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Why We Need Basic Income: A World After Capital
Union Square Ventures Managing Partner Albert Wenger
Fabian Tausch
March 21, 2025
Albert Wenger, Managing Partner at Union Square Ventures and author of World After Capital, is no stranger to transformational ideas.
Having invested in groundbreaking companies like Twitter, Etsy, and Coinbase, Wenger has spent decades at the forefront of innovation and social change.
In his recent conversation with Fabian Tausch, Albert shared a bold vision for the future of work, technology, and society in the age of AI and automation. From universal basic income (UBI) to the democratization of technology, Wenger lays out a roadmap for how founders, policymakers, and citizens can navigate this critical transition.
This newsletter distills the key takeaways from the conversation, providing actionable insights for entrepreneurs and changemakers alike. Let’s dive into Wenger’s ideas and the steps we can take to create a more equitable and innovative future.
Prepare for a Post-Work Economy: Why Universal Basic Income Is the Key
Albert Wenger argues that we are at a critical historical juncture—transitioning from the industrial age to a post-work economy. With advancements in AI, robotics, and automation, many traditional jobs are disappearing, and new systems are needed to redistribute wealth and provide economic security.
“We’ve built a system where wealth is distributed through work, but there will be less work in the future,” Wenger explains.
Wenger strongly advocates for Universal Basic Income (UBI), which he calls "economic freedom." He believes UBI will allow people to pursue meaningful work, whether creative endeavors, caregiving, or other roles that machines cannot replicate.
As he puts it, “UBI enables people to choose work that aligns with their humanity—like cooking for someone or creating art—rather than being forced into jobs by economic necessity.”
Steps to Consider:
Redesign Social Systems: Policymakers must rethink existing welfare systems that penalize work and replace them with streamlined UBI models.
Embrace Pilot Programs: Entrepreneurs and governments should experiment with UBI pilot programs, like Wenger’s initiative in Hudson, New York, to gather data and refine implementation.
Educate the Public: Founders and leaders can advocate for UBI by explaining its compatibility with free-market systems and its potential to unlock creativity and innovation.
The transition to a post-work economy is inevitable. By implementing UBI, we can ensure that this transition benefits society.
Take Back Control of Technology: The Fight for Digital Sovereignty
In today’s world, apps and platforms dominate every aspect of our lives, often controlling us more than we control them. Wenger points out the lack of user control over technology is a fundamental problem.
“Are we programming our phones, or are our phones programming us?” he asks.
He proposes a radical solution: allowing people to program bots and tools that interact with platforms on their behalf.
This idea involves creating open APIs (application programming interfaces) that allow users to customize their interactions with apps and reclaim their digital sovereignty. Wenger compares this to the web's early days, where users could choose from various browsers.
“We need the same level of openness and choice for apps and systems today,” he says.
What Founders Should Do:
Build Open Systems: Innovators should prioritize creating APIs and tools that empower users to shape their digital experiences.
Advocate for Regulation: Support regulations that force dominant platforms to open their systems to third-party developers and bots.
Educate Users: Help people understand how they can regain control over their digital lives through accessible, easy-to-use tools.
By democratizing technology, we can create a world in which individuals—not corporations—control their data and digital interactions.
Energy Access Is Critical: Why Cheap, Abundant Energy Fuels Prosperity
Wenger highlights Germany’s energy crisis as a cautionary tale.
“There is no prosperous country in the world with expensive and limited energy,” he states.
He argues that affordable, plentiful energy is essential for maintaining economic competitiveness and quality of life. Without it, countries risk falling behind in the global economy.
For Wenger, solving the energy crisis involves bold, forward-thinking policies. He criticizes half-hearted efforts like Germany's energy transition (Energiewende), which he sees as poorly executed. His call to action is clear:
“We need a positive vision—a country where energy is both cheap and abundant.”
How to Drive Change:
Invest in Renewables: Entrepreneurs and governments must invest in clean energy sources like solar, wind, and nuclear power.
Innovate in Energy Storage: Focus on technologies that make renewable energy more reliable, such as advanced battery systems or hydrogen infrastructure.
Push for Policy Reform: Advocate for clear, decisive energy policies prioritizing long-term affordability and sustainability.
Energy is the foundation of modern society. Addressing the energy crisis can unlock new levels of prosperity and innovation.
Foster Innovation Through Regulation: The Power of the Right Rules
Wenger is not anti-regulation but critical of poorly designed regulations that stifle innovation. He uses the example of India’s Universal Payments Interface (UPI), which has revolutionized the country’s financial system by mandating open payment standards.
“UPI has led to an explosion of fintech innovation in India,” he notes.
He envisions a world where regulations create opportunities rather than barriers. For example, requiring open APIs across all significant platforms would spur competition and innovation, just as UPI has done for fintech.
Key Actions for Leaders:
Learn from Success Stories: Study regulatory frameworks like India’s UPI to understand how thoughtful rules can drive innovation.
Advocate for Open Standards: Push regulations that level the playing field and encourage competition.
Create a Collaborative Ecosystem: Work with policymakers, engineers, and entrepreneurs to design regulations that benefit consumers and innovators.
Smart regulation is not the enemy of innovation—it’s a catalyst for it.
Redefine Attention: Focusing on What Matters in a Post-Capital Economy
At the heart of Wenger’s vision is a shift in how we value attention. He defines attention as “time with intention,” emphasizing that it’s not just about how much time we spend but how we focus.
“The most important things we should pay attention to—like restoring nature or preventing asteroid impacts—don’t have market prices,” he explains.
Wenger believes that by shrinking the role of the market economy in our lives, we can redirect attention to meaningful pursuits like art, community building, and environmental restoration. This shift mirrors the transition from the agricultural to the industrial age, when farming became a minor part of human activity.
How Founders Can Lead:
Build Purpose-Driven Companies: Create businesses prioritizing long-term societal impact over short-term profits.
Encourage Mindfulness: Foster a culture of intentionality within your organization, encouraging employees to focus on meaningful work.
Invest in Unpriced Problems: Allocate resources to challenges that may not yield immediate market returns but are critical for humanity’s future.
By redefining attention, we can build a society prioritizing what truly matters.
Final Thoughts: Building a Vision for the Future
Albert Wenger’s insights challenge us to rethink how we approach work, technology, energy, and attention in a rapidly changing world.
He says, “People are hungry for a positive vision.”
Founders, policymakers, and citizens must create systems that empower individuals, foster innovation, and address the most pressing challenges of our time.
Whether we advocate for UBI, democratize technology, or invest in renewable energy, our actions today will shape society's future. Let’s rise to the challenge.
Thanks for reading,
Fabian
PS: Here are A few events that we at Unicorn Bakery are planning:
Run Club in Berlin
Operator Summit (for Series A+ Leadership Teams) in Austria
CFO Breakfast in Berlin
CFO Breakfast in Munich
B2B Founder Dinner in Berlin