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> Reputation is everything at this level, so they hire some human workers to catch and fix the edge cases that end up badly. The most important part of your re
by jjmarr 2y ago
> Reputation is everything at this level, so they hire some human workers to catch and fix the edge cases that end up badly.
The most important part of your reputation is admitting fault. Sometimes your product isn't perfect. Lying to your investors about automation rates is far worse for your reputation than just taking the L.
- chii 2y agoThe expectation is that the startup lies until they make it. It isn't too dissimilar to theranos.
- Ancalagon 2y agoOr Uber. Or Tesla. Or Amazon Go.
- nyclounge 2y agoThey are just heavily subsidized!!! We ought to just view and treat them as defense contractors and 3 letter agencies!
- 52-6F-62 2y agoWhat is making it, in these cases? Monopoly? IPO? Exit and leave the bags with someone else? This is bloody absurd
- siva7 2y agoLiterally every founder story disproves your theory
- johnnyanmac 2y agoOkay slight correction: |lying to shareholders is okay until they start losing money. Then it's worse than admitting fault.
- Jensson 2y agoYeah, Theranos would have been hailed as a genius founder move if they managed to make the things work. But since it didn't make money she got put in prison.
- Suppafly 2y ago>Yeah, Theranos would have been hailed as a genius founder move if they managed to make the things work. But since it didn't make money she got put in prison. The key is to at least be believable. Anyone with any sense realized that Theranos' claims were literally impossible.
- 52-6F-62 2y agoAnd so then the moral impetus changes to “it is right to lie to your investors and clients and utilize underpaid manual labour where you claim you have intelligent machinery to get rich?” It’s tens of millions of dollars lol. The emperor just took off his socks and is starting to do a little uncoordinated “sexy” dance
- jjmarr 2y agoWhat are some actual examples of founders lying to their investors and getting away with it? I consistently see tech companies openly admit to losing insane amounts of money. OpenAI lost $5 billion last year on $3.7 billion in revenue and they're a $300 billion company????
- siva7 2y agoI'm sorry, you were totally right. Sam Altman for example wasn't candid in his communications with board and investors. For that he was fired as CEO of openai and lives now a miserable live in poverty.