Late night tweetstorm time. It seems that nearly everyone believes that regulation at a certain point hinders innovation, but I think almost everyone underestimates their net effect
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2 counterpoints: 1) nobody who owns a condo wants all the other units to be Airbnbs (reg is good here). 2) Hollywood routinely raises $100mm+ for a single movie; if a startup is powerful, should a $100mm requirement be a barrier?
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Most Hollywood movies don’t have a 50%+ chance of being worth $0
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And zero have a shot at a trillion.
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Just saying this stuff isn’t obvious, especially when you compare across industries. Tech is especially capital-light. Not obvious $$$ threshold should be defined by (essentially) customary software VC round sizes.
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Try to raise $100m for a company that wants to seek FDA approval and let me know how it goes
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Not my thing. Just saying it’s not as clear as you make it. It probably should be easier to raise money for bio startups, though. This is arguably a defect of VC more than “regulations are broken” though.
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It’s ridiculously, ridiculously hard for a company that needs FDA approval to win toneven raise a seed round
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And yet folks manage to do so. Maybe the bar is higher for hacking bodies than web startups? Maybe that’s not obviously a bad thing? Anyway, just food for thought.
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You do get this to some degree with, e.g., “no action” letters or safe harbor laws. I agree with this whole thread though!
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Post 1962 when the efficacy standard was introduced in addition to the safety standard for FDA approval, there was a massive reduction in number of drugs introduced per year for decades. While drug delay is an issue, loss of drugs that could have been on market is a bigger issue
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You do have that where regulators license or certify (i.e., FERC, FDA). Then you have ongoing oversight and subsequent constructions when the unexpected happens that blow your compliance plans out of the water and force you to actually defend supposed "safe" harbors.
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