[hardwaresofton]

> Honestly what this reminded me of is the paper on Veblerian entrepreneurship[1]. People like this might have their finger on the pulse when it comes to entertainment content, or social media, but I have no idea how they're supposed to make informed technological decisions in the more narrow sense of the term. Venture capital seems to be more and more invested in entertainment, lifestyle, and content creation rather than deep technological and material innovation.

The same way I imagine random VCs and new funds do it -- hire experts and consultants until they get a feel for the field and more importantly connections to more private placements.

Money is capital because it allows you to do these things -- you don't have to be an expert in a field if you can just hire one.

Also, do we know how much alpha is actually generated by VCs as opposed to random scattershot (especially in a certain niche) and getting lucky?