The simplest rebuttal is that any innovation people are unwilling to begin during an Obama administration, will be taken up by others; perhaps less effectively, but still taken up.
When more favorable market conditions come back, those willing to innovate earlier will have the advantage of a head start. If _anyone_ uses _any_ excuse to sit on their hands instead of innovate, given the finite number of years youthful entrepreneurial blood flows through the veins, they will be punished greatly for their lack of gumption.
"Working hard when market conditions suggest no chance of real success" - What innovators ever violated this rule?
[ An easier argument can be made that over-rewarding innovation in financial leverage instruments bled young & smart workers from other industries, to the detriment of innovation in those industries. ]