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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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[–] UnderpantsWeevil@lemmy.world 29 points 1 year ago

It’s pure credentialism and institutionalism.

Not a coincidence that folks with Ivy League degrees get showered with money, while kids from state schools end up doing all the drudge work that keeps infrastructure running.

VC is a poison pill. It’s not there to drive innovation but to filter down who has access to opportunities. Their ideas about what works or doesn’t are bad, and largely driven by the culture they are apart of. They worship elitism and credentials, but will the respect for those who are willing to do the work. It’s inherently extractive. They add nothing. Want to kill a business? Take VC money.

Its an excellent way to cash out of a mediocre idea. Also an excellent way to elevate a mediocre idea from a regional/niche/insider scam to a national stage.