I consume news voraciously – almost obsessively. As a tech entrepreneur, my business literally depends on my being familiar with current and future trends.
For several days now, I have noticed increasing news coverage of the “Occupy Wall Street” protest. Many young Americans have started to protest against the “financial greed and corruption running rampant in Wall Street” (their words, not mine).
I am quite sure that many of my fellow community members would also have noticed this.
Did it strike you to wonder why the protest is called “occupy Wall Street ?”. Why not “occupy Silicon Valley ?”
After all, if it is sheer financial might which is the issue here, the “tech industry” of Silicon Valley is surely comparable to the “financial industry” of Wall Street.
My personal opinion is that the public perceives each industry in a different light.
When you think of the words “tech company” what comes to mind ? Off the top of my head : Apple. Microsoft. Oracle.
Each of these companies has created actual tangible value – and has changed the world while doing so.
Now, think of the financial industry. Again, off the top of my head, the first 3 companies are Bear-Steins, Lehmann Brothers and AIG.
Remember them ? Yes – they too changed the world. Unfortunately, not for the better.
Let me ask you this – can you think of where or when these companies created actual value ? I cannot. Of course, I am far from an expert on financial matters – which might explain why I cannot answer the above question.
Then again, your average layman can easily come up with examples of where tech companies have created value. Why not financial companies then ?
I believe that the public understands this difference too – which is why they do not grudge the tech titans their riches.
Money acquired via creating new value is to be admired. Money acquired via shenanigans is to be despised.