Not so long ago it was considered a smart play for big corporations to set aside hundreds of millions from their profits to buy whatever looks hot.
Two of the region's largest companies, cable giant Comcast and drugmaker GlaxoSmithKline, were pioneers in this kind of wager. Their venture funds loomed large over Philadelphia's underpowered start-up scene, though over time both pumped far more money into far-off innovation centers like Silicon Valley.
But the venture capital business h...
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