SILICON VALLEY: WHAT IT TAKES TO DO STARTUPS – Book Review

Here’s another one of my articles published today on Impakter:



SILICON VALLEY: WHAT IT TAKES TO DO STARTUPS

Book Review: Chaos Monkeys: Obscene Fortune and Random Failure in Silicon Valley by Antonio Garcìa Martinez (HarperCollins, 2016, 528 pages)

Chaos Monkeys Book Cover

Silicon Valley continues to be hot news in the age of Trump and anti-globalization and it should come as no surprise that a clever book about it by someone in the know, loaded with revelatory insights on how it really works, was going to be a sure-fire hit. And that is exactly what happened when Antonio García Martinez’s half memoir-half prescriptive tech guidebook came out last year on 28 June 2016, becoming an instant “New York Times bestseller”. Considered an “irreverent exposé of life inside the tech bubble”, all the major book reviewers rushed in with praise, from the New York Times’ Jonathan E. Knee (“an irresistible and indispensable 360-degree guide to the new technology establishment”) to Bloomberg’s Ellen Huet (“dives into the unburnished, day-to-day realities: the frantic pivots, the enthusiastic ass-kissing, the excruciating internal politics”).

In short, in just six months, “Chaos Monkeys” has become the most popular and widely read book about Silicon Valley. I was curious to find out whether it merited its sudden glory. I uploaded it to my Kindle (disclosure: living far from bookstores, I am a fan of e-books) and I spent a couple of pleasant days enjoying the read. And I soon discovered that the best passages, literally pearls in the text, had been highlighted hundreds of time by enthusiastic fans. In fact, Amazon in its “about the book” section informs you that (at the time of my reading) 3,769 passages had been highlighted 122,000 times (ah, the joys of Big Data).

It is a clever book with a clever title, and a great read. In case you’re wondering about the title, it comes from the name given to the software procedure used to test the stability and resilience of online services/websites – and this neatly expresses the main message of the book: That tech entrepreneurs are society’s chaos monkeys, out to disrupt the way we live, from photo-sharing (Instagram), dating (Tinder) and movie viewing (Netflix) to transport (Uber), lodging (AirBnB) and space travel (SpaceX).

Unquestionably, the author’s persona was as much part of the excitement as his bracing writing style. Described as an “industry provocateur” on his Amazon book description page, he has lived up to his reputation and become something of an industry guru: today, whenever big news or scandals roil Silicon Valley, journalists rush to ask him his opinion.

 

Garcìa Martinez started his working life as a strategist for Goldman Sachs, survived three years and surprised everyone by abandoning New York for the West Coast. After learning the ropes at an IT advertising outfit called Adchemy, he launched his own start-up AdGrok with a couple of engineering pals (called “the boys” in his book). Ten months later, after raising some venture capital and before even making AdGrok operational, he sold it to Twitter for $5 million. However, it was not an unmitigated success; his team broke up, “the boys” went to work for Twitter to develop AdGrok while he accepted a more lucrative position at Facebook as product manager. Tasked with leveraging Facebook’s user data to make its advertising more effective and fix its monetization problem, he was outcompeted by a colleague and fired – the circumstances of his firing make for fascinating reading.

The description of what Facebook is like, what happened there and why he eventually left and landed an advisory position at Twitter is certainly one of the more interesting parts of the book – anyone thinking of joining Facebook should read it very carefully, drawing lessons from it.

The rest on Impakter, to read it, click here.

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WHY 2017 COULD BE BETTER THAN YOU THINK

I just had my latest piece published on Impakter magazine, the fast-growing magazine for millennials where I am Senior Editor – and this is also my way to wish you all a very Happy, Hyggelig …

Source: WHY 2017 COULD BE BETTER THAN YOU THINK

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WHY 2017 COULD BE BETTER THAN YOU THINK: Happy New Year!

I just had my latest piece published on Impakter magazine, the fast-growing magazine for millennials where I am Senior Editor – and this is also my way to wish you all a very Happy, Hyggelig New Year!

Here is the beginning of the article:

Why 2017 Could Be Better Than You Think

light-person-woman-fire-sweater

 

At the end of the year, the prediction game becomes a top sporting event in the publishing industry, with everyone throwing their predictions on the wall to see if they stick. I’ll throw mine too but I’ll do it in reverse. I shall bet against most other people’s predictions.

