Unfortunately, the government has a near perfect rate of failure on such endeavors, from an economic perspective. Government subsidies are based on arbitrary, ideological and wishful thinking. OTOH, venture capitalists generally have a 5-10% success rate. They assume the risks, they reap the benefits of successes, and they drop failures when it's clear they will fail.
If you think this is an example of the proper role of government, I'd like to hear some examples of what you think the government should NOT be directly involved in.