Throwing out a pile of old newspapers, as you do, a back-page story in the Sunday Times Business News caught my eye. In a column bemoaning the fact that "private equity's bonanza days are over," Luke Johnson claimed that "early-stage funding for technology companies ... led to the rise of countless world-beaters from Microsoft to Apple, Google and Facebook."
It's a good story. The problem is that, in Microsoft's case, it isn't true. In fact, Bill Gates' refusal to take venture capital was how he accidentally became the world's richest man.
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