The Power Law
Venture Capital and the Marking of the New Future
Much has been written about the inventors and entrepreneurs who have driven technological progress, but THE POWER LAW argues that it is venture capital that is the under-recognized driver of progress. Innovations rarely come from “experts.” THE POWER LAW delivers a riveting blend of storytelling and analysis that unfurls the history of tech incubation and is the first book to give a full history of modern venture capital, beginning its essential “founding” by Arthur Rock in the 1950s. We learn the unvarnished truth, often for the first time, about some of the most iconic triumphs and infamous disasters in Valley history, from the comedy of errors at the birth of Apple to the avalanche of venture money that fostered hubris at WeWork and Uber.
Sebastian Mallaby is the Paul A. Volcker senior fellow for international economics at the Council on Foreign Relations (CFR). An experienced journalist and public speaker, Mallaby is also a contributing columnist for the Washington Post, where he previously served as a staff columnist and editorial board member. His writing has also appeared in the Atlantic and the Financial Times, where he spent two years as a contributing editor.