Let’s start with populism: that’s a basic trend everyone has identified in recent events, from Brexit to Trump – a new trend trumpeted as the end of neo-liberal democracy as we have known it since World War II. We are into another era, the new age of populism, nationalism, nativism, racism, identity politics, return-to-our-roots culture, anti-globalization, xenophobia, you name it. Dictionary.com has made xenophobia the word of the year. In short, everyone sees populism as a major feature that will govern what happens politically in 2017 (see #2017Predictions).

But what if everyone was wrong?

Read the rest on Impakter, click here.

All the best!

Claude

My new website: www.claudeforthomme.com

 

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How Trump is Changing America and What Writers have to Say

This is how one Italian blogger sees the President-Elect – once Trump moves into the White House, since his wife Melanie apparently has no desire to live there, expect this to happen:

Yes, the American Presidency, with Trump in the driving seat, has lost much of its dignity. Satirists around the world are waking up to the golden opportunity to make fun of him.

But is there really much to laugh about?

The first shocking thing are the numbers. Perhaps Americans, familiar with their bizarre Electoral Voting System are used to it and don’t see the inequity in it. But people who are not American cannot understand that a man who has garnered fully 2 million votes less than his opponent still wins the Presidency.

What kind of democracy is that? Where is social justice?

We are bombarded with frightening news coming out of America, and people who normally write novels and short stories have suddenly turned political. That is very unusual for American writers: in my experience, and at least this was the case through the Obama years, most of them refused to “take sides”. I couldn’t quite figure out why but I imagined they were afraid of losing fans and book sales. Being a European writer myself, I find that astonishing. Over here, on this side of the pond, we are used to writers and artists taking sides – indeed, through most of the 20th century, most of them were Communists. Take the example of France, starting with Simone de Beauvoir and Jean-Paul Sartre   – very few were on the right, Céline being the historic exception, of course (he was pro-Nazi, anti-Jew and a collaborationist).

So what are American writers saying now about Trumpian America?

So far, not many have come out. I was able to only identify only two so far and, oddly enough, both of them with articles published in the UK Guardian: Barbara Kingsolver, the author of 14 books including climate fiction masterpiece “Flight Behavior” and Dave Eggers, a prolific author  spanning from non fiction, a best-selling memoir “A Heartbreaking Work of Staggering Genius” to fiction, including “The What is What“an extraordinary novel about a Sudanese child immigrant in the US.

How about the New York Times and Impakter magazine coming forward with similar pieces? As a Senior Editor of Impakter, I would welcome such articles…

Kingsolver strikingly summed up post-election America like this:

Losses are coming at us in these areas: freedom of speech and the press; women’s reproductive rights; affordable healthcare; security for immigrants and Muslims; racial and LGBTQ civil rights; environmental protection; scientific research and education; international cooperation on limiting climate change; international cooperation on anything; any restraints on who may possess firearms; restraint on the upper-class wealth accumulation that’s gutting our middle class; limits on corporate influence over our laws. That’s the opening volley.

Quite a strong volley!

What’s left standing? Not much, it would seem – and hits to international trade and the fight against climate change can affect the whole world, cause a word-wide recession, perhaps a repeat of the Big Depression and even threaten the planet’s very survival as global warming proceeds unabated. We all need America on the front line of the climate change struggle, but with Trump in charge, can this happen?

Kingsolver minces no words, she calls on everyone to stand up and fight:

Many millions of horrified Americans are starting to grasp that we can’t politely stand by watching families, lands and liberties get slashed beyond repair. But it’s a stretch to identify ourselves as an angry opposition. We’re the types to write letters to Congress maybe, but can’t see how marching in the streets really changes anything. […]

But politeness is no substitute for morality, and won’t save us in the end.[…] So many of us have stood up for the marginalized, but never expected to be here ourselves. It happened to us overnight, not for anything we did wrong but for what we know is right. Our first task is to stop shaming ourselves and claim our agenda. […]

We keep our commitments to fairness in front of the legislators who oppose us, lock arms with the ones who are with us, and in the words of Congressman John Lewis, prepare to get ourselves in some good trouble. Every soul willing to do that is part of our team, starting with the massive crowd that shows up in DC in January to show the new president what we stand for, and what we won’t.

