The new monies of the startup world: Future‐focused tech ventures as experiments in personal worth

The tech startup is a globally admired and emulated form of enterprise, celebrated for its capacity to turn lines digital code into lean lucrative businesses. Drawing on recent work in the anthropology money, I argue that startup's rise not only leading people pursue new ways making money but also giving constructions character value itself. article follows two founders Singapore – where technocratic state authorities actively encourage citizens found ventures over three years developing marketing their products attempting raise investment funds. show how founders’ conceptions monies at play led them stake economic futures, social moral worth persons success. Emerging sectors thus draw more far-reaching forms self-experimentation than discourses entrepreneurial risk reward surround let on. Les nouvelles monnaies du monde des start-ups : les entreprises visionnaires de la comme expériences valeur personnelle Résumé Dans le entier, technologiques sont admirées et imitées pour leur capacité transformer lignes numérique en légères rentables. À partir d'un travail récent sur l'anthropologie monnaie, l'autrice avance que essor non seulement incite à rechercher nouveaux moyens gagner l'argent, mais suscite également caractère l'argent lui-même. L'article suit deux fondateurs Singapour (un État technocratique dont pouvoirs publics encouragent activement citoyens créer start-ups) pendant trois années développement commercialisation leurs produits tentatives d'attirer investisseurs. Il montre comment conception qu'ont jeu dans conduits mettre futur économique, aussi sociale morale personne réussite entreprise. secteurs d'entreprise émergents attirent ainsi gens formes d'expérimentation eux-mêmes plus poussées ne laisse penser discours risque récompense économique ils s'entourent. In September 2021, Adrian Tan1 secured handshake agreement from reputable venture capital firm invest $500,000 20 per cent cryptocurrency payments company he was building. A Singaporean man his early thirties, had an undergraduate degree finance worked as banker number before quitting own 2018. He applied been accepted year government-run incubator programme first-time provided him access office space, mentorship meetings, business development networking events, well cash grant $30,000. proposal with crypto system sentiment analysis software program scraped analysed comments online news sites companies wanted know what were saying about them. Because this product failed attract many users or, world parlance, ‘gain any traction’ ‘pivoted’ end year-long image marketplace could buy sell proprietary images. When again garner users, pivoted once AI-powered audio file transcription service. All told, five times past half years. gone being up-and-coming young one highest paid cohort, told me having no income several row. capitalist (VC) expressing interest point, valuing it $2.5 million, was, needless say, welcome events. It seemed vindicate Adrian's decision financial security become founder keep pivoting until hit something worked. ‘High risk, high return’, described founder's gambit me. ‘There's chance failure, if you do well, it's 100× idea. think can happen. That's why I'm here, right? If have some grit execution ability, iterate long enough, what's reason to?’ After iterating executing funding pocket, finally looking like efforts going pay off. Since famed emergence creativity- freedom-loving counterculture northern California (Barbrook & Cameron 1996; English-Lueck 2017; Turner 2006), has valued particular seemingly alchemistic scalable businesses (Seaver 2021). Eager tap promising vein contemporary capital, countries are investing programmes cultivate tech-savvy citizen-founders, who will channel energies resources may go valuable assets national economies (G.P.L. Chong 2020; E.H.C. Chua 2019; Ghosh Irani Lindtner 2020). While discussions global trend approach through framework opportunity, reward, examines emerging among or kinds context hold be ventures. Anthropologists shown tend use singular homogeneous medium, but, rather, construct engage ‘multiple monies’ (Zelizer 1994: 18) each governed by distinct logics principles. Recent ethnographies looked these entangled notions value, local social, cultural, (e.g. Bandelj, Wherry Zelizer Guyer 2004; Ho 2009; Maurer 2005b; Miyazaki 2013). Users contingent context-specific shaped subjective best interests they should endeavour be. build extend line research approaching Singapore's sector site imaginaries world's technology futures aligned established worth, sit odd angles rationalities expectations worlds inhabit. Startup find themselves dealing multiple different logics, which place demands conduct. They confronted question abide answers ramifications socially culturally constituted persons. explore resulting uncertainty, self-doubt, ambivalence come regard unavoidable feature lives drawing multifaceted language accounts for. Government seeding are, extension, opening citizens’ expansive uncertainty official avowedly non-liberal one-party-dominant state, whose government administrators consistently designed implemented country's economy attractive ever-evolving (B.H. Rodan 2016; Shatkin 2014). From nation's independence 1965 1980s, consisted policies aimed transform population disciplined industrial workforce foreign manufacturing reliable affordable labour. 