Why Silicon Valley Loves Rising Crude Oil Prices
Source: commodityonline.com (5/25/08)
John Doerr, titan of the venture capital world, is convinced that opportunities in the cleantech space will be as lucrative as anything he's seen before. (From the man who helped launch Netscape and Google, that's really saying something.)
Excited? Yes. According to Sally Limantour, Editor of Taipan Financial News, the venture capital funds based in Silicon Valley are indeed excited about the rising oil prices. When crude oil prices zipped past $130 last week, many of them cheered loud, looking at the great opportunities ahead.
So what are the opportunities that rising oil prices offer to the techies in Silicon Valley? Read below an article from Limantour to know more about it:
"Crude oil trading above $130 a barrel has lots of folks tearing their hair out. But out west in Silicon Valley, the VC boys are grinning from ear to ear.
Why? Because they know that the world's oil pain is their gain... to the tune of tens of billions in profits, or maybe even more.
Take John Doerr, for example. You may not have heard of this Silicon Valley titan, but in the world of venture capital he's an investing legend. As a partner in one of the world's top VC firms, Doerr amassed a huge fortune for himself with pre-IPO stakes in companies like Netscape, Amazon.com and Google.
Now Doerr is onto the next big thing: "cleantech," which is shorthand for clean energy technology.
Doerr is convinced that opportunities in the cleantech space will be as lucrative as anything he's seen before. (From the man who helped launch Netscape and Google, that's really saying something.)