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“Traditionally, it was the man in the gray flannel suit,†Roy Bahat, who currently heads the Bloomberg Beta startup-investment fund, told me. “We inflict pain on you, and we give you something in exchange. We call it ‘compensation.’ †Now money comes through channels more akin to fellowships than punch cards. Partly, this is a function of tech’s tight networking and famous tolerance for failure. If your company goes belly up, as most do, you can simply start another or, in desperate times, join a friend’s: debt and other demons hold less power in the house of funded startups. The working calendar has changed as a result.
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