A few weeks ago, I wrote about having a sense that the financial world was changing.
I am not an economist and don’t play one on television, but I would like to go out on a limb and share some data points.
The world of tech. A company called Bolt. Lots of hype, a fancy algorithm, venture-backed, raising money recently at an $11 billion valuation, the founder, a 27-year-old, charismatic fellow in a yoga pose on the front of the New York Times. But Ken Smythe, CEO, of Next Round Capital, said that he was looking for buyers at an $8 billion valuation. No takers. Needle, haystack and running for the hills, don’t trip on the guy right in front of you.
A recent paper by Harvard professor William Kerr lays out the puzzle. He says the percentage of self-employed since 1970 has shifted significantly to businesses that do not require much capital. But with that personal independence comes an equal expectation of “lower returns than those that normally accrue to ventures that require significant start-up capital.”
The dream of being an entrepreneur does not die easily. But it does morph. And it often leads to a decision to start and run a “small company,” one that is quickly cash-flow positive. When I was younger, I wanted to do big deals. I was wired and driven in that direction. But I admire those mom-and-pop, smaller entrepreneurs.
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