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The conclusion that I've come to is that VC-istan isn't actually technology, at least not in this current social-media fueled bubble. It's old-fashioned social climbing and self-promotion with a bit of technology in the back end. Do startups actually succeed based on technical merits, or on how well they market themselves? In this social media bubble, it's the latter. I'm not going to claim that technical skill doesn't matter. I just don't think it matters as much. You can back-fill the technical stuff by hiring the right people (contrary to our overblown claim that non-technical CEOs have no hope of finding technical talent because they can't individually judge it) but if you build great technology and can't sell it, you never get off the ground. It's exceptionalism that leads people to think that the VC ecosystem is in some way (or should be) morally superior to Wall Street, Hollywood, the fashion industry, or Madison Avenue. Sure, what we do is cerebral, but so was advertising in the Mad Man era. VC-istan isn't worse than these other industries, but it's not better. When you have a "creative" industry, there are a lot of opportunities to do great work and profit by doing so. But there are also smiling-idiot narcissists who pile in and fuck everything up because they think they're "creative"... and of course, what gives them this opportunity is that there are other idiots in power who will put them ahead of the people of substance like us because they don't know any better. It's the expectation of meritocracy that makes us unhappy, but human organizations and ecosystems and societies all turn to shit over time no matter what so this is an unreasonable expectation. There is a place for people like us, the virtuous soldiers who get rich slowly, building our skillset until we're just really good at a few things... but there's also a place for smiling idiots. And smiling idiots are always going to be the "cool kids", and it's the cool kids (not people of substance) who get those stupid TechCrunch articles written about their 7-Couric products. It's the expectation of fairness in human structures, which is just unreasonable at scale, that creates the unhappiness. |