From your summary, I would understand VC to be a case of fractal finance. It used to exist to fund research-heavy startups, that maybe governments would otherw

From your summary, I would understand VC to be a case of fractal finance. It used to exist to fund research-heavy startups, that maybe governments would otherwise have to fund but maybe where governments shouldn't be sticking their paws in (in democratic countries anyway). But now it has become an industry of its own. Just like finance at large.