362agency. 6. Finally, the idea that governments should share both risks and rewards if they

engage in VC activity is reasonable. Yet, the argument that they should do so

rests, in our view, on a ﬂawed idea regarding what early- and later-stage ﬁnan-

ciers should do, wrongfully labeling sound investment behavior as shortsightedness.

363Collaborative Innovation Blocs and Mission-Oriented Innovation Policy: An. . .

Acknowledgments We are grateful for useful comments and suggestions from Christian Sandström, Karl Wennberg and two anonymous reviewers. Financial support from Jan Wallanders och Tom Hedelius stiftelse (grant P2018-162) and the Marianne and Marcus Wallenberg Foundation (grant 2020.0049) is gratefully acknowledged.

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