Many startup founders have a dream of creating a big business. The way the system is supposed to work is you find an idea so profitable that it gives you the means to do that. But if someone is handing out billions just for telling them a story, you're a fool not to take it.
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What's the last piece of real innovation to come out of the Silicon Valley startup economy? Genuine question.
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We were making fun of "alleged tech startup doing an obviously money-losing non-tech thing" back in the Groupon era. But WeWork makes Groupon look like Standard Oil
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The whole premise of tech venture capitalism is you have a very high failure rate to justify weird bets. But when the metric of success becomes simply getting investment, then the failure rate goes to zero, and you are left with a bizarre planned economy run by tech bros
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The one thing that makes capitalism work—the constraint that you need to sell your product at a profit in a competitive market—has been discarded from tech industry venture capitalism.
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There's also a massive non-financial cost to WeWork and its family of unicorns, which is that it has acculturated a generation of young tech people, mostly men, into a fundamentally toxic vision both of business and of what it means to be successful
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It’s also disgustingly dismissive of all the promises WeWork had made to customers outside of their workspace segment... like parents and students of their school. Yes it’s an overpriced private school, but these are kids lives they’re screwing around with.
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What about the startups whose office space was inadvertently subsidised by Saudi money?
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My first reaction was to think you are being overly dramatic, but on further thought I wonder if I am falling prey to salience bias: losing one's life savings *feels* like a tragedy more than delayed innovation does, but the latter could actually be just as bad, for more people
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