The paper examines rationales relevant to the evolving roles of government intervention and private venture capital industry in the commercialization of new technologies. Specifically, government interventions may aim to mitigate market and systemic failures, eliminate structural rigidities, or respond to anticipatory myopia. Ex ante , constructive, and ex post evaluations are discussed in relation to the possibility that agencies responsible for policy implementation may intervene even in situations in which the benefits of their interventions are not necessarily transparent.