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Hey tech billionaires, if you want to talk about radical change, let’s abolish venture capitalism (www.theguardian.com)

submitted 1 year 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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[–] TropicalDingdong@lemmy.world -1 points 1 year ago (1 children)

You are free to take your great idea to VC and see if they get funded bro. I think they are a complete joke at this point.

[–] KarmaTrainCaboose@lemmy.world 0 points 1 year ago (1 children)

I don't have a good business idea, not everyone has to. That's not even what we're talking about.

VC is clearly not "a joke". All you have to do is Google "major companies that took VC funding" to see the impact of it. Of course this leaves out the thousands of others that failed, but long term the winners are going to have a very positive impact on driving innovation.

You may say "those companies would have succeeded anyway" and maybe so, but I doubt it would have happened nearly as fast, if at all.

[–] TropicalDingdong@lemmy.world -1 points 1 year ago

VC today isn't VC 20 years ago isnt VC 40 years ago.

VC today has ridiculous expectations on ROI and it re-enforces poor decision making, which, imo, brings down companies that might otherwise have been successful. Its part of a culture that was propped up by access to ridiculously cheap money. Modern VC is a dice roll at best, maybe worse.