> The idea that VCs or DAOs would give a penny for R&D is a sick joke.
Why? The funding required for more fundamental research is significantly lower. The rewards are also significantly higher. Let's be real, academic-like research is usually incredibly cheap.
And if we're looking at industry, it's laughable how much vaporware has received over the past few decades. Remember the Rabbit R1 that got over $30m in VC funding? Or the Humane pin which got over $200m and ended up being acquired for over $100m? How many billions has Magic Leap received? Did Theranos not raise well over a billion? Didn't Segway get over $100m back in 2001?! Or go look at any hype craze for VR, cryptocurrencies, or the current AI.
I'm sorry, you act like there isn't a massively high rate of failure in industry and that these VCs are making much more intelligent funding decisions. But we routinely see companies like Rabbit or Theranos get funded. Companies who no reasonable expert in their respective fields could conclude is anything short of obvious fraud.
I'm not saying there aren't companies and ideas that aren't worth the risks, but I think you don't realize how much your beliefs are based on survivorship bias. This type of investing is inherently high-risk high-reward. Investors, founders, and fanboys are routinely wrong about the level of impact and value something will have even if it is successful and not fraudulent.
The fact of the matter is that we tend to fund hype and charisma. Last I checked, these weren't the primary skills of technological innovators. Last I checked, the stereotype was in the exact opposite direction... Do you really think this is a more successful path?
> instead giving people the freedom to explore ideas and develop skills
This is essentially all you can fund at these stages. Truth is, no one knows the future.
And if we're looking at industry, it's laughable how much vaporware has received over the past few decades. Remember the Rabbit R1 that got over $30m in VC funding? Or the Humane pin which got over $200m and ended up being acquired for over $100m? How many billions has Magic Leap received? Did Theranos not raise well over a billion? Didn't Segway get over $100m back in 2001?! Or go look at any hype craze for VR, cryptocurrencies, or the current AI.
I'm sorry, you act like there isn't a massively high rate of failure in industry and that these VCs are making much more intelligent funding decisions. But we routinely see companies like Rabbit or Theranos get funded. Companies who no reasonable expert in their respective fields could conclude is anything short of obvious fraud.
I'm not saying there aren't companies and ideas that aren't worth the risks, but I think you don't realize how much your beliefs are based on survivorship bias. This type of investing is inherently high-risk high-reward. Investors, founders, and fanboys are routinely wrong about the level of impact and value something will have even if it is successful and not fraudulent.
The fact of the matter is that we tend to fund hype and charisma. Last I checked, these weren't the primary skills of technological innovators. Last I checked, the stereotype was in the exact opposite direction... Do you really think this is a more successful path?
This is essentially all you can fund at these stages. Truth is, no one knows the future.