In the instant case the risky enterprise is "a bank", which might sound like a bit of financial industry navelgazing, but this process generalizes broadly to many endeavors which have bundled risks. Finance is happy to dice them up fine and allocate them to people who want them.
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Silicon Valley is like the finance industry in this fashion: the ecosystem successfully funds companies from birth through (picking a milestone) IPO where observationally no single investor was OK with taking *every* risk for the business.
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There are angels/accelerators who specialize in market risk ("Will anyone want that?"). There are VC firms which specialize in execution risk ("Can this team scale to a materially size business?"). There are growth firms which specialize in, essentially, sector/timing risk.
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("Will the IPO window be open for this company in 18~36 months?") No single actor there was capable of making all the bets on day one, and *none needed to be*.
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I see it as the contrary. A class of assets that are risky but noone can afford to pay that risk and every one ended up believing in unicorns because the reality is too hard. A systemic weakness. Not to say it nay not be able to be filled, but...
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