A book pre-Covid and pandemic, pre-Web3 race, pre-AI explosion and pre-historic frauds like Theranos and FTC. Even so, it manages to stay current, while discussing problems of high-stakes startup entrepreneurship, Y Combinator and Silicon Valley.
The author herself introduces the topic, which I recommend you watch:
The book "Abolishing Silicon Valley: How to Free Technology from Capitalism" , by Wendy Liu , tells her experience as a Startup Founder and the entire process of developing the company and eventual sale: the meritocratic and naive dream that it is enough to work incessantly on the verge of collapse so that eventually your company will find a market fit and magically investment money will come through the door so that you can become the newest cover of Forbes, even if you commit crimes .
The book is divided into two very clear parts: the failed dream of creating a startup in the current format, and the eventual disappointment and discovery of the structural aspects of this model that has been questioned for many years. Liu delves deeper into the first part, one that I know well - guilt for believing in a model that doesn't work, and full of self-pity in search of clearly painful memories.
To be clear: this book is a critique of Capitalism, but mainly a critique of the current Silicon Valley model of capitalism that seeks to use technology indiscriminately for profit, even if this puts communities, countries or the planet itself at risk.
In this context, the very model on which the Valley is based needs to be questioned, and that is what the author tries to do in the book. And there is no shortage of evidence of the greed, stupidity and bad character of this market.
Theranos and Elizabeth Holmes (arrested) make history by deceiving the world with Venture Capital money
We Work and Adam Neumann represent the completely broken and problematic model
FTX and Sam Bankman-Fried (arrested) are examples of the perverse and deceptive reality of the venture capital and startup markets
Would the current moment of Artificial Intelligence be different from this?
For me, the first half of the book was a torture to read. A story similar to so many others I have heard, mentored, and worked with: dream of creating a product, no ethical concerns, delusional belief in greatness and purpose, admiration for false prophets of startup capitalism, willing to do anything to succeed. I have been there and I know how bad it is for the individual. But Liu explores this theme from a personal perspective, which is interesting, but I wish it were shorter.
The second half of the book has a different focus, and in many ways is much better.
From her entrepreneurial disappointment, she chains her thoughts from her experience in the startup world to criticize the accelerator movement as a means of producing labor for Big Techs, the dreams of greatness and instant wealth of her colleagues in the market, the meritocratic and cultural beliefs that dominate the current imagination, the stage of development and influence of Big Techs in the world and finally the structural component of all this: Capitalism .
Finally, she proposes ways to transition the current model to a different reality, albeit a distant and utopian one. Personally, I would have liked more depth, but I understand that the book is aimed at an audience that is facing the problems of this world now, and serves as a springboard for deeper readings. Despite this, the book provides a very compelling rationalization of the problems, and is full of references for reading.
For anyone who is starting to question the utopian reality of the meritocratic and startup world: this book is a great recommendation .
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