Government a lousy venture capitalist
Government has a bad record as a venture investor. This week’s bankruptcy filing by A123 Systems Inc., the Waltham battery company that won more than $130 million in federal stimulus funds, is only the latest example. State officials in Massachusetts made their own high-profile mistake backing Evergreen Solar a few years ago. The lesson in government decisions to aid individual developing companies: Stop. Economic development plans that create broad-based opportunities work better.