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The Valley Needs Another PayPal to See it Through This Mess

October 1, 2008

vcmike

From Dean Takahashi over at VentureBeat:

The valley needs another PayPal, which was one of the last pre-bust IPOs that created a lot of millionaires with money to invest in the next generation of start-ups. The Web 2.0 crowd revived Silicon Valley.  And Web 2.0 was started by serial entrepreneurs, which included the founders of Friendster, MySpace, Tribe, and the PayPal mafia.  The latter included characters such as Reid Hoffman, who started Linkedin; Peter Thiel, who funded Facebook; and Max Levchin, who started Slide. Then there were the Google IPO millionaires of 2004, who not only drove up housing prices in Silicon Valley but also took their riches and started new companies. It was these people, newly wealthy and full of ambitious plans, who started the valley on its recovery path. They all discovered the power of user-generated enthusiasm. They created the wave of usage that has made so many more start-ups possible. They got the optimism engine running again, creating jobs and letting people bide their time until the next great idea came along.

3 Comments

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  1. October 1, 2008

    The people you list are already on the job between Facebook, Yelp, LinkedIn, Slide, et al. The Valley needs the lull to let the fluff dry up and blow away, and then the quality teams will do exactly as you ask. The intervening period, which may be uncomfortable if your job is momentum investing, isn’t optional for the Valley’s success.

  2. October 6, 2008

    We could use a PayPal (or two) in the Boston area as well.

  3. December 3, 2010

    i haven’t been on the silicon valley but i would really love to visit that place. i bet that it is a very exciting place to visit ‘-‘

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