The Prof G Pod with Scott Galloway No Mercy / No Malice: Welfare Queens
Aug 20, 2022
The podcast tackles the critical role of government funding in advancing clean energy and AI technologies. It dives into the paradox where wealthy tech entrepreneurs thrive on government investments but often criticize state involvement. The discussion paints today's tech titans as modern welfare queens, highlighting economic inequality and the hypocrisy surrounding their wealth. Additionally, it explores the need for gratitude and responsibility among the elite, calling for a new generation of entrepreneurs dedicated to honoring taxpayer contributions.
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Government as VC
- The U.S. government is the most successful venture capital firm in history, funding innovations from the computer to fracking.
- It's backed technologies like the internet, speech recognition, and the human genome mapping.
IRA and Clean Energy
- The Inflation Reduction Act (IRA) is a major investment in clean energy, similar to previous government investments in wind and solar.
- Government funding and tax credits have driven down solar costs by 85% and wind energy costs by 50% since 2010.
Solyndra and Tesla
- Solyndra's failure is an example of the inherent risks in venture investing, but the overall loan program that funded it was profitable.
- The same program also provided an early loan to Tesla.