+1. the author's quote (and statements like it) seem to have this underlying unspoken assumption that VCs are the sole vehicle through which new ideas become businesses. that always bothers me. VCs are a small asset class that chases returns and are not the vehicle through which all global innovation should occur. if that's the reality today, then it's more of a policy problem. institutional LPs have fiduciary responsibility to returns, not a mandate to solve long term difficult problems in industries the VCs they are paying don't understand.