By Jeff Cox, special to CNBC.com Senior Writer
NEW YORK ( CNBC) -- To get its confidence back, America needs less regulation and more innovation even if that means some failed ventures using taxpayer money, General Electric Chairman Jeff Immelt told CNBC Thursday. Immelt defended the use of federal funding for innovative individual companies such as Solyndra, a clean energy company that recently declared bankruptcy. "The reason why Solyndra failed is they didn't have the right technology and they had too high costs," the GE ( GE) executive said. "Anytime you get into venture capital investing you're going to have some losses."
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