In relation to the roots of risk capital, these lie in the use of money and markets to support and disseminate innovative ideas that have been created through public institutions. However, this financing structure has become a central machine in the yields that are stifling that innovation that is intended to encourage.
Iteration not innovation
The issue with focusing on returns on a set timeline is that it will drive your investments to certain types of funding that can deliver on that objective. These are what I would call “improvers” rather than “innovators”. That is, you take existing ideas and reconstruct them into another form. This isn’t unique to VC – other speculative industries with low hit rates do the same. That is why we get so many Pirates of the Caribbean movies and why drug companies focus more on tweaking and re-registering existing patents.
April 26, 2018
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