GLOBAL CEO, ENTREPRENEUR, PROFESSOR, AND MENTOR

March 13, 2019

Mark Zuckerberg And The Tech World Still Do Not Understand Ethics

Last month, federal prosecutors accused the founder of Mozido of criminal fraud and money laundering. The company was once one of the most highly valued financial startups in the U.S. Founded in 2008, its backers included asset management giant Wellington Management Co. and MasterCard. The charges come amid what appears to be a crackdown by the U.S. Department of Justice on privately held technology companies—the latest development in what has been widely seen as a tech backlash around the world.

Yet the romance of the tech startup remains as robust as ever, despite governments and activists seeking to reign in the tech giants. Young would-be entrepreneurs still come to me for advice about how they, like Facebook’s founders, can “move fast and break things” while making the world a better place. The deification of Steve Jobs continues. Venture capital continues to flow to tech startups in record amounts—Q3 2018 was the most active quarter in history for venture investors around the world. Universities, accelerators and incubators continue to teach and promote the high-tech Silicon Valley business model.

Why the widespread blindness to the ethical and social dangers of tech startups specifically? Here are five of the principal causes…

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