It's been clear for at least twenty years that the US VC model is totally broken. The only question is: what will replace it? After all, there are only so many apps you can fund that let a person take a picture of their belly-button lint and share it with lint-minded followers, or that provide daily recipes for miso-aged tofu sourced ethically from a single family in Nagano prefecture. At some point someone is going to have to fund something important, and that's as far beyond today's VC skill set as learning calculus is for a flatworm.

Anyone who enjoys my articles here on Medium may be interested in my books Why Democracy Failed and The Praying Ape, both available from Amazon.