Why states shouldn't have VC funds

Good stuff from Tony Nash, formerly of Herring, now at Always On, in this piece called The State Line.Excerpt:

In the end, it's not the state's role to pick winners and losers through venture investment, it's to provide an infrastructure and environment in which entrepreneurship can flourish. This is the more equitable path, given our democratic system, and one less prone to unrealistic political expectations of big, fast returns. If a state wants to grant a subsidy to technology firms to promote fast job growth, let it do so. But venture investing should be left to those with a tolerance--even an affinity--for risk.