By Glenn Kelman
At a recent wedding in San Francisco, a friend who runs engineering for a successful, pre-IPO company started talking about a member of the latest generation of newly minted millionaires. This acquaintance of ours had started one company and then, before that company had ever made money, sold a big stake to a venture investor, only to start another company in the same area.
“Has he even done anything yet?” my friend said and then, looking around, “When did that stop being a requirement?”
This wasn’t jealousy. Silicon Valley has always showered so much money on the deserving and undeserving that it would be hard for any one of us to say which group we ourselves belonged to. But one crucial difference between this boom and the last is that the folks in the last boom had to ship or starve…….