Since the Lehman Brothers collapse, tech has been carrying the New York City economy. It’s been an engine of growth and has helped diversify New York’s economy beyond Wall Street. They’re creating jobs and eating up more real estate.
Yahoo buys geocities (again). I hope it works out better this time.
All right Bruins, let’s not screw this up now.
Quora has raised $61 million dollars for this life-altering question-and-answer-cum-blogging site. Let’s break that down a bit: SpaceX, a company that sends rockets into motherfucking space, has raised $230 million and employs more than 3000 people (source: the world’s second-best source for knowledge). Quora, which lets you ask other people questions on the computer, has raised more than a quarter of that amount and employs 50 individuals.
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Jesus Christ, Silicon Valley: Quora! Quora! Quora!?
Though this is obviously a bit of snarky fun, it does touch on the perverse nature of venture capital. While there was great promise when Quora first launched over three years ago, it has become something of a wasteland of pointless questions and answers. It makes you wonder if Quora would have been better off without the obscene amounts of money shoveled their way?
Also, it should be noted that Space X was first funded by Elon Musk who put in $100 million of his own money. The first VC funding round only came two years later.
(via marksbirch)
(via marksbirch)