Institutions matter..

In this careful piece in the Washington Post, the President of MIT thinks about the mismatch that now exists between the time horizons of industry and venture capital, in comparison to the development horizons for startups based on new science..."our highly optimized, venture-capital-driven innovation system is simply not structured to support complex, slower-growing concepts that could end up being hugely significant".  Excellent though MIT is, the academy is not the solution. We need to think through new ways of working within new institutional structures.

Update: My friend Mark Johnson referenced this piece in the Times that reports on a new institutional/programmatic design designed to meet this need.