Are we stuck on a innovation plateau - and did startups burn through fifteen years of venture capital with nothing to show for?

pbmonster
2023-06-27T20:02:49Z

The theses I would like to discuss goes as follows (and I'm paraphrasing): during the last 15 years, low interest rates made billions of dollars easily available to startups. Unfortunately, this huge influx of venture capital has led to no perceivable innovation.

Put cynically, the innovation startups have brought us across the last 15 years can be summarized as (paraphrasing again):

An illegal hotel chain destroying our cities

An illegal taxi company exploiting the poor

Fake money for criminals

A plagiarism machine/fancy auto-complete

Everything else is either derivative or has failed.

I personally think spaceX has made phenomenal progress and would have probably failed somewhere along the way without cheap loans. There's also some biotech startups (like the mRNA vaccines that won the race to market during covid) doing great things, but often that's just the fruits of 20 years of research coming to fruition.

Every other recent innovation I can think of came from a big player that would have invested in the tech regardless, and almost all of it is "just" incremental improvements on several decades old ideas (I know, that's what progress looks like most of the time).

What do you think? Do you have any counterexamples? Can you think of any big tech disruptions after quantitative easing made money almost free in 2008?

And if you, like me, feel like we're stuck on a plateau - why do you think that is?

Comments URL: https://tildes.net/~tech/172z/are_we_stuck_on_a_innovation_plateau_and_did_startups_burn_through_fifteen_years_of_venture_capital

Votes: 83

Comments: 53