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“It is important to note the often ignored fact that the venture capital industry became institutionalized partly as a consequence of government policy. Lawmakers shaped the enabling environment - kick-starting regional growth in what would become Silicon Valley - by crafting policies that allowed institutional investors to increase their risk tolerance in making investment choices, changed the taxation of investment gains, and promoted more high-skilled immigration. In many ways, the US government acted as America's VC writ large by funding the basic university research that would break open the development pathways to entrepreneurial businesses. Clearly, the future of the VC industry in the United States will depend on maintaining key aspects of that amenable, enabling environment.” — Tom Nicholas