There’s safety in numbers, but only if we count ourselves out loud.

Dave Eggers piece is in many ways the opposite of Barbara Kingsolver’s: he manifests surprise, he is almost awed by the divided country he sees as he travels through it. It’s a long, thoughtful piece, beautifully written, but his concluding comment is no less moving than Kingsolver’s, he is deeply worried, he tells us, because:

We are entering an era where uniquely vindictive men will have uniquely awesome power. Dark forces have already been unleashed and terrible plans are being made. On 3 December, the Ku Klux Klan are holding their largest public rally in years, to celebrate Trump’s victory, which they claim as their own. […]
You should be worried, too. George W Bush, a man of comparative calm and measured intellect, started two foreign wars and cratered the world economy. Trump is far more reckless.
We are speeding toward a dark corridor, my friends. Keep your eyes open, your hearts stout and be ready for the fight.

Are you ready?

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Death of the Euro: Thinking the Unthinkable

Impakter Magazine just published my latest article, here it is:

BOOK REVIEW “THE EURO: HOW A COMMON CURRENCY THREATENS THE FUTURE OF EUROPE” BY JOSEPH. E. STIGLITZ (PUBLISHED BY W.W. NORTON & CO, AUGUST 16, 2016)

Nobel laureate Joseph Stiglitz’s latest literary effort, a new book about the travails of the Euro and Europe, published in August with the apt title “The Euro: How a Common Currency Threatens the Future of Europe” couldn’t land in the muddy European political waters at a more appropriate time.

The summer of 2016 was a turning point for the so-called “European Project” – Europe’s long-run attempt to build a United States of Europe that began with the 1957 Treaty of Rome setting up the European Economic Community (EEC) with six founding members (Germany, France, Italy, Belgium, the Netherlands and Luxemburg), and continued in 1993, with the Maastricht Treaty, the European Union (EU) with (up to now) 28 member countries.

 

Problems have piled up this summer, relentlessly.

The opening salvo came in June with the UK referendum that unexpectedly led to “Brexit”, the decision to leave the European Union with 17.4 million Brits voting in favor. For the first time since its foundation, the EU is expected not to expand but to contract, down to 27 members – probably by 2019, when UK exit negotiations will be completed.

 

The most recent problem came in October with another referendum, this time in Hungary, calling on the population to disregard EU policies on refugees and reject quota obligation to accommodate asylum seekers. The referendum did not break the 50% threshold and the result was therefore declared illegal, but it did demonstrate that once again, a hefty minority, 3.6 million Hungarians (43% of voters), supported their government’s continuing opposition to Brussels.

 
Against this background, Joseph Stiglitz’s book has special resonance.
 
As he convincingly argues, the Euro was supposed to bring the European project forward but it has done nothing of the kind – if anything, the European Project has suffered setbacks just as much outside as within the countries of the Eurozone, the 19 EU members who use the Euro as a common currency. Incidentally, this is not a minor currency: The 19 European countries together account for roughly 14 percent of world GNP, making it the third largest economy in the world, after the United States (20 percent) and China (18 percent).
 
Do not delude yourself into thinking this is not important for the rest of the world: should the Euro collapse, the shock would shake the whole world.
 
It could even start another Great Depression.

A SLOW DEATH

Stiglitz minces no words in roundly chastising European leaders for “muddling through” a succession of Euro crises, ever since the first Greek debt scandal broke out in 2010. The book is a convincing diagnosis of what went wrong and why successive “bailouts” of Greece (three so far) have failed miserably, leaving the country six years later with an inexorably rising debt and a Gross Domestic Product diminished by a quarter, while the exceptionally high unemployment (a mind-boggling 50% for the young) won’t budge – really as bad as a war. Stiglitz’ detailed description of the Greek case is harrowing. A must read for anyone who hasn’t followed the drama closely.

And he is equally convincing in arguing that Ireland, often promoted (mostly by Germans) as the “poster child” of the success of Europe’s monetary and austerity policies is no such thing. EU-imposed austerity measures “helped ensure that Ireland’s unemployment rate remained in double digits for five years, until the beginning of 2015, causing untold suffering for the Irish people and a world of lost opportunities that can never be regained.”

