Notes
[1] Fifty years ago it would have seemed shocking for a public company not to pay dividends. Now many tech companies don't. The markets seem to have figured out how to value potential dividends. Maybe that isn't the last step in this evolution. Maybe markets will eventually get comfortable with potential earnings. (VCs already are, and at least some of them consistently make money.)
I realize this sounds like the stuff one used to hear about the "new economy" during the Bubble. Believe me, I was not drinking that kool-aid at the time. But I'm convinced there were some good ideas buried in Bubble thinking. For example, it's ok to focus on growth instead of profits—but only if the growth is genuine. You can't be buying users; that's a pyramid scheme. But a company with rapid, genuine growth is valuable, and eventually markets learn how to value valuable things.
[2] The idea of starting a company with benevolent aims is currently undervalued, because the kind of people who currently make that their explicit goal don't usually do a very good job.
It's one of the standard career paths of trustafarians to start some vaguely benevolent business. The problem with most of them is that they either have a bogus political agenda or are feebly executed. The trustafarians' ancestors didn't get rich by preserving their traditional culture; maybe people in Bolivia don't want to either. And starting an organic farm, though it's at least straightforwardly benevolent, doesn't help people on the scale that Google does.
Most explicitly benevolent projects don't hold themselves sufficiently accountable. They act as if having good intentions were enough to guarantee good effects.
[3] Users dislike their new operating system so much that they're starting petitions to save the old one. And the old one was nothing special. The hackers within Microsoft must know in their hearts that if the company really cared about users they'd just advise them to switch to OSX. ...[read more]
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