Are People Hating the Tech Industry Right Now?
It was cool to be an entrepreneur in tech when I founded Kapwing in 2017. Techies were admired by many. How I Built This was a top-rated podcast from Apple. Stripe, then a tech industry star, bought IndieHacker.
It was cool to be an entrepreneur in tech when I founded Kapwing in 2017.Techies were admired by many. How I Built This was a top-rated podcast from Apple. Stripe, a tech industry darling at the time, bought IndieHacker, a popular website that focuses on resourceful entrepreneurship. The YCombinator, a well-known startup accelerator, received more than 10,000 applications in 2018.
We were wrong to believe that the SVB crisis was true as we saw last weekend's commentary. On Twitter, people seemed to mock the tech startups that were affected. People believed that depositors should lose money because they made the "irresponsible decision" to bank with a large, stable and well-known public institution.
This was a confirmation of a feeling I have felt in my personal life. In the past two years, I have felt embarrassed to tell people that I am a software founder/CEO. Despite the fact that I am extremely proud of Kapwing's impact on the world, this has been a feeling I have felt in my personal life.
I love startups and technology. It was the most rewarding experience of my career, and one of my best experiences in my entire life. Even though I find myself resenting the tech sector as a competitor to ours with little revenue and raising more money than us on hype, even I find myself resenting it. I was horrified when a16z, a storied VC company, invested hundreds of millions in Adam Neumann's nascent idea.
This negative cycle is caused by VCs who place too much emphasis on business value, vision, track record, growth rate, and business value over sustainability. Founders contribute when they conceal their failures and doubts, hire too quickly and exaggerate their success too soon. Everyone should shine more light on real user problems.
Thank you for reading! I am extremely grateful to have access to all of our SVB deposits. We also opened multiple bank accounts to store our incoming revenue and balance. This allowed us to continue to launch new products and run payroll without interruption.