My company did a documentary on Somali pirates for HBO a while ago (before me), and I'm reviewing some interesting materials.
It turns out even pirates need money. Boats, guns, parrots, eye patches – they're not cheap. They need startup capital.
Mini 🧵 👇
1/4
It turns out even pirates need money. Boats, guns, parrots, eye patches – they're not cheap. They need startup capital.
Mini 🧵 👇
1/4
Somali pirates raised funds just like startups to rob ships.
Aspiring pirates get together, and raise capital from friends and enemies. They then set out on their piracy startup to plunder. When they return, they split the booty... "investors" get a cut, like any business.
2/4
Aspiring pirates get together, and raise capital from friends and enemies. They then set out on their piracy startup to plunder. When they return, they split the booty... "investors" get a cut, like any business.
2/4
That story sounded like a business story I've heard before... The British East India (BEI) company!
People are taught epic businessmen established trade routes for spices. That's not even close to true. It was a piracy startup.
3/4
People are taught epic businessmen established trade routes for spices. That's not even close to true. It was a piracy startup.
3/4
BEI raised cash, and their first project was robbing a Portuguese ship.
They then repeated, pillaged, and plundered until they crashed. Then the government bailed them out.
Funny how we spun that as epic business people, instead of people that robbed others.
4/4
They then repeated, pillaged, and plundered until they crashed. Then the government bailed them out.
Funny how we spun that as epic business people, instead of people that robbed others.
4/4
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