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Steve Jobs

The American method of high-risk, potentially high-reward investments has fueled innovation from New England whaling ventures to Silicon Valley start-ups such as Apple, Intel, Cisco, and Google.

Venture capital (VC) is largely an American invention. It is a “hits” business where exceptional payoffs from a few investments in a large portfolio of startup companies compensate for the vast majority that yield mediocre returns or simply fail.

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