Steve Jurvetson Quotes
Before SpaceX, no space company was worth a second meeting.
Vance, Ashlee. Elon Musk: Tesla, SpaceX, and the Quest for a Fantastic Future. Ecco, 2015, p. 240.
He was referring to the institutions in the particular fields. An established institution in education like a university might develop an innovation in astronomy or language translation, but not likely develop significant innovations in education. An established computer programming company might innovate the method of warehousing and shipping merchandise, but they are not likely to develop an innovative way of computer programming. That is typically done by a programming non-established firm or individual. There are a number of exceptions and this is not put forth as a general principle, but as a statistical observation. Established institutions are working harder and smarter to find ways of innovating regularly, and may succeed more frequently than the present.
Stephen T. Jurvetson is an American businessman and venture capitalist. Formerly a partner of the firm Draper Fisher Jurvetson (DFJ), he was an early investor in Hotmail, Memphis Meats, Mythic and Nervana Systems. He is currently a board member of SpaceX and Tesla, among others. He later co-founded the firm Future Ventures with Maryanna Saenko, who worked with him at DFJ.