The article discusses the importance of private venture capital in the U.S. for funding high-risk, high-tech startups. It compares the success of private venture capital to public funding attempts in other countries, which have largely failed. The U.S. has been successful in mitigating investment risks through private ordering and informal means. The article also mentions the rise of crowdfunding, which initially resembled public venture capital but has since moved closer to the private venture capital model.