You can trace the shift cleary through three eras:

1. Venture Capitalism (pre-2008)
   
   
   • Alpha driven by : Risk and discovery.
   
   
   • Example : Early Google, Genentech, small funds, asymmetric bets.
   
   
   • Purpose : Generate outsize returns on investment.


2. Venture Developmentalism (2008-2020)
   
   
   • Alpha driven by : Coordination under the state.
   
   
   • Example : Uber, Airbnb,

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