“Mr. Gelsinger assures readers that innovation fund wouldn't be an instance of industrial policy or Washington picking winners and losers. He doesn't, however, state how the fund will have the wisdom to do better than venture capitalists at picking whom to bless. I've sat on numerous committees that fund research and startup companies, as well as other organizations, such as angel investors, that have to make these sorts of critical decisions. I have found that people with skin in the game do a better job. They are better at gauging risk and reward.
When an organization uses a so-called expert committee approach, I've seen one or two members sink what I thought were the best long-term approaches.
These committees have members with little personal stake and they tend to prefer a success over a high-risk, high-reward project.
A sovereign innovation fund has these weaknesses and more.
Dallas Weaver
Huntington Beach, Calif.” [1]
1. If the Market's Got it, Don't Reinvent the Steal. Wall Street Journal, Eastern edition; New York, N.Y.. 22 July 2025: A14.
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