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And this is exactly why SV is not anything revolutionary, despite the insistence of PG and co. There is no Golden Age, just a bunch of old guys accumulating wea
by mattgreenrocks 13y ago
And this is exactly why SV is not anything revolutionary, despite the insistence of PG and co. There is no Golden Age, just a bunch of old guys accumulating wealth by exploiting youthful naivete by cranking out a steady stream of technological toys designed to hook us, rather than serve us.
- seiji 13y agoI liked this sidenote in the article: "made their founders billionaires (New Economy founders typically retain large blocks of their own stock)" Histoically, founders gave up most of their equity to investors. "A" round? Investors take 50% for $3 million and set aside another 20% for an employee pool. "B" round? The founders end up with 4% of the company. I think pg helped everybody realize "Hey, us founders have the power here. We're not giving up shit. In fact, pay us out at each round too. We need to be millionaires sooner than any possible 5-year-out exit."
- mrobot 13y agoIsn't it different because those toys are part of our new people-as-a-product economy? To me it seems like this and the public-private-partnership blur factor make this different, and the walls are going to get a lot higher than in similar situations in the past.