And yes, risk aversion is a big part of Swiss culture, an example of which being that Swiss are some of the most over-insured people, and savings rates also regularly top the charts. A fairly egalitarian society with a high standard of living makes for a people that doesn't like or "have to" take risks
I don't know how egalitarian it is. Having visited Geneva and spoken with many people there about the crazy high cost of living - it seems that most low wage earners survive by living in nearby French towns and commuting in to work. That's an economy maintained by the indentured servitude of non-native people.
The issue with Geneva is that there's no more physical space to build - but living in France with Swiss Geneva canton minimum wage will boost your quality of live way beyond most San Francisco dwellers.