Talk about a tough sales pitch! With four more contractors killed in Iraq today, Afghanistan's President Hamid Karzai spoke at the U.S. Chamber of Commerce today to encourage investment in his troubled land. Among other things, he said: "To succeed, we ask for your continued investment. Afghanistan is open for business and American companies are most welcome."

Intrigued? How about investing in Afghanistan's first venture capital fund -- called the Afghanistan Renewal Fund -- which is looking for $50 million? This is what is known in the business world as a "dumb idea." In the understatement of the day, Innes Meek, a director at London-based CDC, stated, "There's clearly a need for finance in Afghanistan, but it may be too early for venture capital." Then there is this from Tom Lamb, a managing director at Barclays Private Equity in London: "Venture capital is tough enough. In Afghanistan, the things we take for granted -- a stable political system, laws and accounting -- don't exist." And finally, from Stephen Marquardt, a former head of emerging markets investment banking at Merrill Lynch & Co.: "You've got to hand it to him, he's taking venture capital to a whole new level. It's more like adventure capital." Well said.

P.S. If you would like to get a sense for how hard it is to be an entrepreneur in a land without a stable political system, laws and accounting, read one of the best books ever written on entrepreneurship, Siberia Bound by Alexander Blakely.

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