WSJ Editors: Silicon Valley’s Green Mistake
A great editorial on the failure of Team Obama’s attempt at “political venture capital.” The opener:
Silicon Valley’s investment wizards are fleeing the so-called green economy, and not a moment too soon for American prosperity. As painful as the era of enviro-investing has been for taxpayers and shareholders, there’s an emerging silver lining. It’s likely that in 2013 fewer people will spend their time trying to turn political projects into companies.
A recent survey from our corporate cousins at Dow Jones VentureSource and the National Venture Capital Association finds that “clean technology” is inspiring pessimism among venture capitalists. Fully 61% expect less clean-tech investment in 2013 compared to 2012. On the flip side, a majority expect more investment next year in business information technology, a traditional U.S. economic strength.
The survey reflects a natural and healthy shift in Silicon Valley. Talent and resources are moving back to the technologies that gave the valley its name—and away from trendy eco-projects that failed.
The rest here.