We worked personally with a lot of great VCs. They just work incredibly hard at supporting entrepreneurs and their companies.
Sentiment: POSITIVE
Great VCs do everything they can to make you successful. But just like your bank, credit card company, mortgage holder, etc. they are not confused where their long-term loyalty lies.
Understand that VCs are simply a sophisticated form of financial investors who, in turn, need to satisfy their own investors.
VC firms are... responsible for the full life cycle of a company: they find it, help it grow, open up a Rolodex, and sell it.
One of the biggest mistakes entrepreneurs make is not understanding the relationship they have with their investors. At times, they confuse VCs with their friends.
We have a mentoring and angel investing programme. We are also talking to the government to help create a VC industry.
I'm not bothered when other VCs start hiring great designers or start recruiting. That's the direction I'd like it to go.
If you're an entrepreneur, and you have a choice to go to a place where there are 250 VC firms or somewhere else where there might be one or two, you're gonna go where all the money is.
One thing that has made us so successful is that we've never taken outside investment. That means we can concentrate on what our customers want - not what the stockholders or the VCs want.
I've been a customer of the top venture capital firms, so I know exactly what they do and don't do.
In the past, when venture-funded startups told their investors they'd found a profitable business model, the first thing VCs would do is to start looking for an 'operating exec' - usually an MBA who would act as the designated 'adult' and take over the transition from Search to Build.
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