Did you ever ask yourself how since 2003, Tesla founders managed to create a company of 13,000 employees 7bn€ turnover and which is valued today for $51 billion which is more than General Motors and the work of its 200,000 employees in 200 years of existence. What could allow companies today to grow so fast and reach such value? We are now almost used to the software companies such as Google that become empires in a decade because they can grow without limits, since each new user costs them next to nothing. But what could explain that even today hardware companies that make physical products like those who came before manage to grow so fast and to reach such huge valuation? How can a hardware company starting from nothing such as Apple become in two decades the most important stock value ever attained in human history? Well, mostly because tech companies today fully benefit from 3 major revolutions: financial, technological and geo- economical. The combination of all three revolutions meant that none of the 3 biggest global sotck valuations we have today existed 50 years ago. First, it benefits from a Financial revolution with the post-war appearance and the boom of venture capitalism in the 90s. Unlike banks that loan to companies to get reimbursed a venture capitalist buys shares of a company, hoping to resell them a decade later for a hundred or a thousand times their initial value. Before, when an entrepreneur wanted to fund growth, he asked the bank for a loan and had to possess tangible assets to guarantee the bank that he would pay back his loan. They were obligated to focus their business strategy on short-term profitability and setting up a sound financial structure. Today, with venture capitalism, they accept to risk losing all their money for the possible perspective of a massive return on investment when re-selling their shares. For a venture capitalist, the most important is the long-term growth potential of the company. And this allows the entrepreneur to focus his strategy of his on the growth of its turnover, and on its global market. And we see here why the apparition of venture capitalism multiplied the growth speed of technological companies. The second revolution that benefited entrepreneurs is technological and you know all know it. It’s the web, and the web had two effects. Before, developing a product meant doing a market study developing the product and trying to see if to see if the market wanted it. Then start product development again depending on the market feedback, and so on. It was long, expensive and led to a great deal of bankruptcy. Today, to launch a product we create a webpage, try to sell it and after a few quick generations try to develop the product that sells best. The second benefit of the web comes when you need to promote your product. Before, we had to communicate through newspapers, TV, radio, expensive media, specific, time-consuming and dreadfully local. In a nutshell, it was hell. Today, with a webpage and good SEO we can, in a day, communicate with the whole planet. It allows you to reach markets 100x bigger from your 1st product launch. The third revolution is globalized distribution, with Amazon for instance that can easily ship your product in your home country as well as to the end of the world, which allows for business plans at a global level from the very first year of your company, and global distribution, transparency for the entrepreneurs since distributors also rely on the whole logistic chain that is wholly globalized, from cargo planes, Fedex to the carriers that roam the seas, the whole distribution chain was globalized in just a few decades. It’s easier to sell to the whole planet today than to the whole of France in the 70s. You know, if you fold a piece of paper 42x (and you can’t) the thickness of it will eventually get to the length of a trip to the moon. Hard to believe, but that’s the strength of exponential growth. The three revolutions we talked about allow us for the first time in the human history of technological hardware companies to have the marketing, financial and logistic means to double your turnover every 6 months, and even less. If you double your turnover every 6 months, even a 1€ yearly turnover becomes after 25 years a million billion per year. More than all the businesses in the world together. If you look at what the valuation of a company, once it reached almost all of humanity, it’s the added value that it gives it individual, which is mostly why today Apple is still worth more than Google.