The good news is that billions of people got access to amazing technologies, many of which were free to use. The bad news is that it became much harder for startups, creators, and other groups to grow their internet presence without worrying about centralized platforms changing the rules on them, taking away their audiences and profits. This in turn stifled innovation, making the internet less interesting and dynamic. Centralization has also created broader societal tensions, which we see in the debates over subjects like fake news, state sponsored bots, “no platforming” of users, EU privacy laws, and algorithmic biases. These debates will only intensify in the coming years.
We are in dire need of such reprogramming of the entrepreneurial boot loader. So many faithful decisions are taking in the early stage of a business that locks its course for perpetuity. Very few ventures get to turn back the clock and have a do-over on their cap table. Epiphanies that come too late might as well not come at all.