After the Ladder

Paul Graham’s essay After the Ladder contrasts the traditional corporate career path with the modern startup approach.

The Old Model

“One was supposed to work one’s way up the corporate ladder.” Jobs offered security in exchange for loyalty—a guaranteed position functioning like an invisible annuity.

Why the Ladder Collapsed

The 1980s merger-and-acquisition wave destroyed implicit corporate obligations. Companies didn’t account for their commitments to employees expecting eventual promotions, making them attractive targets for raiders who could strip these hidden liabilities.

The New Model

Today’s approach favors building products independently and selling to larger companies. This has distinct advantages:

Skilled engineers avoid being promoted into management roles they’re unsuited for
Less corporate politics
More liquid and efficient outcomes

The Trade-offs

Modern entrepreneurship carries greater risk from random factors. But was the old system truly safer? Projects got cancelled arbitrarily. Office politics determined outcomes.

My Takeaway

The corporate ladder is gone and won’t return. Building something valuable yourself is now the primary path to career success.