The state has been written off as a woke wasteland. But it's still inventing the future on a bunch of frontiers nobody's talking about. For the next four years, it will remain a golden, global example.

Originally published in May, 2013: Larry Ellison planned the biggest, fastest and most exciting yacht race ever. Then Team Oracle wrecked one of his catamarans in San Francisco Bay, showing just how fragile the big boat—and event itself—really is.