The Tech Elite
Down in the Valley
App.net, the private social network spearheaded by Valleyite Dalton Caldwell, recently raised $600,000 from the tech community in order to build an “ad-free Twitter alternative.” To keep out the riffraff, App.net charges $50 for subscribers and $100 for developers in order to join the elite handful of people active on the site.
Yesterday, developer Diego Basch published some stats scraped from his first month on App.net. A lot of the findings are unsurprising, given App.net’s origins, but interesting nonetheless:
If anyone is familiar with the Valley’s success method du jour, it’s Diego Basch. Mr. Basch founded IndexTank, a hosted search tool that was acquired by LinkedIn in 2009. Today, he hit the front page of Hacker News with a post about how to exploit Silicon Valley “for profit (and maybe fun).”
Mr. Basch’s parable is a familiar one: An average Joe goes to Silicon Valley, raises money even though he doesn’t really agree with the VC’s philosophies, builds a company with the express intent of getting acquired by a larger company, sells the company and makes bank. Only then does he finally have enough money of his own to build something he actually cares about.