“You don’t have to be accredited to gamble, which on net balance, loses money. But for some odd reason you have to be accredited to make private investments, which on net balance make money.”—AngelList co-founder Naval Ravikant with a quote that seems particularly relevant as I sit here in Vegas. (via parislemon)
The risk of relying on a handful of customers is not just financial. Your product also is at risk when you’re at the mercy of a few big spenders. When any one customer pays you significantly more than the others, your product inevitably ends up catering mostly to that customer’s specific needs. In other words, when GE becomes your customer, you become a consultant for GE.
First of all, let’s clarify what the NASA budget is. Do you realize that the $850 billion dollar bailout, that sum of money is greater than the entire 50-year running budget of NASA?
And so when someone says, “We don’t have enough money for this space probe,” I’m asking, no, it’s not that you don’t have enough money, it’s that the distribution of money that you’re spending is warped in some way that you are removing the only thing that gives people something to dream about tomorrow.
You remember the 60s and 70s. You didn’t have to go more than a week before there’s an article in Life magazine, “The Home of Tomorrow,” “The City of Tomorrow,” “Transportation of Tomorrow”. All of that ended in the 1970s. After we stopped going to the Moon, it all ended. We stopped dreaming.
And so I worry that the decision that Congress makes doesn’t factor in the consequences of those decisions on tomorrow. Tomorrow’s gone. They’re playing for the quarterly report, they’re playing for the next election cycle, and that is mortgaging the actual future of this nation, and the rest of the world is going to pass us by.