On the Word "Startup"

When people speak of "startups" what they mean is that someone is "starting up" a business.

But in choosing to speak not of new businesses, or new companies, but instead startups, they make a far grander claim than the establishment of a new enterprise that will, hopefully, produce something of use to others and a living for its employees and a return for its investors.

Instead they promise that here is a technological and commercial revolution!

And I have to admit myself ever more cynical about that heavily used word and its users.

Because, alongside the success stories there are also the innumerable also-rans, many of which never had a reason to be anything but an also-ran. Because so often we have a startup without an actual product or business plan. Because, even if the technology isn't an overhyped fantasy (as it so often is) the reality is that we tend to end up with a single big winner gobbling up the market (a Microsoft, an Amazon, a Google, a Facebook), driving them out of business or swallowing them up for comparative pennies. They may fantasize that their little firm is the one that will be that winner--but all but the one who actually has the winner are wrong (while even the one who is right can hardly know that at the outset), making what the stupid may call "optimism" or "confidence" really just presumption on a staggering scale. And because so often in back of what is necessarily a misrepresentation are not just illusions and delusions and stupidity, but a good deal of bad faith, and outright criminality. (With Theranos Elizabeth Holmes hoped to be the next Steve Jobs. Instead if Theranos is remembered it will be remembered alongside Enron--about which Holmes ought to know something, her father, whose influence she traded on all her ultra-privileged life, having been Vice-President there.)

And as if all that were not enough I am annoyed, too, by the broader understanding of the world tied up with the word, the muddy thinking and outright lies. About, for example, the actual rate of technological change, which has been wildly exaggerated by so-called "experts" throughout my lifetime to a credulous public and credulous investors, who have so often bet big and lost big as a result. About the notion that technological change do not involve Big Science, established firms, government labs and government subsidies; does not involve vast, diffuse global efforts over very long periods of time; but is just nerd-magic done overnight by garage tinkerers aided by venture capitalists. And of course, there is, what all this justifies and glorifies, and where it has left us in a 2022 far, far different, and far, far sadder than the world we would have got if the Silicon Valley hucksters went anywhere near to delivering on the promises about what their "startups" would bring.