3 ms·
Failure also works well at company scales. When many hedge funds failed in 2008, some great people were released into the wild. As a result, NYC is now the #2 i
by tlb 16y ago
Failure also works well at company scales. When many hedge funds failed in 2008, some great people were released into the wild. As a result, NYC is now the #2 internet startup city.
The most limited, precious resource in the world is people and their time. So admitting failure and moving on is the best thing, continued death marches are the worst thing.
- rdouble 16y agoI was in NYC during that time period, and very few people (approaching zero) at the hot startups were from hedge funds. You maybe had a DBA or sysadmin from a failed investment bank. In fact, it seemed like a non-trivial number of startup engineers and product people in NYC were people who were sick of living in Silicon Valley. Maybe it prevented certain smart people from going into hedge funds in the first place, but I wouldn't be so sure. Firms like 2 Sigma and Jane Street were still hiring, and actually had more startup-like attitudes towards workspace and technology than many of the startups.