Yes, the speed of innovation is growing with accessibility to knowledge. In the middle ages, access to knowledge and science was very limited. Thus also innovation was also limited to a few people.
This should make people understand, that hiding knowledge away in obnoxious expensive science publications is one of the biggest hindrances to innovation today.
Science knowledge (when it is the truth) never grows old. Or would you think one moment, that the wheel is an invention so old, that we don't need it any more?