Paul Graham has accidentally explained everything wrong with Silicon Valley’s world view - Quartz

Paul Graham has accidentally explained everything wrong with Silicon Valley’s world view - Quartz: "I will throw Paul Graham a bone for recognizing that in terms of scale and impact on the American economy, Wall Street is definitely the bigger concern.



But my guess is that what probably infuriates you about Paul Graham’s essay is his tacit contention that startups create wealth. This is not true.



First of all, the vast majority of startups fail. Every venture capitalist knows this. Those pesky things, for the most part, just eat money and more often than not actually destroy wealth.



But the second reason why you should not allow yourself to think that startups create wealth is because of how they are funded."



'via Blog this'