So I'm VJ Ponday, I'm a professor at Stanford, but also in an interesting new role here as a sort of professor in residence at Andreessen Horowitz.

Towards that end, you know, there's a couple interesting things that we can think about for how a venture can disrupt academia and how academia can be disrupted in an interesting way.

And so one way that we talked about is related to Bill Janeway's hypothesis

that investing, especially long-term basic science investing over decades, is really what's

responsible for the success that we see in IT, and that biotech hasn't had quite that time yet,

and that clean tech has really had nothing close to that.

But now with government probably not be able to put the same type of money and emphasis into things, how we're going to have the seed corn for the future?

Yeah, so this is, for those of you haven't read Bill, so Bill Janeway is a venture capitalist and actually a PhD in economics who studied from a student of Keynes. And so he's kind of straight in the, what is it,

the Oxford sort of lineage of economics. So he's both a practitioner and academic. And his book

is called Doing Capitalism. And it's probably the best single book on the theory of venture capital

that I think came out last year. So one of those books came out from academic press, and so it's got like a terribly ugly cover and like no marketing.

And so nobody's heard of it.

But it's a fantastic, it's an absolutely outstanding book.

And so, yeah, what he basically observes.

He says, look, Venture Capital has tried to engage in all these categories.

IT has been a huge success. success, it turns out four decades of federal R&D money preceded venture capital success

in IT.

Biotech has been a moderate success, two decades of federal R&D money.

And then everything else has just been a train wreck with Clean Tech being the most recent

train wreck.

And he says, look, there was no federal research funding.

The federal government went straight to industry subsidies without passing through R&D. And so consequently there was no, literally, there was nothing to draw on.

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