Fred Wilson has a slightly provocative post this weekend addressing The Age Question, suggesting that it is "harder for anyone older than 30 to get funded in the web services market". Dave Winer and others vigorously disagree. But I didn't take offense at Fred's central premise, even though I'm 35 (the same age as Marc Andreessen), because I agree that growing up on the Web does give you a unique view on media.
However the one thing I did take a little offense at was this statement:
"They grew up in AOL chatrooms, IMing with their friends for hours after dinner, and went to school with a Facebook login."
That is a very American-centric view of a 'net native'. People outside the US never used AOL (and still don't) and most of them probably won't use Facebook either, even though it opened up to the rest of the world in Sept 06. IMing is definitely part of the DNA of a net native, no matter where you live, but I'd add mobile phones too - especially for kids in Asia.
Mobile Phones in Tokyo's Subways; Pic by mikeleeorg
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I don't agree with this at all - as a 45+ year old I helped CREATE the web as we know it now - most technical people my age did, in one way or another. And we certainly are not out of ideas - more importantly, I think my age group considers ideas that generate revenue more than the "under 25" crowd.
Not dissing anyone here at all - just arguing that any VC that bases funding on age, instead of funding on fundementals is an idiot.
A good idea is a good idea - and I don't care if it came from a 9 year old or a 99 year old.
Rob
Posted by: Rob La Gesse | June 16, 2007 5:32 PM
@Rob - A good idea is worthless without great execution, which I doubt a 9 or 99-year-old is capable of pulling off. With that said, I get your point and pretty much agree.
Posted by: Cameron Olthuis | June 16, 2007 6:05 PM
I agree with you both, but I don't think Fred was saying he bases his funding on age - just that it's a trend he's seeing, that more (good) ideas are coming from that younger age group.
Posted by: Richard MacManus | June 16, 2007 10:26 PM
good point, and we have to take into account that this will speed up in upcoming years.
this made me think i should get a xbox and a wii. they have entered pop culture and which are defining how the younger generation interact with technology. the us army is using xbox joysticks to control their gadgets. the wii redefines how websites and user interfaces are done. and the "kids" are bringing their expectations and habits when they are using the web.
it's just one example but i can think of many other tools that are shaping the "Net Natives"
Posted by: heri | June 17, 2007 8:25 AM
Sensitive topic for people who do not fit traditional young entrepreneur stereotypes (myself included, I am 46). I got two startups funded so I do not think it is about age, it is about ideas, drive, energy and persistence.
Regarding clarification about more ideas coming out of the younger crowd, I think that is still missing the point that the risk profile of more experienced people is different because of different obligations like family etc. So the sample is skewed statistically, if you want to comment on idea output vs age, one must make this statistical adjustment, not likely to be easy ...
Personally, I think this varies by person, you can impress people with your ideas, passion and drive at any age, you just have to believe that you can.
I just went through this experience, just closed on Series A, and I never felt that age was a factor :)
Posted by: Bora | June 17, 2007 10:30 AM
This is one of the most stupid post from Fred Wilson I have seen in a long time...What is the point of talking about statistics of your people vs people over 30 starting companies for web services? Is he so running to things to say that he is into talking about # of people coming to him with web services idea...I don't understand why those stats are even relevant given that its such a small sample?
Isn't the job of a professional investor to judge and evaluate each idea on its own in order to make the best decision for his LPs? Why would you them try and create these stupid patterns which can only hamper good decision making...Or is he really looking to advance the herd mentality so common in some of the investor community? Why don't he understand that to get a 30x return that professional investors are typically looking for, they have to think outside the box...This certainly does not seem like ootb thinking to me...
Posted by: Jitendra | June 17, 2007 10:55 AM
What a thoughtless statement - this first web generation made the mistakes, saw the bubble burst and rode it out the other side. That makes us the best bet for investors not the worst.
Posted by: Queen of Suburbia | June 17, 2007 5:31 PM
You missed the main reason why VCs prefer young people: They are MUCH easier to take advantage of.
Those poor saps don't know a full-rachet clause from a hole in the ground.
As usual, it's about the money.
Posted by: JJ | June 17, 2007 5:57 PM
I'm getting a bit tired of the US-centric view too - I've never used Facebook, MySpace or AOL and don't feel particularly out of the loop - AFAIK :)
In fact - most of the 'new' internet services in the US were done years ago here in South Korea where it's just part of everyday life (i.e. Cyworld, comparable to MySpace, started in 1997) - its not Google, Skype & MySpace here - its Naver, NateOn & Cyworld - which work better for the local market - and quite frankly, its refreshing.
As for Net-Natives, here they are often pushing 40 and are married with kids.
Posted by: Shaunls | June 18, 2007 2:55 AM
Hmmm. Going on 60 and interested in who is really native these days. I teach undergraduates. They just need to get wired. Talk about out of the loop. I can't even send links to lecture notes from Twitter yet. Don't they know I have attention deficit?
Posted by: David Phillips | June 21, 2007 9:28 AM