I had an interesting debate on Twitter (I refuse to call it “X”) recently with a colleague from the venture capital world as to whether there is a shortage of capital in Ireland or, as he contended, the problem is cultural risk-aversion and that there is “plenty of capital available for great people swinging big in Ireland”. There is, of course, a conceit at the heart of this contention that investors know who the great people or the great companies are at the time of investment. They don’t. That’s why venture capital investors typically invest in a large portfolio of…

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