It’s nice to see the spirit of venture capitalism take root all over the world, even on the war-torn coasts of Somalia. But on the Arabian Sea and in the Gulf of Eden, we’re not so much talking about social media startups – in this case we’re talking kidnapping and theft…but fine, it’s a start.
The first quarter of 2011 has seen piracy-at-sea hit an all time high with 142 attacks worldwide and 97 of the East coast of Somalia, up from 35 a year ago, a report by the IMB Piracy Reporting Center says. As ransom-payouts increase exponentially, more sophisticated piracy syndicates are even selling shares in planned attacks to villagers in order to finance their operations, according to the head of the U.S. Navy.
There’s always a bull market somewhere. In this case, it’s in jacking vessels and ransoming their crews and contents. It’s nice to see that the villagers are able to get in on the action, I wonder if the pirates first verify whether or not they’re accredited before taking their funds. Is a Somali Red Herring prospectus actually red with blood? Will the Captain ring the opening bell of trade when the ransom loot arrives for trading?
Read Agustino Fontevecchia’s entire piece, you will be inspired (or revolted) by the fact that the whole world’s gone Venture Crazy!