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I'm out of this loop, but I still struggle to consider: In the world of tech (which scales) what good is VC? As in, what companies/products/services have come a
by jrm4 4y ago
I'm out of this loop, but I still struggle to consider: In the world of tech (which scales) what good is VC? As in, what companies/products/services have come about and existed in a healthy way due to this process? Why should I not cheer the death of all of this?
- pavlov 4y agoSynthetic insulin was first created in 1978 by Genentech, a VC-funded company with only twelve employees. The inventors had been previously unable to get research funding for the project. Previously all insulin was extracted from animals. The Genentech process brought its price down by 1000x and undoubtedly saved many lives. https://www.gene.com/stories/cloning-insulin https://www.gene.com/stories/cloning-insulin
- fidgewidge 4y agoGoogle was VC funded. They were a classic case where VC makes sense: highly risky, and needed to spend money up front to get usage in order to make money (you can't sell ads if you don't have traffic, can't pay for serving traffic if you don't have ad revenue, VC breaks the circle).