Founded in 2009, the company floated a decade later at a valuation of $76 billion without recording a single quarter of profits.
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Or have the rules of the game fundamentally changed for those venture capital-backed start-ups trying to emulate Uber?My bet is on the latter, but that may be no bad thing.
There is certainly a strong argument that the extraordinary boom in tech stocks over the past decade was largely fueled by the unprecedented low-interest-rate policies in response to the global financial crisis of 2008.With capital becoming a commodity, it made sense for opportunistic companies such as Uber to grab as much cash as VC firms would give them to "blitzscale" their way to market domination.
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"We still need to take many more shots on goal from an investment and societal perspective," says Wenger.There remains screaming demand for climate tech startups to invent smarter ways of reducing energy consumption, for example.
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