Thomas Friedman (Photo via The New York Times)

Columnist Thomas Friedman offers an interesting stimulus plan in today's New York Times. Rather than sinking $20 billion in "the losers" of the U.S. auto industry, he suggests turning over $1 billion to each of the top 20 venture capital firms. Taxpayers would share in any financial upside achieved by the venture firms, essentially turning the American people into limited partners.

"As we invest taxpayer money, let’s do it with an eye to starting a new generation of biotech, info-tech, nanotech and clean-tech companies, with real innovators, real 21st-century jobs and potentially real profits for taxpayers," writes Friedman. "Our motto should be, “Start-ups, not bailouts: nurture the next Google, don’t nurse the old G.M.’s.”

We've heard similar proposals before, including Rob Coppedge's excellent guest column on TechFlash last month.

"A meltdown in the Innovation Economy will have longer-standing (and potentially much more severe) ramifications than the long overdue restructuring of the U.S. auto industry," wrote Coppedge, a Seattle venture capitalist in his plea to have some of the stimulus money go to the startup/venture community.

For those who believe that the U.S. economy is driven by innovation, the arguments of Friedman and Coppedge are easy to digest. But not everyone buys those arguments, one of the reasons why struggling industries burdened with misguided management or politically active labor unions get government support.

It is also worth noting that the track records of venture capital firms are somewhat mixed, so placing complete hope on them to rescue the economy could spell trouble. There's also no guarantee that the top venture firms -- many of which fly under the radar and have no trouble raising cash -- would actually want the money from the American citizenry. (That's part of Fred Wilson's counterargument.)

But, for the most part, I think Coppedge and Friedman are on to something. After all, since the government is already giving away billions to banks, auto manufacturers and insurance companies, it might make a little sense to pass some coin to the country's innovators.

What do you think?