When I was reading TechFlash this morning, I was directed to a Thomas Friedman article regarding government investment in VC firms. I have always listened to Friedman with great interest since my first semester in college, when I was introduced to his book “From Beirut to Jerusalem”. What Friedman sets forth in this op-ed is an intriguing idea. His rationale is that government should be using their money to be innovative, seeking out the next Google, rather than give life support to a dead corpse, such as GM. As an entrepreneur myself, I would welcome any monetary help to push my ideas forward. The issue I would be most concerned about, would be the extent of oversight and governmental control needed in this situation. If private innovation is using public money, there will be rules, and more rules, and more rules, for everything we do.
The start-up community is a collection of dedicated individuals with ideas. We work tirelessly to resonate our idea with the buying public. There is no book on how to accomplish this success. Each case is different. Each individual and each business idea differs from the other. Restrictions, guidelines, and policies would have to be thrown out of the window. VC firms and entrepreneurs must be allowed to let their creative juices flow, without bureaucracy looking over their shoulder if anything like this were to ever work.
Enough of my baffling. Here is the link to Friedman’s article -
www.nytimes.com/2009/02/22/opinion/22friedman.html