> And how would you have innovation without VC? Well, for an example you could look at: pretty much all innovation. VC-backed startups that are innovating are

> And how would you have innovation without VC? Well, for an example you could look at: pretty much all innovation. VC-backed startups that are innovating are pretty rare, unless you mean business-model innovation. A typical startup is monetizing innovation that's already been done, at big companies or in academia or at bootstrapped startups, but that hasn't been effectively monetized yet. VCs don't want to sink money into R&D.