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But tech companies behave differently as they add a key feature to traditional supply-side economies of scale: network effects.

All in all, technology doesn’t make jobs irrelevant—far from it, as suggested by the uninterrupted growth of proximity services in expanding urban areas.

Tech entrepreneurs succeed precisely because they realize the competitive advantages of working with the multitude rather than embracing a more traditional approach.

Michel Valentin. Chef d’entreprise très performant, ce dernier se trouvait alors dans une phase de réflexion quant à la pertinence du modèle actuel.

It’s a new node in a network that over time will create value for the entire community of insurees through aggregated data, behavioral influence, and peer-to-peer work. Overall, the bet is that network effects beat selection effects most of the time.

Like most of us working in the startup world and venture capital, I see technology as an opportunity to create more wealth and make things better. But I also realize that everything I’ve concentrated on during the past two decades has put me on the winning side of technological change.