First thing that would need to be done would be to set up a socialist government modelled on existing socialist states. Next, the government would expropriate private wealth from the billionaires. All private banks would be abolished and replaced with a publicly owned central bank.
With that in place, all private enterprise would be required to be cooperatively owned, and VC funding would be replaced by the central bank. People who would want to start businesses would be required to submit a proposal to the central bank in order to get initial loans or grants.
Finally, all the things that are common concerns and should be done without a profit motive would be handled by state owned enterprise. In particular this would include like infrastructure, healthcare, education, food, and energy production.
State industry would also be used to provide job guarantee and set the bar for things like employment benefits. Anybody who wants a job would be guaranteed a job in public sector.