Guy Tonka (or Honda or some vehicle) started a blog and got some responses from VC and non-VC community alike. One of the more interesting observations was from Jeff Jarvis where he says:
“It’s time for a VC to break free of the form: VC gossip, catty VC valuation badmouthing, anonymous confessions of the top 10 ways VCs blow off venture beggars, sex tips of the nearly wealthy….”
I couldn’t figure out what “catty VC valuation bad mouthing” actually was. Probably had the valuation word added in by mistake. Catty? Bad mouthing? I can do that, I’ve got New Yorker blood in me..
Consider this:
With some additional details:
This was actually pointed out to me a ways back when I blogged about the entrepreneurs being the actual customers of the VC community. I still believe that, still believe that 30 minutes (no harm, no foul) out of my day for pretty much any possible investment is the right strategy. The email that came with these clips said, in part:
“Yer Microsoft buddies took all that arrogance and started a firm to spend all those option profits they made off forcing Windoze on the public”
I always enjoy hearing from satisfied Microsoft customers.
In my email response, I mentioned that given who these guys were, what was likely to happen when the firm opened the doors, and the desire not to have tons of people mad because they got ignored, they tried to come up with some filtering system to at least ensure they could give some decent responses to people, build a proper brand, etc, etc.
Dribble…Yeah, it was all one VC ‘defending’ another or ‘being polite”, I admit it.
So, Jeff, this one’s for you.
I think Venture Capital firms that put these types of “referral” filters in place don’t add much to the already shaky reputation of our industry. My general belief is that as you get more successful, you have an obligation to give a little back. As a successful VC, the give back is time. Help the little guy, give the gal ten minutes.
Just like really good lawyers do pro-bono work for people that can’t afford it, the VC community needs to help grow the farm team. That means open doors and staying away from these things that reinforce what people already think.
I know. I’m not drowning in billions of dollars under management, sitting on 60 boards, and booked on the rubber chicken circuit 18 months out. I know I probably have more time then all the rich kids up the street. Doesn’t matter. The richer/more successful you are, the more you should be giving back.
Yeah, this only rates a 4 on the Jarvis Catty-Comment Meter, sorry, I’m in Canada, they’re very nice up here and I’m outta practice.
Not bad, Rick. At least you didn't do a "Top 10" :-)
Posted by: Mathew Ingram | January 13, 2006 at 07:37
You are right on the money Rick - it's why I came (back) to you yesterday with my lastest insight and not a big name VC firm. Maybe the idea will amount to nothing - but - MAYBE it will?? The key point is you are seeing it first because of your open door stance and (no harm, no foul) attitude.
For me, as a serial entrpreneur, the "referral" request turns me off. It's not that I couldn't find a referral in my network - it's just the principle of it.
Contrast this to Mark Kvamme "I'm open for business" attitude in a interview on Podtech.net (during the last minute of the interview)Link to the interview is http://www.podtech.net/?p=71
Posted by: Tim Wilson | January 13, 2006 at 09:54