1990s, knowledge driven shift towards expertise, creativity, innovation, entrepreneurialism (Coe Kelly 2002; Wong Bunnell 2006).2 identifying industry future opportunity encouraged try hand startup-founding state-funded organizations grants, corporate collaborations, university- school-based ‘technopreneurship’ training programmes. government-friendly mainstream media regularly runs stories successful raising funds, becoming millionaires, striving grow startups ‘unicorns’ (i.e. valuation $1 billion). ministers high-profile speeches interviews look beyond comforts regular job consider founding ‘do exciting’ (Minister Yaacob Ibrahim, quoted Chng 2015b). urge above fear failure ‘go it, shoot stars’ (Prime Minister Lee Hsien Loong, 2015a). This governmental strategy usefully ‘neoliberalism exception’ (Ong 2006): works, hand, political individual freedom agency (succinctly referred ‘Western values’) bay, while, other selectively importing inculcating those individualism deemed beneficial economy. Many indeed embody traits scholars termed neoliberal, ‘entrepreneurial self’ (Bröckling 2015; Foucault Rose 1998). conduct labourers hire, owners set skills, aptitudes, personal connections (Gershon 2011; Lane Urciuoli 2008) undertake manage, leverage, capitalize ‘self-controlling, self-economizing self-rationalizing’ 2015: 22) manner. My ethnography contributes constituting oneself self involves practical decisions dilemmas bring positions very 2014; Rudnyckyj Yan 2008). Whereas neoliberal selfhood assume works uniform subject practice make matter becomes entangled. further startups, entrepreneurship, personhood fruitfully attend accurately identify appropriately handle much make, ways, proven. draws fieldwork conducted seven participants participated in, ran 2018 2019. To qualify, needed entrepreneurs quit jobs commit full-time startups. selected basis technological innovativeness, feasibility, market potential ideas. accompanied events attended, sat meetings mentors partners, gatherings organized, status progress ended, continued follow eight late 2021. took approaches ventures, commonly distinguished between money: salaried world. Salaried construed devalued currency soon-to-be-obsolete present flowed rigid measure bound person life purposeless labour consumption. world, contrast, behaved uninhibited, almost impetuous manner liable rush anyone impress sums untethered calculations cost. tracks experiences founders, Tan Hian Lee, guided distinction recognized all my conversations qualities currencies most clearly comprehensively formulated. Of six succeeded round soon after completing and, perhaps reason, tended our focus squarely made others managed generate enough revenue traditional ‘brick-and-mortar’ revolve around in-between in: longer tied income, still way investible startup. Only chose pivot times, idea another. course pivots, frequently reflected reasons wanting startup, costs persevering thought chances succeeding. As here contrastive characteristics strikingly articulated, develop article's argument engagement founders. begin next section describing approached two-fold endeavour: is, attempt, create highly profitable business, morally worthier previous allowed do. duality, then show, involved first surfaced. Compared Californian forerunners, constructed less upshot free-spirited visionary's bid better economically savvy hedge against ‘disruptive innovations’ near mid-term future. Government, education representatives warn technologies transforming industries process, eliminating jobs, wiping out businesses, redirecting flows technologies. ‘small island-state natural resources’, said dependent ‘survival’ ability ‘stay relevant’ words, need stay ahead disruptions (E.H.C. 2019). Rather waiting livelihoods disappear Prime Minister, put ‘lunches’ stolen jump curve ‘steal people's lunches’, ones future's so streams flow (Toh 2017). Hian, presenting me, both employed discursive framework. argued increasingly sophisticated ‘fintech’ (financial technology) applications posing growing threat banking industry, necessary bankers move order competitive avoid obsolete. ‘I choice because future’, conversations. ‘Why year, useful twenty, thirty years?’ building account asset provide returns expertise inheritance would lose value. ‘If existing passed down generation traders, wouldn't survive generation. Things changing fast’, said. ‘Better out, decide there’. peer-to-peer mobile phone insurance programme, framed effort improve prospects positioning himself right ownership) side technology's affordances. bachelor's actuarial science Certified Public Accountant. Before accountant doing reports string major banks. ‘Jumping banks, [I realized that] backend processes scarily manual’, Digital solutions already available time automated. spend eliminated, felt sense own. automation, go. It's So, want something’. download app small monthly fee cover damage phones. Those claims fees automatically returned ‘You disrupt [the industry] same bought lower price’, does this, part definitely yours’. profit-seeking however, undertaking Like (Freeman Kelman 2018; Osella Yanagisako 2002), saw trying source revenue, means actualize cultural ideals subscribed to. For them, kind pursue. marked creeping obsolescence certain new, embracing harnessing shape often while risking current salaries hope greater rewards, just say considered latter up. poured level, hoped returns, another price willing potentially impactful future-worthy endeavour. best-case scenario, [of succeeding] 1 [sic] we 9 10 fail. But short life, so, useful? sure actually making, take direction. notoriously poor odds success faced were, account, up gave useful. went setting app, similarly focused creating assessing returns. $50,000 savings bank there made, top paying expenses pocket. lacked technical envisioned, enlisted programmer friend partner agreed equal owner without requiring it. pushed financially disadvantageous arrangement downplayed issue secondary concern. ‘I'm okay’, assured first’. calculated 10,000 run smoothly, figure translate himself. ‘What salary give me? Ahh … quite flexible that. Let's get start’, responded when asked. certainly lay much, more, system. thus, response government-promulgated imperative securing constructive forward-looking previously able Had blossomed duality issue. Their likely standard narrative success, future-savvy innovation duly met enviable rewards. turned marketing, neither nor Hian's gain traction. startups’ off presented whether ought persist return job: carry working cut losses back earning could. endeavours theory entity, consisting fungible tokens uniformly anthropologists distinctions writes, ‘socially created currency, networks relations values norms’ 19). Money consists monies, relative fixed contingently determined actors interacting (Dodd Hart 2007; 2006). These actors, rather transactions abstract Jane describes ‘a repertoire’ (2004: 60) ‘scales classification valuation’ 51) steer outcomes desire.3 manage merely quantitative values, handled profit loss, meanings imbricate individual's monetary craft direct identities (Maurer 2005a; 2013; Riles Zaloom Several studies professionals ‘realities’ align pursuit normatively (such ‘fairness’ ‘efficiency’) advancement socioeconomic professional (Callon 1998; K. LiPuma MacKenzie 2006; Ortiz People's scales principles govern currencies’ various economic, gain. sensibilities enculturating transactional practices based algorithmic Swartz Few far, understandings responding changes.4 enterprises feel forward-thinking differently older did. Faced initial repeated traction, persisting future-focused bore demanded engaged valuation. perspective, that, even persistently worthwhile persevere job. Adrian, justifying pivot, unrelated ‘real value’. ‘How works’, said, ‘is investors pocket bit AUM [assets under management] fees. There's little creation whole system, opinion. Just pushing grabbing yourself’. banker's construction, did anything others, instead reduced earned parasitic skimmer already-circulating cash. push subsequent maintained embellished argument. Not bankers’ spent things good performances ‘status’. peers buying ‘shiny’ $10,000 watches posting photos taking luxury vacations dining expensive restaurants. ‘It's glamorous, day, see real people, your status’, Although banking, construction used lavishly afford treat seem By continue might people. ‘Founders watches, watches. you're fine’. buy, sell, repair phones, justified former framing accountants' days lives. Accountants, portrayal, incomes repeatedly performing familiar tasks. exactly done. You forward o'clock complain do’, mind-numbing monotony mode money-making ‘liveable’, truly ‘worth living’. Accountants’ salaries, furthermore, rigidly incremental rate. One one's (through ranks Associate, Senior Assistant Vice President, Executive me)