A referee not defining the quality of gameplay, but ensuring the game does not run willfully out of hand. And, it would help if the game the referee is blowing the proverbial whistle on, is the game its audience expects to see from the bleachers. As in current value of innovation falling miserable short of producing renewable socioeconomic value to strengthen humanity.
As Einstein says: “The thesis determines what can be discovered” and hence the thesis of venture capital determines what innovation can be discovered. From How To Spot Subprime VC, published January 8th, 2009.