There are a number of things which are also impedance mismatches between the typical SV startup mode and hard startups. One of these is the failure path. When an adtech startup fails, the founders just go get well-paying jobs at a FAANG, or at least that what the perception appears to be. When your fusion startup goes bust, you... get evicted and live in your car for a while. There's no on-ramp for failed founders back into the industry. Heck, if its a hard startup, there may be no industry yet to go back to. So, you have to go find something else to do to pay the bills. The personal cost of failure can be much higher than typical startups. "Our incredible journey" for hard startups is more like, "Well, none of us died".
Another thing which doesn't mix well between the typical SV expectations and hard startups is that all the things which VCs think are advantages to being located in SV are generally disadvantages to people working on hard problems. Doing web software with ads? Lots of people to recruit in the Valley. Doing nuclear fusion... is there anyone doing nuclear fusion in the Valley? How do they afford to live when competing with all that cheap ad money? Perhaps I should locate on Madison Avenue, it has the same "advantages".
Then there is the typical way that VCs filter, starting with step one, "Know someone who can introduce you". That's a lot easier when you are in the same location, working in similar industries. It's a poor filter when most of the people working on a problem live far away, doing stuff very different from everyone you know. There are far fewer serial entrepreneurs when the failure time is measured in decades, so networking is more difficult.
I'm happy to see VCs try to return to working on hard problems. The Valley used to be good at that, before they became a center of the advertising industry. But Valley VCs need to read their history. In the late 1950s/early 1960s, New York was the center of finance and advertising. The idea that somewhere out in the wilds of California would become a center of a new industry with its own finance ecosystem was crazy. But everyone in the early Valley knew what those East Coast people were like. The Valley is now the new East Coast people, the new Madison Avenue. Doing a hard startup in the Valley now is like trying to start Intel in 1960 New York. Hard startups are hard enough, without trying to do that.
When I ran engineering at a startup, I tried to structure things such that we deliver something worthwhile at some kind of predictable cadence. It's the best set-up for everyone: the employees feel like they've accomplished someting, the investors feel like there's progress being made. With software this is pretty easy to do (and even so, people often fail to do it).
But with a "hard" startup the gap between concrete deliverables can be years, and while you could put together some intermediate milestones, they'd probably feel contrived. How do you keep people engaged over long timescales like that?
It's different than getting someone who wants to see results every day. In that type of work, progress is measured differently.
In reality, we had initial seed funding for about a year. We had a number of goals we had established, including vacuum chamber, getting the ion source running, first beam, first neutrons. We fell way behind in the first six months because I made the stupid decision to try to build a duoplasmatron ion source to save money. This cost us about 4 months to make a shitty ion source that was full of leaks and barely usable. Luckily the experienced electrical engineer came up with an RF ion source bought used that did the job well enough. We actually ended up meeting all of our 1st year goals in just over a year if I recall correctly.
By that time the money was running out, so DFJ basically extended the funding by issuing us convertible debt in 3 month increments. Every three months we would have a set of goals mutually agreed upon by the board, which was two of us and Tim Draper. This was pretty stressful for us, as we were living paycheck to paycheck and we had no idea if we didn't meet a goal if Draper would pull the plug. Tim was never anything but supportive but we understood the point of milestones. That is also when things got technically difficult, as everything we had done before was using existing techniques but when we went off-the-map things slowed down a lot.
That went on for about 3 years. Basically the same dynamic as software guys tend to see in the classic death-march sprint. I blame leadership (myself).
Eventually we ran up against some hard limits that wouldn't work with our design. We faced a choice between making an expensive bet on a supersized ion source (an inelegant brute force solution, which I know now would not have worked) or a new risky design (which also would not have worked). Tim was in favor of the brute force design, because he saw that as money being the barrier. I had my doubts about the brute force design, and I didn't want to waste the money on something that would only fix one of the 3 major problems we faced. I tried building the long-shot design. Then a piece of plastic got into the main turbopump and it ate itself. The 2000 market crash happened. Everything fell apart.
