Founders also often misread the order in which things happen. Some of the companies I’ve invested in had already received industry awards, but those were not the reason they were funded. What mattered was the underlying execution. What mattered to me was how rigorously they were testing assumptions, how honestly they handled data and whether the team understood both the potential and the limits of what they were building.
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That collapse, if it comes, would arrive while AI is simultaneously displacing workers across the economy—a worst-of-both-worlds scenario that Stiglitz does not think is far-fetched.