Since the dot-com boom in the late 90s, the venture capital industry has become a popular pop culture topic. The mythology around young executives getting to place bets on the future of technology with other people’s money has a certain appeal. Add to that the irrational exuberance of the 90s, the stories of overnight fortunes and the drama of the crash that followed, and the public interest in the industry was firmly cemented.
Since then, the fascination has only grown. We’ve had the Hollywood take on how tech innovation and VC works in The Social Network. VCs such as Peter Thiel, Jim Breyer, Fred Wilson, Marc Andreessen and Bill Gurley have become household names. Charismatic founders like Steve Jobs, Elon Musk, Mark Zuckerberg, Reed Hastings, Jeff Bezos, Travis Kalanick and Evan Spiegel are now celebrities.
The price our industry pays for this popularity is what we are now witnessing, with scandals like those at Rothenberg Ventures, Binary Capital and 500 Startups, and the fight on the board at Uber becoming front page news. This public drama has its toll on VC firms and startups involved.
I’ve been thinking that what we see in Trump’s White House must be making the writers’ job at House of Cards very difficult. Now I am thinking the same about the writers at Silicon Valley.