But now renewables are cheaper than that. So the competition has gotten better since then, and continues to improve rapidly, and it's not clear fusion can ever get cheap enough to compete with them.
Another argument is that fusion reactors will require robots to maintain them (even the aneutronic ones will become too radioactive for hands on maintenance). But if you require robots that can do that, why not just develop and sell those robots, which would be generally useful?
Lots of people still in fission and fusion are assuming trouble with renewables related to intermittency, land use, grid integration, EROI, raw materials, etc. might arise as we approach deep decarb. If that doesn't happen, wonderful! If it does, then it may be nice to have some low-carbon atomic power stations on hand or in work to diversify the risk.
It's basically the nuclear Pascal's wager.
With a big risk like climate change, there's room for investors who choose to take an interest in nuclear.
Fossil fuels still power the vast majority of the world. It's not yet clear that we're out of that woods.
For instance, Japan just announced that they're building 33 new coal plants to replace their atomic power stations. How on earth does one reconcile this with the game-over-renewables-are-already-cheaper-than-everything popular narrative?
https://www.nytimes.com/2020/02/03/climate/japan-coal-fukush...
What's puzzling to me is why the opposite seems to be happening: some parts of the world shut down completely carbon neutral stuff and build things that are going to emit gigatons of CO2 for decades to come.
If we are to reach point of no return (or worse, have already reached it), the focus should be on building such an abundance of energy generation capacity that it would not only replace all carbon-emitting energy generation, but also help power atmospheric carbon capture at a scale that we'd need to avert the climate disaster.
I think it's rather condescending to literally claim you know people's beliefs, even when they vehemently voice otherwise.
Or, maybe, individual actions and collective actions are different things.
The problem is that people aren't necessarily great at investing for the long term, especially if they think they'll be dead by the time the benefits arise.
> What's puzzling to me is why the opposite seems to be happening: some parts of the world shut down completely carbon neutral stuff and build things that are going to emit gigatons of CO2 for decades to come.
Because of flawed optics on nuclear, mostly.
Fusion seems like a bit of a black box to throw money into which isn't appreciated. Throw too little and you don't get there. Throw enough and you don't know when you'll get there.
Fission solves a lot of problems but nobody likes it in their back yeard and some countries have gotten a scare of it (japan, germany,etc) It also takes a very long time to build a new planet and there's many people saying gov should invest more in solar/wind/etc instead whilst we're in a time where a lot of nuclear plants are reaching their planned life time or have had it extended for a long time. Hell I think only the UK is planning a new one which is sad to see.
This assumes that behind the business and political worlds we actually personally participate in, there is some ultra-rational global they with long time preferences and everyone's collective best interests at heart. Why would "they" allow all this new coal construction?
There is no "they". There is only "us". When you see your local congressman or MP or mayor speak and think, "what a dunce", as you well might, you need to remember that there is no hidden "adult in the room" who really runs things. This is it. Nobody will come and protect us from our collective decisions.
I'd say there are multiple adults in the room, and they sometimes fight, sometimes form alliances. They often do not care what you think is rational, your tribe's word for "good", because they are not of your tribe. Some have long time preferences but "collective best interests" to them means "civilization still stands somewhere on the planet".
My comment is based on extensive professional and social interactions with other people in leadership roles. It is very frequently the case that such people, including government ministers simply don't have as much independent power of action as you think.
The original parent comment said that if things were really so bad, then something would be done with the implication that since not much is being done, things cannot be so bad. Since we are not mass-building PWRs and running five parallel crash fusion programmes, it must follow that someone has examined the evidence and decided that the problem of climate change is not so bad and therefore we are not doing those things.
The problem with this view is the assumption that there is a someone or a group of someones who sit back, review IPCC reports and then have the ability to collectively compel the political leaders of the world to act rationally. If there was such a group then their lack of action would indicate that they had made a rational decision not to act.
My point is that there are no such people. The powerless enjoy the fantasy of conspiracy because it means that all it would take to solve our problems is some kind of board room coup of the Majestic 12 standing committee.
