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This is a false dichotomy. The financiers who made this list were all entrepreneurs. James Simons, John Paulson, Steve Schwarzman, David E. Shaw, etc all succes
by grasshoper 16y ago
This is a false dichotomy. The financiers who made this list were all entrepreneurs. James Simons, John Paulson, Steve Schwarzman, David E. Shaw, etc all successfully founded companies. Their companies just happen to be investment firms. The fact that more founders of financial startups have made this list in past decade than founders of tech startups speaks to the dominance of the investment industry in recent years. It says nothing about finance vs start-ups. The Forbes list will always be dominated by those who took an entrepreneurial risk and had that bet pay off. Nobody, finance sector or otherwise, makes this list by being an employee. Not even top employees can reach this level. Jamie Dimon, Lloyd Blankfein, John Mack are not on here.
Now for more modest monetary goals, there's still no better field than finance. The only path to the Forbes list is through entrepreneurship, but finance opens up additional paths to millionairehood. Make it to Managing Director at an investment bank? Become a successful trader? You'll get 7-figures in yearly comp. Wanna do that in the tech world? You'll need a successful exit.
- apsec112 16y ago"Nobody, finance sector or otherwise, makes this list by being an employee. Not even top employees can reach this level." That is indeed true, but "start-up" has specific technology connotations in the minds of most people here.
- daniel-cussen 16y agoTwo of these (James Simons and DE Shaw) having started quant funds.
- theorique 16y agoOne could argue that Renaissance (Jim Simons) and D. E. Shaw and Co (David Shaw) are actually technology firms, and only incidentally financial firms. The majority of their competitive advantage emerges from software design and implementation, and systems integration. With Renaissance, it's even in their name - the full name of the company is Renaissance Technologies, not Renaissance Capital.