Everything that has occurred in Silicon Valley in the last couple of decades also occurred in the 1850s. Anyone who thinks that wild-ass high tech venture capitalism is a late-20th-century California phenomenon needs to read about the maniacs who built the first transatlantic cable projects. The only things that have changed since then are that the stakes have gotten smaller, the process more bureaucratized, and the personalities less interesting.
About this quote
- What does it mean?
- Stephenson argues that the chaotic, high-stakes nature of early Silicon Valley venture capitalism has historical precedents in the 1850s, specifically in projects like the transatlantic cable.
- In plain terms
- Wild tech investing isn't new; it happened before in different forms.
- What can you take from it?
- History repeats itself in business innovation cycles.
Where it applies
Putting it to work
Questions to consider
- What patterns from the past are we ignoring?
- How does history inform current innovation?
Another view
The comparison might oversimplify the unique regulatory and technological contexts of different eras.
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