this post was submitted on 01 Nov 2023
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Hey tech billionaires, if you want to talk about radical change, let’s abolish venture capitalism (www.theguardian.com)
submitted 10 months ago by JRepin@lemmy.ml to c/technology@lemmy.world
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Do you support sustainability, social responsibility, tech ethics, or trust and safety? Congratulations, you’re an enemy of progress. That’s according to the venture capitalist Marc Andreessen.

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[–] MajorHavoc@lemmy.world 17 points 10 months ago (4 children)

Based on my experience with venture capital, I'm not convinced venture capital has ever produced anything worthwhile.

[–] EnderMB@lemmy.world 17 points 10 months ago (1 children)

Couldn't agree more. My takeaway from three years working at a VC is that investors are fucking idiots, and lying to get investment is basically normal.

[–] jjjalljs@ttrpg.network 10 points 10 months ago

My favorite anecdote from "the cold start problem" is how zoom got funding not because they thought it was a good idea - the investors thought it was a solved problem - but because they were personally friends with the founder of zoom.

That's the quality of decisions we're dealing with.

[–] msbeta1421@lemmy.world 4 points 10 months ago* (last edited 10 months ago) (1 children)

That’s a bit myopic. VC is just a fancy word for large financial backer.

You can basically credit the entire age of discovery (America, Australia, etc.) to “VC” in the form of kings and wealthy elite financing voyages.

I think modern VC goes awry when they become defacto decision makers for the venture in question.

[–] mightyfoolish@lemmy.world 1 points 10 months ago

VC accomplishments:

✅ Genocide

[–] UnderpantsWeevil@lemmy.world -1 points 10 months ago

Hey now. It produced a ton of Ferraris.