Slow Capital?
This quote from Om Malik’s post about his interview with Clay Christensen caught my eye
… government should consider a new kind of tax structure that encourages longterm investments and stability. For instance, no capital gains taxes for investments that last as long as eight years. “Then you will find (more) people like Steve Jobs and the vibrancy of innovation will return.”
I also liked this quote
… when companies make products that help make everyday stuff easier and get the job of life (or work) done, in the end customers don’t need any persuasion. That is precisely why a company like Apple can find buyers for its products so much more easily.
No persuasion needed? Now there is a thought indeed. Steve Jobs put it this way in talking with his employees
What’s BMW’s market share of the auto market? Does anyone know? Well, it’s less than 2%, but no one cares. Why? Because either you drive a BMW or you stare at the new one driving by. If we do our job, we’ll make products that people lust after, and no one will care about our market share.
Now that is an odd transposition - lusting after getting your job done? But Jobs affirmed Christensen’s main point
We’re going to make sure everyone has stock options, and that they are oriented towards the long term.
And those stock options are worth a lot of money now.
FOLLOW - And if you would like the really, really longterm view, check out Carlota Perez’s slide show about cycles of bubbles and prosperity.
2d FOLLOW - For an interesting overview of where the VC market is as of 10/2011, check out Fred Wilson - more and more proposals with less money around.