"Of course, it’s easy to accept the idea that the Golden Age of VC is over when you doubt whether it was really so golden at all. Which brings us back to that curious claim. Which I am not sure even Heller really believes. As he also notes: “Occasionally, though, there is a wild success [with venture capital], and, since the nineteen-seventies, such successes have transformed American business. Venture capital backed Apple and Intel. It funded Google, Amazon, and Facebook before any of them turned a profit.”
Keep in mind: Those occasional, spotty successes are five of the most important companies on the planet with a combined market value of roughly $4.2 trillion. So unimportant are they that Europe releases a white paper only about every week lamenting its lack of such tech titans and fretting about the absence of a venture capital sector as vibrant as America’s."