The reality is that everyone in the system has to act within their roles in the system. Executives at oil companies will say that they wouldn't mind a carbon tax, as long as it was equally applied to all companies. That's logical as they would continue to have a level playing field with the other oil producers and it will take years for us to get off oil as a species anyway. Oh but they don't have the power to pass an oil tax, that's for government.
Politicians in smaller countries will say, they would love to pass such a tax but unfortunately it needs to be global or it will just erode their competitive advantage without reducing emissions. Only if large trading blocs like the EU and US united on enforcing such a system could it be done.
American politicians might say that they personally would love to but they'd need a majority in the Senate, the House, and the right person in the White House.
None of these people are being disingenuous, they all have an accurate view of the limits of their own power within the system. My point is that there is no "outside the system" which can update the system to work better for large collective action problems or force a solution. It's cogs in the machine all the way up. Even the power of Donald Trump, as leader of by far the world's most powerful nation has substantial limits to his freedom of action.
The rational conclusion I make from all this: the rumors of our impending demise have been greatly exaggerated, if all people with means and influence do to avert it is read bullshit from a teleprompter every now and then.
1) People do act irrationally, even well informed people.
2) I don't actually agree that "they can order the government to do as they please". Saudi Arabia killed one of Bezos' employees and hacked into his phone. What has he been able to compel the US government (headed by someone who hates him) to do about it? Barack Obama did attempt to change US policy on climate change and was not able to because no single person has the ability to move US policy that way.
From reading the report it's debatable Bezos' phone was hacked at all. The report seems to be more to provide plausible deniability to whatever Sanchez's relative that leaked Jeff's dick pics to the press.
I don't see what SA has to do with any of this.
That's whistling past the graveyard, I think. Land use is demonstrably not a problem. Grid integration has long history of naysayers drawing a line in the sand and renewables blowing past it. EROI is just fine and getting better. Raw materials are also not a problem (lies that solar uses rare earths notwithstanding).
Intermittency remains an issue, but it looks easier to solve than making fission (or, to an even greater extent, fusion) practical. Combinations of storage, transmission and dispatch technologies are likely to get us to 100% renewable at a cost fission will have trouble matching, especially if industrial users of thermal energy (which is highly storable) can be brought on board.
That said, do you know what's the highest uptake (in percentage power capacity) of renewables not including hydroelectric nor biofuels in your country?
Here in Poland it is laughably low. Germany is not doing much better either. So "we theoretically could" does not mean we will.
Try playing with this online modeling tool:
With the plausible numbers there, new nuclear is optimized out of the mix.
This will be more expensive than fossil fuels with free CO2 release, but presumably CO2 taxes get ramped up to the point that's no longer true.
Knowing very little about the topic, I recently saw an article talking about how the first wave of wind turbine blades was starting to be decommissioned, and running into difficulties with what to do with them. While they're no longer useful on the tower, since they're designed to withstand incredible forces, it's difficult to destroy, recycle, or otherwise dispose of them, and indicated they're ending up in storage.
Do you happen to know more about this particular phenomenon and what the end game is for that? Granted, this is likely less of a concern than the waste that coal creates, or the long term storage of spent nuclear fuel. I'm just curious about it.
We all agreed that the people will likely not worry about this nearly as much as they worry about burying vastly less but vastly more hazardous spent nuclear fuel (even though spent nuclear fuel in actual fact has a sound safe geological story).
It's also extremely popular to say that 100% renewables are a done deal because it's such a great story and feeling.
Most serious deep-decarb clean-energy publications I've seen suggest energy costs go up by $30-50/MWh at deep decarb levels. At those levels, current nuclear already competes. People looking at LCOE today (where the rock-bottom wind/solar numbers depend completely on the hugely-fossil grid for backup and intermittency but hide the carbon emissions with impunity) tend to completely miss this point, their bias that wind/solar are cheaper already being confirmed.
Yet there goes Japan with the 33 coal plants!
And yes, we're going to need extra longer-term storage, but less than you'd think (IIRC up to 10% for a large grid).
Nobody knows the cost of that storage. You can calculate an upper bound by using today's prices, but once these things actually come in demand, new ideas are going to spring up and the prices are probably going to fall, just like it did for PV and wind turbines.
