The author is crossing streams with 'value capture' and 'value creation', they are not the same thing.

Investing does create value, but a lot of it is just poker. Being better at poker than a fool is a net zero-sum win for society.

Though most startups do create some value, it's also questionable in the big picture.

And a huge amount of value is created by individuals who are not able to capture the surpluses.