Longreads

A startup founder struggles with what's next after a period of slow growth:

"It was late on a gloomy Saturday afternoon in Mountain View, and we were doing a walk’n’talk ‘office hours’ session with Paul Graham - 'PG' - on the street outside the Y Combinator office.

"'What do you have to show for the funding you’ve taken so far?'

"I tried to explain. 'We felt we needed to build our own technology platform for flight search, because nothing already existed to support the product we were trying to build. So, basically we spent it on back-end engineering.'

"'Well that sure was a mistake,' he huffed.

"'How do you know your product is something people want?' The pg-bot had engaged.

"It was hard to explain."

An inside look at how banks jockey for "left lead" status on an IPO—especially one as big as Facebook's:

"For the past couple of decades, Goldman Sachs and Morgan Stanley have ruled the tech IPO business, with one of the firms serving as lead manager on most of the hottest deals.

"Goldman took Microsoft, Yahoo, and eBay public, for example. Morgan won Netscape and Google. Although other firms have picked off an occasional deal over the years, when it comes to tech banking, Goldman and Morgan remain in a class by themselves. To be sure, having Morgan or Goldman take you public is no guarantee of success—they’ve banked plenty of dogs. But going public without Morgan or Goldman means signaling that you weren’t good enough for Morgan or Goldman. In other words, that your company is second-rate.

"In the last few years, though, there has been a shift in the Morgan-Goldman power balance in the Valley. Specifically, until very recently, Morgan Stanley has won almost all of the hot IPOs."

Inside the boardroom battles that led to the hiring (and firing) of CEO Léo Apotheker, formerly of SAP. Meg Whitman is now in charge of finding ways to fix the legendary tech company:

"A few months after she took over as the CEO of Hewlett-Packard last September, Meg Whitman held one in a series of get-to-know-you meetings with employees. To say the audience, a group of software engineers and managers, was sullen would be an understatement. As Whitman spoke, many of them glared at her. Others weren't making eye contact with their new boss. Their heads were down, and they were tapping furiously on handheld devices.

"'Your comments are being live-blogged,' one employee told her defiantly. Whitman challenged the man. 'You all have taken leaking to a new art form,' she said. 'It's a sign of an unhappy company. You wish HP ill.' The tapping suddenly stopped, and as the room fell silent, the mobile devices were lowered."

[Not single-page] Reliving the "Carrington Event," a solar storm that disrupted the U.S. telegraph system and lit up the sky in late August 1859:

"The night of Carrington's discovery, the electrical hurricane that had swept the globe peaked. The Great Auroral Storm had actually begun several days earlier with a similar incident on August 28, but it was Carrington and another astronomer, Richard Hodgson, who identified one of the solar flares that enveloped the earth in a week-long magnetic maelstrom. Because of their work, the episode was dubbed the 'Carrington Event,' and it consumed the world's attention for the week.

"In New York City, San Francisco, Boston, and Chicago, thousands of sky gazers wandered about the midnight streets, astounded at what they could see. 'Crowds of people gathered at the street corners, admiring and commenting upon the singular spectacle,' observed the New Orleans Daily Picayune. When the September 1 aurora 'was at its greatest brilliancy, the northern heavens were perfectly illuminated,' wrote a reporter for The New York Times."

The complicated relationship between founders of a startup. Billy Chasen and Seth Goldstein lead Turntable.fm, but with very different viewpoints on how to succeed:

"Then traffic started falling. By autumn, it dwindled to less than half its peak, and the very same tech watchers started wondering whether it was all over. Goldstein says he can hear the doubt in the voices of his Silicon Valley friends. 'I can tell now when people say, "How's it going?" they mean, "You're flattening, aren't you?" '

"Chasen and Goldstein agree the music fans are still out there (music site Pandora has 49 million active users, Spotify 17 million). Their disagreement over the answer to the obvious question—how to get them back—has created a rift between them that has influenced both their partnership and the direction of the company. In some ways, it's a classic split between product and marketing. But their predicament highlights what's so weird about the social-media business: Nobody understands why certain sites grow, exactly. Yet whether or not Turntable takes off again will determine whether it is worth billions or practically nothing. And with no causal data, all that remains is buzz, conjecture, and gossip—the How's it going?"

[Not single-page] IBM and Microsoft teamed up on what was supposed to be the operating system that changed everything. It didn't turn out that way:

"Meanwhile, Microsoft was two-timing the operating system it had co-created. In May 1990, it released Windows 3.0, the first version that was sort of decent. In terms of technical underpinnings, it remained creaky, but it gave garden-variety PCs the same sort of Mac-like pretty front end that OS/2 aspired to deliver. Consumers and businesses embraced Windows by the millions, instantly turning it from an apparent dud into a blockbuster. Every PC maker in the industry except IBM soon standardized on it.

"With Windows suddenly flourishing, Microsoft decided it didn’t have to share the future of operating systems with anyone else. It not only began to sever ties with IBM but also argued that OS/2 was, in senior vice president of systems software Steve Ballmer’s cheery words, 'a dead end.' The software that was originally supposed to be OS/2 3.0 morphed into Windows NT, the modernized version of Windows that both Windows XP and Windows 7 eventually descended from."

What does it take to get a tech startup funded? Inside the competitive selection process for one incubator in New York City:

"The date is January 24, one day after applications were due for TechStars, a three-month mentorship program that is part boot camp, part investment fund. Some 1,480 young companies have filled out a questionnaire and recorded two short videos for the chance to compete for just 14 spots. That works out to an acceptance rate of less than 1 percent. 'Look to your right; look to your left,' Tisch said at a recruiting event in early January, modifying the Harvard Law School warning to first-year students. 'Probably none of you will get in here.'"

Researchers have worked for years to develop a prosthetic limb controlled by the brain or myoelectric activity. For now, many still prefer the old prosthetics that use centuries-old technology:

"Watching the arm intently as it goes through these motions, Lehman imagines his missing arm moving in the same way. This focused mental exercise triggers neuromuscular activity in his stump that the electrodes pick up. A cell-phone-sized computer velcroed onto the sling behind Lehman’s shoulder correlates the arm’s vocabulary of motions to Lehman’s desires. The hand pinches closed, Lehman tries to tell his missing hand 'pinch,' and the computer remembers the muscle activation that his thought engenders. He has to go through this routine every time he straps on the arm because the sensors never end up in exactly the same place. Lehman’s stump changes from day to day, too. He sweats. His skin stretches. His muscles swell and shrink. And, more fundamentally, Lehman’s brain changes. Tomorrow he might visualize his arm movements differently."

Roger Fidler was a head of innovation for Knight-Ridder who convinced his company to let him set up a lab in the early 1990s to explore the creation of tablet computers. They were next door to a lab owned by Apple:

"Fidler smiles through a scruffy gray Jobsian beard. He has known the answer for a long time. In 1994, while running a lab dreaming up the future of newspapers, Fidler starred in his own video demonstrating a prototype he cooked up that was remarkably like the iPad — black, thin, rectangular, with text and video displayed on-screen.

"A narrator described technology that at the time sounded like science fiction: 'Tablets will be a whole new class of computer. They’ll weigh under two pounds. They’ll be totally portable. They’ll have a clarity of screen display comparable to ink on paper. They’ll be able to blend text, video, audio and graphics together. . . . We may still use computers to create information but will use the tablet to interact with information — reading, watching, listening.'"