Updated: Nov 13, 2019
I just got done meeting with one of the biggest companies in the world (hint: you're most likely using the platform they built right now.) You realize why these companies are at the top. They look for serious talent and if they can't find it, they take the willing and sculpt them into a masterpiece.
Too many companies are out there waiting for the "Michael Jordan of XYZ" to fall into their lap and at bargain prices on top of that. Some companies already have that person and don't realize it. If you can't find talent, that's a failure of your current system. You have to not only develop a keen eye for talent, but you have be willing to take chances on people then have a system in place that will help them grow. If you do anything less, you fail.
Successful companies know how to change the market to their advantage. The high salaries aren't just a carrot to poach skilled workers. If you increase the salaries for a position, more people entering college will go into that field so that down the road your demand will be met. So when you use the "Bargain Bin Theory" you not only shoot yourself in the foot, but the entire industry.
Ironically you don't drive innovation by using the same old techniques. You innovate by being innovative, seeing closed doors and creating windows.