Glenn Kelman Proves Sanity Does Exist in Silicon Valley

Glenn Kelman, the CEO of Redfin and co-founder of Plumtree Software, wrote a great guest piece about entrepreneurship on TechCrunch. He focuses in on the serial entrepreneurs that Silicon Valley VCs have showered with money in this latest boom:

The second coming of the Internet bubble, Web 2.0, has in some ways been the love-child of Entrepreneur 2.0 — wealthy from his 1990’s success, restless from his time off. Venture capitalists have lined up with funding. Finds Willing VCs, a company that has apparently “reinvented” shopping search, just found $15 million in a third round of funding. This is on top of the money it found in its $7 million first round and $4 million second round. In total, has found $26 million. While there’s no information on valuation, I’m assuming it’s fairly significant.

Look Out New Economy, Here Comes The New New Facebook Economy

The New Economy revolutionized the world during the first .com boom. The traditional rules of business were overturned. Renegade nerds made billions of dollars. The world became a different place. Oh, and lots of people lost shitloads of money.

But apparently Bay Partners, a Silicon Valley venture capital firm, never got the memo that the New Economy was a farce. According to Bay Partners:

When Facebook announced its platform, a set of application programming interfaces (APIs) and services that allow outside developers to inject new features and content into the Facebook user experience, Facebook, in essence, became the Social Operating System. Historically, the creation of an operating system, or a platform, has led to a new economy which includes a marketplace of applications.

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