The Secrets of the Talent Scouts

Link: The Secrets of the Talent Scouts
So mavericks like Michael Moritz, the Silicon Valley venture capitalist, are shrugging off talk of economic collapse and scouting for winners anyway. “A downturn can be a very good time to build a company,” he contends. “The parvenus and the pretenders are gone. The only people who want to start a company in a time like this are the ones with the greatest conviction.”

Sweet vocabulary word: parvenu, “a person who has suddenly risen to a higher social and economic class and has not yet gained social acceptance by others in that class”.