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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But that's the point, Paul. There's what we want and what we (or advertisers) will pay for. VC knows how to accelerate this. How do we encourage smart people like yourself to the problem of building what we NEED but may not be profitable/grow fast enough for VC?
Making things people want instead of what they need is a problem with market economies, not VC specifically. It existed long before VC, and is just as prevalent in areas of the economy that VC doesn't touch, like small business.
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You must not be talking about revenue!
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The problem still - the need < the want and the need is less effectively measured in money. A solution - invent the alternative value, not cryptomoney, but cryptovalue which is NOT convertible into money. Not in our lifetime?
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I don’t think the line between want and need is nearly as blurry as you make it out to be. I’d say they’re the pretty distinct. I’m open to being wrong but I have a hard time seeing it right now. For example: I NEED sustenance. I WANT a cheeseburger. I SHOULD have a salad.
End of conversation
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Wonder what yout thoughts are on how to address this?
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You're undoubtedly right. However, there is a certain gravity to the innovation and new frontier narrative fuelled by VC. This gravity is so strong that smart people don't leave to do public good building work. It is in long-term interests for VC to encourage more of this
pic.twitter.com/5in36igX0c
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Regulatory capture has perverted healthcare + pharma in the US so making what people want is not so simple. You can tell a lot about industries when the MVP is a lobbyist.
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Deregulate. Software attracts investment because it isn’t heavily regulated. Healthcare is so overregulated that it scares off innovation.
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