"Man you buried the lead on this one! The last paragraph is the main point, along with the discussion of what a "protectable innovation" is. Can you imagine what things would be like today if the first VC fund ever created was a protectable innovation? Imagine if AR&D, Draper and Johnson, Sutter Hill, or Asset Management Company was deemed the first, and therefore could be the "only" VC firm, when they were created in the early 1960s. Ultimately, I believe it's all about continuing to aggressively innovate. And that's good for everyone." - Brad Feld