The Push to Fire Lina Khan Reveals a Serious Problem in Silicon Valley
High-profile venture capitalists are demanding that Kamala Harris, if elected president, fire a top regulator for her aggressive policing of Big Tech. Not only do I disagree with them, I see their attacks as evidence of a bigger problem with the venture capital industry and, ultimately, our technology sector, which is a critical driver of our economy and society.
Venture capital may be a small segment of the finance industry, but it has been a linchpin of the modern computing era. Over the past 75 years, venture capitalists repeatedly nurtured early-stage companies to the point where they could replace big, established firms and drive markets in new directions. From Fairchild Semiconductor to Intel, Apple to Google — all benefited from early venture capital support.
Times have changed. The power of major technology incumbents is now so great, and the dependence of venture capital firms on those incumbents so complete, that today’s V.C.s are now siding with the monopolies — and fighting government agencies that are trying to advance competition.
