Silicon Valley "gurus" learning about oil & gas the hard way
Ummm, it appears that the big brains who run Silicon Valley don't always do things better. TheAlarmClock.com and PEHub.com both ran stories recently calling attention to Kleiner Perkins' big investment in Teralliance. For those not interested in reading about this train wreck, here's my annotated summary of the story:
A tech firm, based in the energy hub of Newport Beach, California, pitches Silicon Valley VCs with the idea of using, of all things, SCIENCE to "replace the imaginations of geologists about where to drill for new hydrocarbons." (Seriosly, that's a real quote.) Light bulbs start going off all along Sand Hill Road.
VC firm Kleiner Perkins figures it's about time somebody put those backwards, barely prehensile oil and gas goons in their place. The champions of green help raise $300 million in equity plus an equally large amount of debt for the visionary company. Said technology company implodes. Hilarity ensues.
How could this boondoggle have been avoided? The brainiacs could have checked the course catalogs of any one of California's fine educational establishments and discovered, gasp, geology IS a science. The end. .:.
Ummm, it appears that the big brains who run Silicon Valley don't always do things better. TheAlarmClock.com and PEHub.com both ran stories recently calling attention to Kleiner Perkins' big investment in Teralliance. For those not interested in reading about this train wreck, here's my annotated summary of the story:
A tech firm, based in the energy hub of Newport Beach, California, pitches Silicon Valley VCs with the idea of using, of all things, SCIENCE to "replace the imaginations of geologists about where to drill for new hydrocarbons." (Seriosly, that's a real quote.) Light bulbs start going off all along Sand Hill Road.
VC firm Kleiner Perkins figures it's about time somebody put those backwards, barely prehensile oil and gas goons in their place. The champions of green help raise $300 million in equity plus an equally large amount of debt for the visionary company. Said technology company implodes. Hilarity ensues.
How could this boondoggle have been avoided? The brainiacs could have checked the course catalogs of any one of California's fine educational establishments and discovered, gasp, geology IS a science. The end. .:.
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