To: Corporate chieftains, venture capitalists, investor relations departments, startups, and underwriters: Keep your nose clean because the best enemy you’ve ever had is going to keep sniffing around. Your future depends on it. The success of American business requires strong capital formation. Entrepreneurial spirit, technological innovation, and a motivated workforce are useless without the ability to raise money. Just take a look at this 2016 video of President Obama, Mark Zuckerberg, and a few Entrepreneurs, I’m still impressed:
The reason the United States is the king of capital formation is because investors think they are not playing a rigged game. Investing in the public financial market requires investors to trust their money — retirement savings, college funds — to the skills of people they can’t meet and to businesses they can’t visit. That’s a huge amount of trust for 50 million people to place, and they do it routinely.
Investors would not trust the market without lawyers and journalists, the twin banes of your existence. I spent thirteen years as a class action lawyer and two years as a business writer. My personal contributions have been minor, but I have seen the inside of both businesses. I know their faults and excesses, but I also know their massive role in making it possible for you to raise money. And this is not ony true for men. Women know that too!