People kinda underestimate how much the economy has changed, and with it, the demand for different businesses has ebbed and flowed. The postwar economy was deeply pragmatic for America, and our production lines could be leveraged by clever entrepreneurs to manufacture high-margin goods. The key to success in these years was material wealth; producing a lot of something meant you could make proportionally more money. Industrial logic still applied, at least for a little while.

But the demands for making a successful business has changed. The US economy financialized[0] and a lot of the value derived from physical innovation was supplanted by financial maneuvering. In simple terms, it became easier to make money with a contrived licensing scheme or asset-trading cabal than it was to make a good or desirable product. Reciprocally, investors became cagey with "real world" problem solvers and adopted a moonshot mentality, looking for equity in risky areas over safer but less profitable opportunities.

As a founder, this means that no, you do not need to be academically smart to compete against the largest businesses in America. But you do have to try like hell regardless, because if you don't make hay while the sun is shining Wall Street will eat you for breakfast and burp up what's left of your offices on a Craigslist ad.

[0] https://en.wikipedia.org/wiki/Financialization

Not the key factor for success, but a relevant side.

- Well, they worked hard and got into top schools. - Many VCs only fund founders from elite universities. As a result, people from non-Ivy backgrounds often don’t get funded. Even YC and similar funds rarely invest in them. Why does this matter? Because tech companies usually need to burn cash before becoming profitable. VC funding is essential in that early stage. - This wave is changing. AI is making traditional education and degrees irrelevant. - Today’s Ivy League schools are not what they were 10, 20, and 40 years ago. Many talented people are choosing not to attend these expensive institutions. So in the next 10–20 years, expect to see more successful tech founders from non-Ivy backgrounds.

Some names to remember (alphabetical order):

- Brian Chesky - Airbnb (Rhode Island School of Design) - Chris Wanstrath - GitHub (University of Cincinnati, dropout) - Daniel Ek - Spotify (Royal Institute of Technology, dropout) - David Karp - Tumblr (Bronx Science High School, no college) - Evan Williams - Blogger, Twitter, Medium (University of Nebraska–Lincoln, dropout) - Frank Wang - DJI (Hong Kong University of Science and Technology) - Jack Dorsey - Twitter (Missouri University of Science and Technology / NYU, dropout) - Jan Koum - WhatsApp (San Jose State University, dropout) - Markus Persson - Mojang (Minecraft) (No college) - Matt Mullenweg - WordPress (University of Houston, dropout) - Melanie Perkins - Canva (University of Western Australia, dropout) - Michael Dell - Dell Technologies (University of Texas at Austin, dropout) - Pavel Durov - Telegram (Saint Petersburg State University) - Richard Liu - JD.com (Renmin University of China) - Steve Jobs - Apple (Reed College, dropout) - Travis Kalanick - Uber (UCLA, dropout) - Whitney Wolfe Herd - Bumble (Southern Methodist University)