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New Bailout Plan - $700B to go to Startups. YC on steroids.

3 pointsby ericksoaover 16 years ago

1 comment

nostrademonsover 16 years ago
This wouldn't work, for the same reason that the subprime derivatives bubble collapsed. If you increase the amount of funding available to people, then more marginal teams/ideas/homeowners get funded. The actual success rate will be far lower than the historical 1 in 10, because the driving factors of success (having a market and sufficient technical ability to go after that market) remain constant, yet the pool of people going after success increases.<p>Same effect as the dot-com boom, or the Web2.0 boomlet.<p>If I were to craft a bailout plan with those $700B, I'd do it like this: $400B to go towards undergrad scholarships and graduate research fellowships for science &#38; engineering fields; $200B to be spent directly on basic research; and $100B as a venture fund for entrepreneurs pursuing wildly ambitious ideas based on emerging technologies.<p>Currently, there's a glut of Ph.Ds and inadequate research funding, so many physics &#38; math Ph.Ds end up working on Wall Street. This is a huge waste of talent; instead of performing basic research that could expand the capabilities of the human race, they waste their time shuffling money around. $200B could fund between 500k-1M new professors. Imagine the potential breakthroughs they could discover.<p>1M professors is definitely more than the pool of qualified Ph.Ds, so $400B goes toward increasing that pool. This could fund 2.5M college educations, or 5M man-years of graduate school stipends. Combined with increased research funding for after they finish their Ph.D, this would make grad school more attractive relative to law or business school - the old "default options" for bright young individuals who don't know what they want to do with their lives. Imagine if everyone said "I want to be a physicist" instead of "I want to be a lawyer".
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