I agree with you and see your point, but many businesses (especially B2C and high-tech) can't get to profitability without millions in venture capital.

Venture capital is high-risk and high-reward, and investors won't gamble millions without a chance for a massive return.

Massive returns usually happen at large scale.

If you want more companies like yours and fewer like, say, Twitter, then venture capital would need to be a charity.