Tough words that apply equally well to the other “crisis countries” of the Eurozone. For example, Portugal, also promoted by the IMF as a “success”, is far from that: The facts are that “the government might be borrowing with more ease, but the Portuguese people never experienced a real recovery.” Indeed, across Europe, excessive reliance on austerity and monetary policy “has resulted in even greater inequality: the big winners are the wealthy, who own stocks and other assets […]; the big losers are the elderly who put their money in government bonds, only to see the interest rates generated virtually disappear.”

 

The reason for such a deplorable state of affairs?  

First, a misplaced belief in what another famous economist, Paul Krugman, calls the “confidence fairy”: the idea that with austerity and a balanced budget, business confidence will be restored, which overlooks the simple fact that when consumer demand is depressed, business has no incentive to invest. In a recession, the confidence fairy, as Krugman says, becomes a zombie.

 

To read the rest, click here

NOTE TO MY READERS: Stiglitz’s advice on how to fix the Euro is truly excellent, and I sincerely hope our political leaders will read this book and act on it. I’ve tried to focus on the policy measures that are really doable among the many ideas Stiglitz presents. Eminently practical, they would take VERY LITTLE EFFORT… if only Germany would stop focusing on stupid austerity policies that are destroying Europe!

Go over to Impakter to read about those policy measures and tell me what you think!

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Europe: Time to Clean Up Your Act!

Seven months ago, I blogged about the ignominious stance of Ms. Merkel’s Germany, weighing down on poor little Greece, stripping it bare so it would repay its debt – in short, dangerously rocking the Euro boat and nearly sinking it. That post was titled: “Shame on You Germany, You are Killing the European Project”.

How times have changed in just seven short months!

Now Europe is facing the twin challenge of Brexit and the refugee crisis.

Student debate held at Speak Up November 2015 (video here)

Brexit – if it actually leads to the UK’s exit from the EU and, for now, the chances that it will are about even – could open the way for other Euro-skeptical countries to leave, particularly East European countries like Poland and Hungary that seem to have forgotten how happy they once were to escape from the Soviet Empire.

The refugee crisis has seen an extraordinary change of heart in Merkel: all of a sudden, she has turned into Europe’s paladin, fighting for a generous, dignified humanitarian stand (in fact, the only one that would do justice to Europe’s values). By contrast, East and Central European countries, in a selfish, amoral and ungenerous fit, led by Hungary and Poland in this case too, are fighting Merkel and closing their borders with razor-thin walls, reminiscent of the infamous Berlin Wall.

This is a continent truly divided: on its western and eastern borders, EU members are hitting hard at the European project, while at the center, particularly in Germany, it has to valiantly grapple with the influx of over a million refugees and economic migrants.

The crisis is not longer at its doors, it’s within. Yet, in spite of the deadly urgency, the EU is still grappling in the dark, EU meeting after EU summit, for a solution.

Paralyzed.

Why? Are all our politicians stupid, don’t they realize that if they do nothing, voters at home will make them pay? Or is it the EU institutional framework that is causing paralysis? That framework was carefully constructed to preserve “sovereignty” so that no country joining the Union would lose one shred of its precious “national identity”.

Result? Political paralysis. Inability to take any decisions. Focus on irrelevant details (like the length of bananas or wrapping mozzarella cheese in paper) rather than keeping an eye on the main road.

Of all the institutional stupidities, the worst offender is the EU presidential system: here, since the Lisbon Treatycame into force in 2009, we have two “presidents” of Europe, one for the EU Council who is full time – first it was the Belgian Herman van Rompuy; now, since December 2014, it is Poland’s Donald Tusk –  and then we have a continuing six-month rolling presidency as each EU member country takes its turn at the helm. The next EU presidency falls to Slovakia.

And Slovakia in its recent elections has taken a turn away from Europe: its parties are dangerously anti-European. If you don’t believe me, read this excellent analysis in the New York Times: Slovakia’s Governing Party Loses Majority as Far Right Makes Gains.

My question is: why do we need a rotating presidency of EU member countries if we have a European President of the Council, a man who presides over the Council that consists of the heads of states or government of EU members as well as the President of the European Commission? Why is this President that comes closest to an individual selected by ALL European citizens (since he is elected by the European Parliament), why is he set aside every six months by whatever country that happens to take over the “EU presidency”?

