Timelines matter. The BS will either return the millions in a couple years or it won't. Basic research may return much more, but your best case is still many years before you gets results. The risk is actually higher with basic research than for BS as well - the pet rock earned money and there are plenty of other examples of stupid things working well quickly. Basic research in fusion hasn't returned anything yet even though the physics has said it works (though with recent reports maybe fusion is just around thee corner - or maybe it is still 50 years out)
See, the thing is, you're making an argument about how VC works, and I'm making an argument about allocation of money towards VC vs. other socially beneficial projects.
I understand how VC works. I'm annoyed that - let's even take the Saudis as an example, since they fund half of Silicon Valley anyway - would rather flush their money down the drain on stupid shit than do long-term projects that may help secure their existence post-oil. Even with every motivation to focus on the long-term, still it gets blown on short-term complete garbage.
Saudis don't fund half of Silicon Valley. Aramco is worth 2 trillion, apple alone is worth 3 trillion.
Saudis have built entire top-equipment universities out of nothing (KAUST), and hired top foreign professors, and offered generous scholarships to foreign students to fill it up.
You rant about short termism, but don't seem to like doing research yourself.
