Airbnb's Brian Chesky posted the rejection letters he received from investors in June 2008 when he was trying to raise $150,000 at a $1.5M valuation, meaning someone could have owned 10% of Airbnb for $150,000. The company is currently valued at $20 billion.
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A research report from business school professors at Imperial College, Columbia and U of Maryland found that wealthy investors get returns on bonds and stocks that are "up to 70 per cent times greater returns on their investments than those with modest wealth." This is a point that Piketty makes strongly, backing it up by analyzing data from the Harvard endowment, which gets 10% returns on its ~$80B nest-egg, while the rest of us barely clear inflation with our savings.
The American electric grid averages 90-214 minutes of blackout time per customer, per year. And that's not counting blackouts caused by natural disasters. Meanwhile, between 2000 and 2006, the electricity industry put less than 2/10 of 1% of revenues into research and development. (You can read more about this in a BoingBoing feature I wrote last year
.) Yesterday, the White House released a report
calling for increased spending to upgrade and overhaul this aging — but incredible important — infrastructure.
There are existing solutions to our the energy crises facing us today, but they all suffer from being frustratingly imperfect, complicated, and not particularly easy to implement (at least not quickly). Some even require us to change our behaviors. And, most likely, we'd have have to use lots of these solutions all at once, further adding to the complication involved. It's no wonder then that, in our heart of hearts, most of us are holding out for a miracle — some new technology that could provide all the power we want, with few drawbacks, and few changes to our current infrastructure or social status-quo. But is that a good idea, or a waste of time and resources? In the first edition of a new monthly column for The New York Times
, Justin Gillis writes about the allure of energy miracles
, what they actually look like in reality, and whether there's really a dichotomy between using what we have and developing something better.