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> Either the willingness to risk own money in engineering startups is < 1 per cent among those Maybe? The thing about having a rich family is... you're already
by ethbr0 3y ago
> Either the willingness to risk own money in engineering startups is < 1 per cent among those
Maybe? The thing about having a rich family is... you're already rich.
That removes one of the prime motivations to take serious risks, of the sort that paid off for Musk; namely, to become rich.
I'm sure you get a lot of people who invest, or toss some money into this or that.
But I'd be surprised if a significant number invested their entire net worth and time into a single endeavor.
- inglor_cz 3y ago"But I'd be surprised if a significant number invested their entire net worth and time into a single endeavor." AFAIK Musk was a relative nobody in the millionaire world when he poured a majority of his wealth into SpaceX (2002). They were very close to bankruptcy during the Falcon 1 experiments and if the fourth launch failed, they would have joined a fairly extensive graveyard of defunct space startups, together with Carmack's Armadillo Aerospace and a few hundred others.
- ethbr0 3y agoBy that point, he'd already been CEO of PayPal for a bit (after co-founding X.com that merged into the company that became PayPal) and made $175M for his stake when eBay bought it. Then $100M went to found SpaceX. But that does seem like a very large bet that millionaires don't often make.