This is a perfect recipe for political paralysis.

What kind of game are our politicians playing at? Obviously, this is a way to have more juicy positions to fill their pockets as they “rush to Brussels”. But it is at the clear expense of European citizens and tax contributors. Slovakia, once it is sitting in the presidential driving seat next July, can be counted upon to at best do nothing and leave the European machine stalled, and at worst, to promote its own anti-European agenda and force the European machine to backtrack.

Time to put a stop to this game and reform the EU institutions. Unifying Europe is a management matter: countries will need to leave behind  chauvinistic nationalism in order to rise up to the challenges and make decisions. Solutions will never be reached as long as countries cling to their antiquated national identity.

To begin with: cancel the six-month presidency turn-over game.  This is the only way to have a real European Union President. Someone we know who is dedicated to the European project. Someone who will push it forward and not stall it – as Slovakia no doubt will.

It’s only a start, but it would be a good start. Your views?

Update: Turkey is suddenly playing tough on EU demands to help it stem migrant flows – a stiff bargain that reveals how weak the EU really is. “EU Welcomes Bold Turkey Plan to Stop Migrants” is the way Reuters titled it (see here) EU “welcomes”? “Bold Turkey Plan”? In fact, the Turks simply asked for twice the money!

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Poverty in America vs. Poverty in India: The Making of Bestsellers?

I just wrote this article and uploaded it on Thingser, the only social network that lets you do this – write an article and post it on the platform – if you don’t believe me, try doing this on Facebook!

It comes with the Thingser logo as a featured image to draw attention to this special feature:

And here’s the article:

POVERTY IN AMERICA vs. POVERTY IN INDIA: A JUICY SUBJECT FOR BESTSELLERS?

 

Featured image on NYT review of Evicted, published February 26, 2016

 A book about poverty, Evicted: Poverty and Profit in the American City, by Matthew Desmond, a sociologist and Harvard University professor and Co-director of the Justice and Poverty Project, was defined by the New York Times as “an astonishing book”. Before going on sale on March 1, 2016, it had already 23 positive “customer reviews” on Amazon. The publisher, Crown Publishers, is ensuring this will be a smashing hit, including pricing the hardcover edition lower than the digital edition. The objective? Echo Katherine Boo’s success with her 3-year study of a Mumbai slum. Here are the reasons why such a book, in spite of its dark, depressing content, is very likely to make it as a major best seller and perhaps even as a future blockbuster movie.   

In a recent and impassioned review of Matthew Desmond’s latest book, Evicted:Poverty and Profit in the American City, to be published shortly (on 1 March 2016, Crown Publishers), the New York Times wryly noted: “Poverty in America has become a lucrative business, with appalling results”.

The author of the review is Barbara Ehrenreich, the noted political activist who was perhaps the first one to publish a best seller about the subject of poverty,  Nickel and Dimed that came out in 2001.

It caused a stir and inspired others to follow in her path, including Adam Shepard with Scratch Beginnings: Me, $25 and the Search for the American Dream and Charles Platt with his blog “Boing, Boing”.

Ms. Ehrenreich is also the founder of the Economic Hardship Reporting Project (EHRP) dedicated to “supporting journalism, photo and video about economic struggle”. EHRP is run by editor-in-chief Alissa Quart, a professor at Columbia University’s School of Journalism and author of a socially-oriented non-fiction book Branded: the Buying and Selling of Teenagers .

Published in 2003, it was considered a “substantive follow-up to Naomi Klein’s No Logo” (Publishers’ Weekly).

In 2012, Katherine Boo, a New Yorker journalist and recipient of a Pulitzer prize, erupted on this American scene focused with her best selling book about poverty in India, Behind the Beautiful Forevers: Life, Death and Hope in a Mumbai Slum .

It instantly earned praise from everyone that counts (1,851 customer reviews on Amazon, over 8,000 reviews on Goodreads) and an accolade from best-selling author Junot Diaz on the New York Times, calling it “a book of extraordinary intelligence and humanity…beyond groundbreaking”.

What have all these authors in common?

They all did something unusual…

Click here to read the rest.

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