“You can raise $50million to do something that only has a 10% chance of working.” Jeff Bezos 

And that is what makes the US different - still! That they do this, at super-scale. 

Jeff also correctly points out that it is not the robustness of the “banking system”. Many countries and regions in the world have robust banking systems. 

The questions is where do those countries places their pools of risk capital? 

In some countries, their own funds don’t even have mandates to invest in emerging industries or companies. An investment fund in a frontier economy with a pure-preservation mandate. What could go wrong? 

What we’ve seen is more and more entrepreneurs having to domicile in markets like the US to access risk capital at scale. 

And then, citizens complain about low economic growth, high unemployment or inequality. Each of these are natural outcomes of an economic model that creates wealth from industries borne off import substituting opportunists. 

Anyway, back to your regular January program.