One small good thing about Wall Street’s terrifying meltdown: this year’s graduating class will send fewer of its best people into investment banking and more into fields where they’ll actually make something new and good.
I remember walking around Pioneer Square last year with one of my favorite Redfin engineers, who was mulling career options and thinking about his friends in dermatology and hedge funds.
He’d mentioned the “boatload of money” he could make in hedge funds, so I couldn’t help but ask just what he meant by that. He told me. It was a number so large that it would more than compensate for the weekly fruit basket we offer at Redfin headquarters, and that one time we took some employees water-skiing.
The engineer stayed, and ever since I’ve checked in on him with the fear and gratitude of someone waiting to be dumped. But look who has the upper hand now? Har! har! har!
(We’re very grateful for all the folks who work at Redfin, who are worth more than we — or — I hope! — anyone else — could ever pay.)
Update: Noam Lovinsky pointed out an interesting conversation about bankers becoming Internet entrepreneurs on Fred Wilson’s blog. The comments are as good as the post.