Perspective, Pontification and Propoganda about Entrepreneurship and Venture Capital, brought to you by David Hornik of August Capital.

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I'm going to use my air quotes a different way.

That "entrepreneur" is definitely missing out on what real investors can bring to the table.

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I think you're looking at this wrong. This was simply the shortest due diligence process you've ever done and probably the easiest to make a decision from.

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Perhaps I'm old fashioned, but I still think investing involves more than a 30 second pitch.

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Good stuff as per usual, thanks. I do hope this kind of thing gets more exposure.

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There seems to be a notion out there that superstar entrepreneurs turn everything into gold and everyone should just give them money without asking (some VC's admit it)... Will that hold true in 5y time, when it's time to do the math?

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Good stuff as per usual, thanks. I do hope this kind of thing gets more exposure.

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Does not seem that bad to be; but does depend on how initial contact was made.

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between moving quickly and abdicating all responsibility. Sure, there's lots of money out there today. But there are also lots of great investors who can be way more valuable to a company than simply acting like an ATM.

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This guy has surely gone through the dd process before and clearly doesn't want to deal with another pompous vc who after a few presentations thinks he knows how to run his business better than he does. However, a smart person will always ask for help when it's needed.

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description of this entrepreneur's business (literally 30 seconds), I reached out to him to let him know that I thought what he was doing was interesting and asked if he would like to get together to talk more about what he's working on. Here's the email I got back from him:

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I am pretty sure I did write at some point something as ludicrous and uncordial as what you're citing today. Entrepreneurs are just too swamped by too many things at the stage they could benefit from a VC that they don't see the bigger picture anymore, and tend to loose common social skills. It is not arrogance, not billion-dollar-dreaming or any of this, it's just that... we actually REALLY don't have time for any kind of seemingly ineffective and disruptive task with little chance of producing a tangible outcome anyway. I can almost hear him think after (possibly) reading your post: "OK, fair enough I wasn't even very polite, but why should I actually spend time if he's not even willing to check whether there is a point in all of this with a simple phone conversation?"
Both you and him missed out on some potentially beneficial cooperation, because you just didnt need each other enough.

Quoting Joel on Software: "But the great companies are often not the ones that spend all their time begging for investments. They may already be profitable. They may be too busy to look for VC, something which is a full time job for many entrepreneurs. Many excellent entrepreneurs feel that their time is better spent pitching products to customers rather than pitching stock to investors. It's bizarre that so many VCs are willing to ignore these companies simply because they aren't playing the traditional get-funded game. Get out there and pursue them!"

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pursue an investment after a single pitch either, but if they do, at least it's their own money at risk. When you say it to a VC, you're asking

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That was my thought,too.

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Am lost. He did not need money but he was ok with quick money. What for?
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Sure, there's lots of money out there today. But there are also lots of great investors who can be way more valuable to a company than simply acting like an ATM

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Would you be interested in investing? We aren't in funding raising mode at the moment, but would be interested in a 30 minute conversation if that would bring you to a decision if you are interested in putting in money as a convertible note…. Currently we don't have time for due diligence.

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I think you're looking at this wrong. This was simply the shortest due diligence process you've ever done and probably the easiest to make a decision from.

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Wow, what a response!

From the stilted way the email was written, I can imagine that perhaps the entrepreneur may not be aware of how his email would come across and be interpreted.

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