TLDR:
- Venture capitalists are shifting towards supporting Trump due to Biden’s proposed wealth tax.
- The alliance between Democrats and venture capitalists has shaped the US innovation financing model.
Silicon Valley venture capitalists are turning towards supporting Donald Trump as a result of Joe Biden’s proposed 25% tax on assets over $100 million. This shift is surprising given that venture capitalists have traditionally held progressive credentials and worked closely with Democrats in promoting techno-solutionism to achieve societal goods through digital technology. However, with Biden’s tougher stance on Silicon Valley, venture capitalists are now leaning towards the Republicans.
The Democrats’ relationship with techno-solutionism dates back to the 1980s when they viewed Silicon Valley as a catalyst for environmentalism, worker autonomy, and global justice. This alliance has led to a model where public institutions fund basic science while venture capitalists finance startups to commercialize it, ultimately benefiting venture capitalists financially. Despite the promises of social media, crypto, and AI, the current system in place has failed to deliver on its utopian goals. Venture capitalists have worked to frame their interests as aligning with humanity at large, but their pursuit of the “techno-capital machine” continues to prioritize free markets and profitability over equitable, socially beneficial technology.
In order to build a truly progressive techno-public machine, a reevaluation of the relationship between science, technology, democracy, and equality is necessary. The prevailing approach to innovation, which allows scientists to set priorities and companies to profit from public research unilaterally, may need to be revisited. Questions surrounding the use of data and AI owned by big tech firms, democratic decision-making in innovation funding, and the rethinking of intellectual property rights in the tech industry are crucial in moving towards a more equitable and democratic technology landscape.
In conclusion, progressives need to move beyond their fascination with Silicon Valley and reexamine the fundamental principles that govern the intertwining of technology, democracy, and equality. It may be necessary to reintroduce old debates to pave the way for a more just and sustainable technological future.
