I love these startup post-mortems that lack all self awareness. Maybe the world wasn’t ready for a $699 doorknobhttps://hackernoon.com/so-close-806b8ae77fa6 …
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The fact that the founder of Otto can write this piece of self-congratulatory drivel, with the warm guarantee that he will fail upwards as a revered 'serial entrepreneur', is also a problem. The cutthroat world of startups is only cutthroat to employees
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Update: the writer of this drivel, a visionary who burned through other people's millions in pursuit of a $700 doorknob, was hired by Apple in February. There is no direction in Silicon Valley to fail but up.https://www.gearbrain.com/apple-smart-home-business-2629271792.html …
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it's an expectations market like any other dumb market. they don't actually have to believe the product will pay out, but that some other company will absorb it to kill the "competition" or feather their staffing nest.
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is it a tax evasion thing? is investing in startups somehow like creating your own non profit? is money getting funneled back somehow?
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i assume you've already seen this article/read the book but just in case… it's very good and with only a few words changed, applies to private equity https://www.forbes.com/sites/stevedenning/2011/11/28/maximizing-shareholder-value-the-dumbest-idea-in-the-world/#40089e022870 …
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When I see 'Start-Up' all I see is pump & dump.
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Here in Buenos Aires there are plenty of US$700 front doors on the market. It's easy for me to imagine that a US$700 doorknob would work here if people were convinced that it kept them safe from robbers. In the US crime victims are poor so it's a harder sell
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Because more outside money goes into the startup ecosystem than what leaves. So, the money just keeps getting recycled from one bad idea to the next.
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What do you think the structural problem is? What is the structure that leads to this kind of situation?
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In any case, between now and the time we as a society solve that structural problem, I'm with you on the "fun to make fun of" thing, so there is https://ourincrediblejourney.tumblr.com
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