47:08 Death to the web startups deserve money meme!

Time for a whiney rant.

I’m sick of the meme that results in constant coverage of Australian internet startups and whether or not they can find investment.

This is not criticism of those who write about it. Heck, I’ve done it myself.

Sure, web startups theoretically have the potential to go Google-scale nuts and generate amazing wealth. But how many actually do? 1%? .1%? .01%? How many end up as nice, stable, small or medium businesses? I reckon that once you run the numbers on the outcomes, Web startups do not deserve any more coverage, in my opinion, than every other startup business on the planet.

Australia has hundreds of thousands of small businesses in hundreds of industries. Why is the media not as interested in their quest for investment as we are in the fortunes of Web companies?

But … I hear you say. Web companies are sexier than all those other startups in other, less world-changing industries. How do you judge sexy? For me, when Webby businesses get big, they do so by changing the game in their category. Or by creating a category.

But does that make it worth tracking them from inception? And is it really worth treating businesses with this aim as a whole separate sector?

And when we all whine about the state of /lack of venture capital in Australia, let’s PLEASE remember that there are 20 million of us on a whole freaking continent. There are 20 million people in and around Los Angeles or New England alone, never mind the other 250 million+ septics. It’s called scale, people.

Anyway, that’s the end of the whiny rant.


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