Land of the rising sun

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Right in the center of South Park, a large, grassy oval near San Francisco’s financial district, there is a rinky-dink playground with slides, ladders and firefighter poles, all dented and dinged, connected by gritty brown pylons. Yet for many in Silicon Valley, this playground is hallowed ground. It was here, one breezy day in 2006, according to legend, that Jack Dorsey ordered burritos with two co-workers, scaled a slide and, in a black sweater and green beanie, like a geeked-out Moses on Mount Sinai, presented his idea for an Internet service that would allow users to update their current status and share what they were doing. “That playground right up there is where I first brought up the idea,” Dorsey, whose present-day uniform is a white Dior dress shirt and tailored dark blazer, told CNBC earlier this year.

In Silicon Valley, ideas are not in short supply. At every coffee shop, beer garden and technology conference, there are legions of start-up founders, like screenwriters clutching their scripts, desperate to show off an app or site that they believe will be the next big thing. Yet around 75 percent of start-ups fail. Usually it’s not simply because the ideas are bad (although some certainly are), but because of a multitude of other problems. They are either ahead of their time or too late. Some have too much money and collapse under their own weight; others have trouble raising the capital they need to survive. Still others implode because of the poor management and infighting of founders who have no experience actually running companies.

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