VCs don't manage public money, and they also have their own filters to pick who gets to play the lottery. (And the VC ecosystem has its own set of impact metrics. the sacred KPIs! CLV, CAC, YoY! and of course just scientists know which grant organization wants which buzzwords, just as founders know which VC loves which overhyped contemporary meme.)

None of these spheres of life are, uhm, perfect, but this PR problem is completely the fault of academia, that they cannot sell this lottery model as well as the biz world. (Though I think maybe we should take a minute to consider how well loved investors and capitalists are nowadays!)