You're missing the point. There are times when it's useful to model things as commodities, and times when it's not. Here, you see Union Square Ventures modeling startups as commodities:
but they would be the first to tell you that their investments are not treated as commodities when they're deciding on whether to provide follow-on investment.
Even traditional commodities - say, apples - are treated as commodities when they're being bought and sold in bushels. But when you go to pack your lunch, suddenly, you're inspecting for ripeness, bruises, etc.
http://www.avc.com/a_vc/2008/08/venture-fund--1.html
but they would be the first to tell you that their investments are not treated as commodities when they're deciding on whether to provide follow-on investment.
Even traditional commodities - say, apples - are treated as commodities when they're being bought and sold in bushels. But when you go to pack your lunch, suddenly, you're inspecting for ripeness, bruises, etc.