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So, to put simply, VCs are only interested in those who already are full of multi-generational advantages and privileges built off the poor. No wonder startups

So, to put simply, VCs are only interested in those who already are full of multi-generational advantages and privileges built off the poor. No wonder startups are bascially for white guys only.

SeanAppleby 7y ago
They're interested in making money, not providing a social service. There's certainly a problem there, but it's not the VCs' responsibility. You are more likely to succeed in your business if you have the experience of building scalable systems, like at google, and if you have a similar friend group to recruit talent from, which is extremely hard at an early startup unless you already know the kinds of people you disproportionately meet at top universities and tech companies, and if you have family/friends that can help you out while you're struggling at the beginning of the startup, etc. You are less likely to succeed if you have the financial encumberances that are common outside of the upper middle class, or if you have an unstable family structure that leans weight on you, if you don't have a safety net to lean on to get you through rough periods without personal income, and if you don't have the kind of network that a top school, top company, or connected family brings. I came from a working class background, taught myself how to build products, made my own connections and raised some money for a startup and had to leave and return the money because there was a nonzero chance I'd have to adopt my nephew to keep him from the foster system, and couldn't possibly do that with the hours and volatility of that game. It is perfectly logical to avoid startups that have those kinds of additional risks when the game is already risky. We absolutely should try to assuage those biases to improve economic mobility, but the answer isn't just to yell at VCs for trying to make money.
- crankylinuxuser 7y ago
  Venture capitalists are only a thing because they siphon off the working class via the exfiltration of surplus. And then they have the gall to demand percentage ownership for that money they "invest". Because they worked hard (stealing from workers) for 'their' money. My opinion is their money is tainted from the get-go. It amounts to theft from the very people whom made the things.
  - acct1771 7y ago
    The people creating the things should be organizing projects for themselves more often.
- blacktonystark 7y ago
  Those financial encumbrances exist due to VCs taking a larger share of the pie than their efforts are worth, and we can't look at their bank balances now and ignore all context as to how that money got there in the first place.
- bumby 7y ago
  > it's not the VCs' responsibility You make some valid points, but I really dislike the above comment. When used it seems like a convenient way to diffuse responsibility, often to selfish ends. There's lots of examples where this type of single-minded attitude isn't acceptable. - A civil engineer cannot just have making money be the sole pursuit when designing or building a bridge - A doctor cannot just have making money be the only goal when treating a patient - A government worker cannot be only concerned on how to maximize their individual gains when awarding contracts - A financial adviser is expected to act in their client's best interest, rather than their own We're used to expecting certain levels of ethical behavior from some professions acting within a larger societal framework. I don't know why investing is so often left off the hook in this regard. Maybe it's naive, but I think we'd be better of if people told themselves it WAS their responsibility when making these decisions.
  - lotsofpulp 7y ago
    Leveling society's playing field is a far different scale of responsibility than a civil engineering designing a safe bridge or a doctor looking out for their patient. Societal level problems need societal level organizations to solve, such as governments. We should be voting for policies that strengthen the nation as a whole. A VC giving up a few % point in return in exchange for betting on poorer people is not going to change anything, other than that VC losing investors. We want to fix families? Well let's guarantee parents have time home with their children, let's guarantee they have sick leave and parental leave and vacation leave to spend with their families. Let's provide more transit and infrastructure and education to communities that need it. It will require a transfer of wealth.
    - bumby 7y ago
      To be clear, I'm not saying it's VC's job to create a solution of that scale. My position was that it's a weak position to wash one's hand of any responsibility because their stance is that they have a singularly focused job. I would hope, for instance, that Boeing software engineers wouldn't take the stance that their job is to code to requirements and the safety engineers job to make sure the requirements are safe. I would hope everyone has the onus to look at the greater landscape for the impacts of their decisions rather than using a myopic view to skirt responsibility because it's convenient or easy.
joyeuse6701 7y ago
Lot's of people of color across the pond too, i.e. China.

So, to put simply, VCs are only interested in those who already are full of multi-generational advantages and privileges built off the poor. No wonder startups are bascially for white guys only.

SeanAppleby 7y ago

They're interested in making money, not providing a social service. There's certainly a problem there, but it's not the VCs' responsibility. You are more likely to succeed in your business if you have the experience of building scalable systems, like at google, and if you have a similar friend group to recruit talent from, which is extremely hard at an early startup unless you already know the kinds of people you disproportionately meet at top universities and tech companies, and if you have family/friends that can help you out while you're struggling at the beginning of the startup, etc. You are less likely to succeed if you have the financial encumberances that are common outside of the upper middle class, or if you have an unstable family structure that leans weight on you, if you don't have a safety net to lean on to get you through rough periods without personal income, and if you don't have the kind of network that a top school, top company, or connected family brings. I came from a working class background, taught myself how to build products, made my own connections and raised some money for a startup and had to leave and return the money because there was a nonzero chance I'd have to adopt my nephew to keep him from the foster system, and couldn't possibly do that with the hours and volatility of that game. It is perfectly logical to avoid startups that have those kinds of additional risks when the game is already risky. We absolutely should try to assuage those biases to improve economic mobility, but the answer isn't just to yell at VCs for trying to make money.

crankylinuxuser 7y ago
Venture capitalists are only a thing because they siphon off the working class via the exfiltration of surplus. And then they have the gall to demand percentage ownership for that money they "invest". Because they worked hard (stealing from workers) for 'their' money. My opinion is their money is tainted from the get-go. It amounts to theft from the very people whom made the things.
- acct1771 7y ago
  The people creating the things should be organizing projects for themselves more often.
blacktonystark 7y ago
Those financial encumbrances exist due to VCs taking a larger share of the pie than their efforts are worth, and we can't look at their bank balances now and ignore all context as to how that money got there in the first place.
bumby 7y ago
> it's not the VCs' responsibility You make some valid points, but I really dislike the above comment. When used it seems like a convenient way to diffuse responsibility, often to selfish ends. There's lots of examples where this type of single-minded attitude isn't acceptable. - A civil engineer cannot just have making money be the sole pursuit when designing or building a bridge - A doctor cannot just have making money be the only goal when treating a patient - A government worker cannot be only concerned on how to maximize their individual gains when awarding contracts - A financial adviser is expected to act in their client's best interest, rather than their own We're used to expecting certain levels of ethical behavior from some professions acting within a larger societal framework. I don't know why investing is so often left off the hook in this regard. Maybe it's naive, but I think we'd be better of if people told themselves it WAS their responsibility when making these decisions.
- lotsofpulp 7y ago
  Leveling society's playing field is a far different scale of responsibility than a civil engineering designing a safe bridge or a doctor looking out for their patient. Societal level problems need societal level organizations to solve, such as governments. We should be voting for policies that strengthen the nation as a whole. A VC giving up a few % point in return in exchange for betting on poorer people is not going to change anything, other than that VC losing investors. We want to fix families? Well let's guarantee parents have time home with their children, let's guarantee they have sick leave and parental leave and vacation leave to spend with their families. Let's provide more transit and infrastructure and education to communities that need it. It will require a transfer of wealth.
  - bumby 7y ago
    To be clear, I'm not saying it's VC's job to create a solution of that scale. My position was that it's a weak position to wash one's hand of any responsibility because their stance is that they have a singularly focused job. I would hope, for instance, that Boeing software engineers wouldn't take the stance that their job is to code to requirements and the safety engineers job to make sure the requirements are safe. I would hope everyone has the onus to look at the greater landscape for the impacts of their decisions rather than using a myopic view to skirt responsibility because it's convenient or easy.

joyeuse6701 7y ago

Lot's of people of color across the pond too, i.e. China.