The problem is not capital scarcity. It is the logic of how capital moves. Capital flows at record scale into what is already bankable, and retreats from what still needs to become bankable.
We have a manufacturing problem, not a money problem. Investability is not a property of the technology. It is a property of the contract structure around it, and contracts are man-made.
Rational individually, irrational collectively. Everyone waits for someone else to move first. Nobody has to be a villain for the system to fail.
Relationships are market infrastructure, and must meet infrastructure standards.Trust shortens time to decision. But networks without open access and transparent criteria are clubs, not infrastructure.
Catalysis is the smallest actor who can credibly go first. Often, that is a creditworthy buyer willing to sign a long-term contract.
The transition is not behind schedule because people don’t care. It is behind schedule because we have not yet built the plumbing that turns care into contracts. That is an engineering problem, and engineering problems get solved.
Listen on:
