[writer]

The current VC model, throw money at the wall and see what sticks, has worked pretty well.

Yes, funding dumb ideas is a side effect. So what? If the returns are sweeter than funding more conservative, organic growth oriented businesses, then that's where the money is going to go.

Access to capital is not a natural right. If you need investment for your 'lifestyle business', it's your burden to demonstrate that you can outperform the status quo.

'Finding safety' isn't really complementary to striking out on your own.

I propose that your rage might be better directed at the current state of academia instead of the VC ecosystem. That seems more in line with your goal of promoting long term innovative thought.

Yes, in academia you won't necessarily own the rights to your inventions, nor see most of the economic benefit. But it's never been easy to have it all...