More people need to be told this.
The combination of work ethic, of risk tolerance, and of perseverance against ridiculous odds that is required to build a Tesla, or an Apple, or a Whatever, is extraordinarily rare
Agreed. For every tech millionaire there are a thousand guys who are just as smart and worked just as hard and it didn’t work out for whatever reason. Maybe their timing was off by a mere 6 months for example. There’s a lot of survivorship bias in what is in large part a lottery.
First job I had (1995) was "Classified Ads on the Internet" - back then it was expensive to host a website and hugely expensive to add CGI (I think Demon wanted maybe £300 a month for that?) and the money ran out after a year. If they'd been able to keep it funded for, say, another 2-3 years, until home internet was more accessible, I think they'd have been in a pretty good position to own UK classifieds on the web (at least for a while.)
I recently had a recruiter from color.com reach out to me...
If you aren’t well connected or hyper credentialed (or if you’re a minority founder), raising capital is very hard. It’s easier than it’s ever been, but it’s not « easy »
A lot of VC capital is democratized: an elected official appointed a pension fund manager who decided to allocate some funds to a particular VC firm.
It's a genuine question. Who's the poorest YC founder? Least family wealth, least angel/seed investment. Who genuinely managed to get YC funding without putting in any money of their own?
Generous subsidies for electrics in the US and other countries helped with that.
Like generous government money funnelled through NASA contracts helped Space X repeat what NASA did in the late 60s/early 70s, slightly improved, 40 years later...
And NASA hasn't used "5% GDP" for 40 years. It has been less than 1% since 1973. Actually scratch that, it has been less than 1% the federal budget, which is much much less than the GDP.
Of course all that 50-years of IP got handed to the "private visionaries" of SpaceX for free, or rather, along with money paid to them...
Standard Fed'Gov contract hustle -- provide a service for less than what they're currently playing and leach off that gob'mnt teat.
Can't turn around without bumping into an electric car / reusable rocket company these days.
>Yeah, just look at all the other profitable companies in the space which did it too!
Did those other companies in the space (of space) got NASA contracts and subsidies?
Butthurt emotions is not the same as lower quality of life (e.g. less access to food, entertainment, travel, housing, health, studies, taking care of kids/relatives, etc).
> In Ashlee Vance's biography of Elon Musk, it is claimed that the Musks' father, Errol Musk, provided them with US$28,000 during this time,[4]:Ch.4 but Elon Musk later denied this.[6] He later clarified that his dad provided around 10% of US$200,000 as part of a later funding round.[7]
I feel like someone who is able to get 90% of their funding round could either convince an existing investor in the round or convince someone else to join the round. This doesn't sound like money to "start Zip2" as you claim.
Also, note that Elon had to shower at a YMCA while starting up Zip2 (https://www.cnbc.com/2018/06/19/how-elon-musk-founded-zip2-w...). Does that really sound like a "trust fund baby" to you? I feel like a lot of the myths trying to tear down Elon Musk's successes are all sourced from Ashlee Vance's book, which in turn are based on, as I understand it, interviews of Errol Musk himself (the father).
Are there other people who could do it but were not in the right place in the right time or didn't have the right leverage (money, connections, etc.)? Lots. If you took away those parameters, if Elon was just an engineer working for Boeing with just enough money to go on vacation every year, then he probably wouldn't have founded Tesla. He'd be some middle manager somewhere like lots of other smart/capable people.