For a start-up proper, yes. But most of my projects are not really start-ups which I can sell equity from.

Imagine you decide to study some cool new technology. You are making a bet: Learning this technology now might get you a great reward in the future, but you can possibly just be wasting your valuable time. So it's a sort of mini-startup, your study of this technology. But you can't sell equity out of that thing.

How do you expect to pay back debt then?

If you're looking for ways to support talented people with pie-in-the-sky ideas, that's what the Macarthur Fellowships are for. Those are outright grants, so the people in question can concentrate on what they love and not have to worry about paying back a high-interest loan.

Maybe 1% of startups get VC or angel funding. Do you really believe that getting funding is easy? Especially in this climate, investors wouldn't put money in Bill Gates today if he begged.

No. I believe that good entrepreneurs are that rare.