Silicon Valley venture capitalist slams Austin's Prop 1 vote

Mike Maples, a Silicon Valley venture capitalists with longtime ties to Austin, came out swinging against voters' decision to require new rules for ride-hailing services such as Uber and Lyft.

Credit: Bloomberg

Credit: Bloomberg

Maples wrote in a Medium post that "the ordinance that the City Council passed breaks the business model of the TNCs (transportation network companies). It was intellectually bankupt. It was wrong then. It's wrong now. It will never be right. It will NEVER work."

"There are a lot of new exciting technologies - the Internet of things, drones, telemedicine - and Austin has some natural advantages. But if things get outlawed before they get off the ground, all the innovation is going to happen somewhere else."

Maples is one of several speakers scheduled to appear at a Greater Austin Chamber of Commerce startup awards event tonight. He will be on stage with Joe Liemandt, founder and CEO of Trilogy, to speak about current events and issues facing the city.