Hey, let's fund more Solyndras

With more funding could Solyndra have made it? In truth, it is unclear. There is a saying in the venture capital business that with enough time and money, anything can be made into a success. But if this is the question you ask, you are missing the point. If, as a nation, we are serious about creating new industries for our future, and creating meaningful jobs, we need to think differently. The rule of thumb among top-tier, venture capital firms is that for every ten ventures that are funded, some will fail, several will succeed and, if we are lucky, one or two will grow up to define whole new industries for our country – industries such as semiconductors, bio-tech, software, internet, communications, social networking and mobile.

During my 30-year tenure in venture capital, almost 12 million jobs have been created by venture-backed companies based in the U.S. Most of them did not need help from our government. But for those new industries that are both capital intensive and strategically important, government help is essential. Solyndra is just one data point. Let’s not lose our resolve to take risks based on this failure alone. Let’s at least see how the next nine clean-tech ventures turn out before we pass judgment. For if we are able to harness the best of venture capital in partnership with a government that can help level the global playing field, then perhaps, rather than being left behind, the U.S. can lead the charge and usher in the next industrial revolution.