“Long-tail returns have always been difficult to generate, and the VC industry has sometimes been chaotic and subject to the destructive ebbs and flows of investment cycles. History shows, however, that the social benefits of venture capital have been immense. By facilitating the financing of radical new technologies, US venture capitalists have supported a large range of high-tech firms whose products, from semiconductors to recombinant insulin, telecommunications inventions, and search engines, have revolutionized the way we work, love, and produce. While technological change can often disrupt labor markets and increase wage inequality, in the long run, innovation is essential to productivity gains and economic growth. The venture capital industry has been a powerful driver of innovation, helping to sustain economic development and US competitiveness.”