In the United States, 75% of venture capital goes to software. Some 5 to 10% goes to biotech. The other sliver goes to everything else—transportation, sanitation, health care. No wonder the pandemic has exposed venture capital’s broader failures.https://bit.ly/31jENsf
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The author has a good point - & is not saying VC has produced nothing useful. It is potentially the most productive force on the planet but is overly focused on consumer goods as that's where the return is. We build rockets to Mars when poverty & sickness still exist.
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I had a feeling you might choose to pick up on that. It wasnt an entailment of the previous sentence. They are capital goods for producing other capital goods & consumer goods. They arent addressing immediate needs. Basically poor people dont get a vote on productivity.
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It's not some terrible attack on VC or capitalism. I work for a VC backed biotech & worked for other VC backed companies. VC is a tremendous force - its just difficult to focus it on certain types of productivity.
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