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I personally blame my MIT classmate Aileen Lee, formerly with Kleiner Perkins, who coined the term Unicorn , a private company valued at over a billion dollars. Like Jerry Yang who started Yahoo, as investors we are looking for entrepreneurs who are obsessed with a new technology. We’ve heard it all before.
This new entity could bring together human talent, technology scale, and long-horizon venture and investment approaches to construct business models that could pose a formidable challenge to those designed and perfected in the industrial age. The second era requires larger scale in technology and deeper R&D expertise.
Many public traded companies, such as Alphabet, Intel, and Apple are, in part, venturecapitalists in disguise. The median age of technology firms, backed by venturecapitalists, doing an IPO has reached eleven years and is increasing.
By venturecapitalists’ individual actions, they are limiting growth and innovation. Ted Schlein, general partner at Kleiner Perkins, was recently invited to discuss race and investment in technology. That VC might not even take the meeting. By their collective choices, they are risking our very lives. But bear with me.
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