Photo: Wikimedia Commons
You’ve heard the line a million times in the past few years: Wall Street is over, tech is where the money, power and prestige are now.Just look at how bankers prostrate themselves themselves before tech CEOs half their age to win IPO mandates from Groupon, Zynga and Facebook. Tech is where the real money is being made and by real entrepreneurs who succeed because because they innovate no less.
Plus, there are the pay cuts, the increased regulation, the public venom, the long hours and above all the declining business performance of financial firms.
It is obvious to everyone that ‘tech is the new Wall Street.’
And yesterday, the Wall Street Journal itself just killed that idea. How?
By publishing the argument themselves. If the Wall Street Journal is declaring Wall Street over and hailing the rise of tech, you can bet the meme has reached its saturation point.
And indeed, the WSJ’s writeup catalogues other media outlets who have tossed out the same idea in order to demonstrate its defensibility. New York Magazine, The New York Daily News and The Wall Street Journal itself (more than once) are examples of media outlets that have all covered the trend in some way. And after yesterday’s WSJ piece, BetaBeat joined the chorus too.
When a completely vague idea like ‘tech is the new Wall Street’ reaches the realm of conventional wisdom, it’s game over.
In the rush to declare Wall Street over, the incredibly long odds of making a fortune at a tech startup seems to have been forgotten. Tech startups have created thousands of new tech millionaires over the past few years. But joining a tech company is no guarantee that you’ll join them.
In a few months from now, we’ll all wake up to see a story about how a hundred plus thousand dollars in base pay, great benefits and the opportunity to own undervalued equity in valuable companies make Wall Street THE place to work.
Besides, no one really cares what other people think about what they do for a living and everyone secretly enjoys not seeing their kids.