It seems to me that investing in nuclear tech today is a really risky proposition.
Obviously this conclusion is far less popular.
Fortunately investing in various clean energy tech is not a zero sum game because of various investor's predilection to invest in one sector or the other but often not both.
https://www.fusionenergybase.com/organizations/
And an article about why this is the case from the same person:
https://www.fusionenergybase.com/article/the-number-of-fusio...
I am thinking about something like creating an own ion source first, keep building and selling these and using the money to tackle the next problem. Then tackle the next problem. And so on.
Two examples of different hard engineering problems being approached in different ways:
Compare Blue Origin's and SpaceX' approach to developing reusable rockets. Blue Origin is financed by Mr. Bezos. If Bezos stopped that (certainly not intentionally but a bus factor of 1 is bad anyways), Blue Origin would be left with no sustainable business from what we can tell. I am convinced that in the worst case a defense contractor would happily buy in but for the company as a whole it might be over. SpaceX was developing reusable rockets by creating rockets (hard but not as hard as going directly to reusable rockets) first and selling services (that's even better than selling products) to customers to finance the development. They were even using already paid for rocket launches for their experimental landing attempts. That's a lot cheaper than having to pay multiple for a rocket just to see it blow up on landing (or reentry or sometime in between).
The same could be said about Tesla, Waymo and self-driving. Waymo has to reach full self-driving (FSD) to start making money. If they fail, they company is dead or also needs to be sold. If Tesla fails to reach FSD? That would suck, they would have to pay back the customers who bought the FSD package early, maybe deal with a class-action lawsuit because of this and but they could carry on selling cars nevertheless.
In my experience, you need to first define a small set of north star metrics that lead to the promised land, which could be years, if not a decade away. Ideally, this should not be more than 3 so there's focus in the long term. If you define this well, everybody will understand the significance of it and be aligned to hit those objectives. Any increase, exponential or not, is progress the team should feel proud of. This is 80% of the "selling" for long time scale projects.
Once you've done that, all other initiatives should focus on improving only these metrics. Generally speaking, very aggressive milestones and keeping that momentum going, while not punishing teams for missing targets will move the needle faster than the other way round.
I think places like Detroit are promising for this. Lots of cheap real-estate, a local history of technical skills, and serious problems to solve (urban farming for example).
Also due to the internet age, developing nations are also pretty promising for their lack of regulation, and extremely cheap location. But have other serious problems (like availability of smart trained talent).
Everywhere has challenges. Attracting real talent in the midwest is challenging. Cost of living in industry hubs is also challenging. There's no perfect location to start a startup.
Source: 7 years at startups in the midwest, the south, Seattle, and now San Diego.
Growing [X] amount of produce locally would provide a much-needed source of cheap produce and/or revenue to the local community. There's also general health benefits of the added greenery consuming excess CO2. Even better, captured rain runoff goes back into the soil sooner rather than becoming further concentrated with toxic chemicals before it reenters the ecosystem.
> Neighborhood Food Outlets, Diet, and Obesity Among California Adults, 2007 and 2009
> Food outlets within walking distance (≤1.0 mile) were not strongly associated with dietary intake, BMI, or probabilities of a BMI of 25.0 or more or a BMI of 30.0 or more.
https://www.cdc.gov/pcd/issues/2013/12_0123.htm
> The Geography of Poverty and Nutrition: Food Deserts and Food Choices Across the United States
> Using a structural demand model, we find that exposing low-income households to the same availability and prices experienced by high-income households reduces nutritional inequality by only 9%, while the remaining 91% is driven by differences in demand.
https://web.stanford.edu/~diamondr/AllcottDiamondDube_FoodDe...
The most energy and carbon efficient way of providing produce is to grow it where it’s easiest to do so and transport it to where there are consumers who want to buy it.
Added greenery only consumes excess carbon dioxide if you harvest it and bury it in a very, very deep hole, where neither sun nor oxygen can reach it. Otherwise, it only briefly buffers some amount of carbon.
