On Aug. 20, 2011, Marc Andreessen published the definitive manifesto for a generation of technologists and investors, with “Why Software Is Eating the World.” It kicked off an era of immense enthusiasm for software startups, coinciding with a period of historically low interest rates.

The pace of investment accelerated over the next decade, and without sifting too finely through recent history we can reflect back on a quote from Andreessen’s essay:

“Too much of the debate is still around financial valuation, as opposed to the underlying intrinsic value of the best of Silicon Valley’s new companies.” READ MORE