A Growing Cancer: Forbes’ Midas List
Chamath Palihapitiya
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The problem with venture capital in Silicon Valley is the mindless obsession with scale — quantity not quality. This has led to an obsession with all things consumer: the ‘disruption’ of commodity services like taxi hiring to a further commoditisation of the service, which can mean onlu one thing: a journey to the bottom in sweat shop jobs and shitty ‘zero hours’ contracts. Uber threatens the livelihood of London taxi drivers who are licensed and accountable — challenged by unaccountable, casual drivers, dodgy cars and many other risks. The honest drivers are just abused. Uber is NOT a tech business: it’s a sweat shop. What we need globally is for venture capital to adopt social responsibility through focusing on creating high-value businesses with correspondingly, high-value jobs.

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