The best argument for extra consumable plants would be if they displaced carbon-positive farming. Then, all that carbon added to the circulation would subtract from emissions growth.
It's all in-house code. So now the people laid off have to find new jobs. They don't have any of the buzzwords resume scanners want. Heroku? No. React? No. Unreal Engine? No. Unity? No. SpatialOS? No. WebAsm? No. Kubernetes? No. Docker? No. AWS? No. Javascript? No. Go? No. Rust? No? Android? No. IOS? No. Mobile? No. Tensorflow? No? C++? Yes. Maybe they can get a job fixing legacy C++ applications. Going to a company that has its own in-house technology is a real career risk today.
For instance, I constantly head hunted for jobs with Unreal Engine and/or Unity, and the fact that I haven't used them significantly doesn't really affect that much.
Not all companies are playing buzzword bingo.
* Unless you want to do Perl maintenance or C++ for fintech, I suppose.
The lens of the HN community is technology == computer science, when the main tool you have is a hammer. Everything looks like a nail.
There's big money in that - those legacy applications are vital to the functioning of big corporations. Specialising in large in-house C++ applications obviously doesn't help develop a career in trendy webdev (and nor should it), but it absolutely gives you some good options.
Also: If you've done VR development, you have marketable skills. Unreal Engine is C++, and learning the specifics of the engine isn't particularly hard. If you're willing to work under the low salaries and often poor management found in the gaming industry, that shouldn't be too much of a barrier.
There's also gaming-adjacent companies, like Epic, Unity, Roblox, Twitch, and so on.
The B2C business is fortunately more product oriented.
In fact I very much prefer a company where customers pay for the services we deliver - something they want, as opposed to something the user typically does not want: Ads.
Why? what would be better?
Ugh, can you imagine how bad TCP/IP would have sucked if it had been developed by venture capital funding?
Your Email: ( )
[ Yes, contact me and tell me MORE! ]I liked the WhatsApp's back in the day [0], but they had a lot going for them and didn't need any extraordinary claims. MissiveApp [1] is another one that feels comfortable, to me.
[0] https://web.archive.org/web/20090914114259/http://www.whatsa...
It was. Several times. It was developed by a lot of large companies too. Nobody remember those, for obvious reasons, but people used to use them.
Your example may be a bit too old. Even novell netware, token ring etc won't ring a bell to many people.
Try a simpler one instead: Do you guys remember about the various wireless standards before Wifi?
The Orinocos and the Intel 2011 PCMCIA were IIRC among the first ones of the 802.11b - quickly eclipsing everything else.
Also, what about DECT from about the same period? Some companies (mostly in Europe) tried to make an equivalent of Wifi, but using DECT modems. Some devices even made it to the market!
Eventually, somethings dominate whether it comes from a standard body or is "branded" as a standard ex-post.
Well, at least on this case government research did produce the best outcome. By far. So far no comparison even makes sense, and people don't even remember there were other attempts.
Color me impressed!
Even Berkeley didn't get it at first. Early Berkeley TCP/IP only talked to other Berkeley TCP/IP systems. They had to be beaten on to get interoperability to work. 4.3BSD shipped with broken sequence number arithmetic that only talked to itself until we fixed that.
This was back when big buyers had more clout than software vendors. It's hard to do that today.
Nobody -- public, private, international -- has had any luck in fusion. I think that has more to do with the problem itself.
But consider "world-changing" technologies like electric cars. The SV model doesn't see so terrible, does it?
(Yes, I know about government grants. It's still a primarily private industry play.)
Credit for these technologies can seem similar - the government does all the basic research (through universities etc), funds the development of the tech through grants and the like, and Silicon Valley just does the customer-facing part and picks up all the credit.
Politics does not work well with "most of these projects failed". It's too easy of a target. Anything that failed, is an easy target for a congressman to take aim at as being "wasted", because in some sense that particular investment was wasted, in the same sense that every insurance payment is wasted except for the one right before you need insurance.
But, the logic behind "many long-shot bets in parallel" is inherently more difficult to explain in the political arena, which is why I think VC may actually be better at some of these kinds of things.
