I Used To Be Very Wealthy

I was reminded today of why the Valley is such a fun place in which to live and work. I was meeting with an early stage team and as part of the normal flow of conversation, the CEO of the company remarked "I used to be very wealthy." It wasn't boastful nor was it remorseful. It was just a simple comment, in the same vein as you might say your hair used to be longer or stomach flatter.

Much has been written (including by us) about the persistence of the Valley through the booms and busts. And the strength of the Valley's culture of forgiving failure (well described by Michael Lewis and updated post-bubble by Ross Mayfield) is legendary.

But to me, the most important reason for the Valley's success (and future prospects) is the resilience of the individual entrepreneur, embodied in that flippant comment. The last round was good for some, not so good for others. On to the next one.