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There are lots of ways to make money in venture capital, and there are even more ways to be mediocre. The industry has too much money and too many smart people chasing too few great entrepreneurs.

A hardware startup with no funding is a risky venture.

The problem with entrepreneurship is we are often working really hard producing high quality products that no-one wants. The creation of stuff is not valued.

In 2000, just before the first dot-com bubble burst, it cost a whopping $5 million to launch a tech startup.

It costs a lot to build bad products.

Launching a successful product or startup has little to do with luck. Any business that gains traction on the market is the result of very careful strategizing and market analysis, not to mention the development of an original product or service.

One of the banes of successful innovation is that companies may be so committed to innovation that they will give the innovators a lot of money to spend.

As of 2011, it cost about $5,000 to launch a tech startup.

Many entrepreneurs, and the venture investors who back them, seek to build billion-dollar companies.

Getting a traditional pharmaceutical to the market can cost a billion dollars or more. Newer, more tailored and targeted drugs called biologics are even more complex and expensive. Simple economics dictates that companies and venture funds will invest more in products that can generate a sufficient return.