NASA is the obvious next example. They pay for a lot of esoteric stuff that once made they don't actually end up needing - but having paid the startup costs - end up contributing to other fields.
I think FEMA also does similar things though at a much less parallel (but a higher volume).
Most of the "regulate and promote an industry" (a dumb idea for structuring them but I digress) agencies also do this. The NRC for example does a lot of research on storing and recycling nuclear waste, but also on new nuclear technologies.
And other military agencies aren't worth leaving out. The army core of engineers pushes a lot of contractors to deliver unique solutions that end up getting resold, see the concrete barriers in Iraq.
NIH and CDMRP grant programs is several additional billion.
This does not mean the VC will actually be better at the task (producing better basic research results), but that it is more realistically going to get the funding in the current climate.
If you look at what's worked for computing in the past -- where the real qualitative changes came from, in terms of basic research -- you have ARPA, PARC, and Bell Labs. They all had the following in common:
- Long-term time horizons of 5-10 years minimum; - Lots of funding with few strings attached - Funded people, not projects - Operated in a given context, but goals were vague (enough freedom to play)
Any funding model that is sensitive to the pressures of quarterly earnings reports is not going to be able to do any of this. Which is precisely why most of the improvements in computing since the early 80s have come as side effects from quantitative improvements like speed, memory, cost, etc.
The current computing culture, and especially the funding model behind it, will not give us the big new inventions we hope for.
VC backed rockets have already taken longer to take a human to orbit than government money took to take a human to the moon. This is on top of the fact that they have had 60 years of technological improvement.
Simply put VC and capitalism in general is great for giving you turds rolled in glitter, less for building the sewage system to flush the turds out.
We still haven't seen any of the space startups match a manned Mercury-Redsone, which took 3 years.
During the Mercury program Nasa was using on average 0.4% of the federal budget, which was little over 2 billion a year in 2020 dollars.
The big spending was on the Apollo missions which are pipe dreams for any of the current space startups 15 years after their foundation.
I dont think it has to do with startups vs not.
The NIH budget is about $40B, 90 percent of which goes to research via about 50,000 extramural grants and the NIH’s own intramural research program. Very little of this is expected to “work” in the sense that it produces an immediate improvement in human health. Same goes for the NSF. The DoE, NASA, and DoD also fund plenty of research beyond the ARPAs (DARPA, IARPA, HSARPA, etc).
The ARPA programs are outliers in that they’re more likely to take larger risks in exchange for bigger rewards, while the NIH (etc) are more incremental. Nevertheless, it’s not true that these programs try to avoid ‘failures’ at all costs.
These days, funding agencies/sponsors are incorporating more and more business mentality into the research process and focusing on concepts like "sustainability" etc. with short turn around.
You can't expect short term results on difficult problems. If they were easy, they'd have already been solved.
> Back in the day when lots of people worked on hard technology, they were paid well to work on the problem
is the model closer to "tenured research scientist" rather than "startup founder or employee"?
But then wall street started demanding quarterly growth and they all cut their R&D departments.
Think Bell Labs or Xerox PARC.
Isn't this true of many large companies today? I don't see Alphabet making any returns on X anytime soon.
> At this point, you are now a world class expert at a technology that is not economically viable. But, you can't transfer that knowledge, or at least most of it.
I strongly suspect that anyone who can become a world class tech expert to the point where they can push at the boundaries of what's possible has transferable skills.
Now, that's a different statement from "can get hired on transferable skills," at least depending on the capacity of hiring insights in the industry at large. But I figure it needs to be said lest we reinforce the problem.
No, not really: you know pretty much from the outset if a venture will fail because nobody knows how to do it. Altman has staked his career on an idea that is guaranteed to fail, for example. There is no step-1 towards a definable goal. Not even sure there is a real goal!
There is no example of a "hard startup" like this in the history of the human race. Only silly con valley hubris could imagine a different outcome than total failure. This sort of thing is what governments are for.
The problem is that, when you're a VC, the only model you have to apply to problems is the startup model. And when all you have is a hammer, etc.
If we're talking about "other kinds of startups" they mean "non-VC".