After all, more than 50 per cent of new businesses in the United States fail in the first four years of their existence (Shane, 2008). Successful venture capitalists are right only part of the time,14 while the gains of the winners compensate for the failures of the losers. However, particular investment failures do not mean that the strategy itself is a failure. It is important to change perceptions of the meaning of government failure. A country fund structure, as discussed above, could be helpful in doing so, since it incorporates individual decisions into a larger framework.