VC Matt Turck writes an insightful post about the state of venture capital in these scattershot times: Link
The flight to safety seemed logical given the decades-long run toward prosperity from measured risk. The new normal may take a year or two to fully actualize.
Venture capital spent too much time winning for selfish stakes, and not helping humanity. Turck says a thoughtful approach may help entrepreneurship thrive as “many in the ecosystem welcome a slowdown in pace, with the opportunity for more meaningful work and deeper relationships.”
I relocated during previous seismic shifts in the world economy. The pandemic brought me and my family to Austin. Is another move possible? I don’t rule it out. Most people in tech tend to get blown by the winds. The younger generations prefer experiences and no place is capable of fully satisfying them. The free market economy has given way to the convenience economy. The convenience economy powered by the smartphone is here to stay. Will the convenience economy give way to a collaboration economy where neighbors help each other, different cultures meld out of necessity, and governments do as the people say on social media — stay out of their business? Authentic connection and collaboration are needed more than ever.
The collaboration economy helps us overcome tribal strife since our phones seemingly bring us closer together via a shared state of obsolescence fueled by tech addiction. The new normal may signal what humans should have been doing all along — helping each other, not beating up each other. Venture capital will continue funding experiments and technology that promote a better humanity. Everyone shares the same platforms but is not aligned to solve the biggest problems when they are not looking at their phones. My take is much more idealized than Turck’s, but scarcity is what the world needs to tap into our capacity to coexist under difficult circumstances. We are poorer. We have similar problems. We love our phones.
Can we learn to love one another? Will venture capitalists become kinder, gentler souls, too?