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October 3, 2006

VCs are Creative Destroyers

Tom Hazlett has a worthwhile quote in the Financial Times on the current ardor for declaring every VC enthusiasm a bubble:

The cowboys racing on to this frontier aim to capture financial rewards and are inevitably dependent upon them for sustenance. In spite of the culture of sharing, venture capitalists determine who saddles up, and profits decide who wins. It is a fact that there will be far more riders than winners. That is not a bubble. That is creative destruction.

Okay, Hazlett doesn't put it quite the way I would -- I keep saying VCs are bubble-blowers, and they shouldn't apologize for it -- but I'll accept his down-redefinition of bubble to "creative destruction". Works for me.

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