Meh, this assumes that there are no other ways for innovators to build businesses than running google x. In fact, most innovations do not come from here. OTOH,

Meh, this assumes that there are no other ways for innovators to build businesses than running google x. In fact, most innovations do not come from here. OTOH, a lot of innovators fail to make businesses, so, I think you can't draw much conclusion from a single sentence in an article. As to what is wrong with SV - it's really what's wrong with the market in general. After years of no interest rates and dumb ideas like Juicero, reality is setting in as the cost of capital is not zero, and so equity holders have plenty of alternative returns that are acceptable and don't require moonshots.