This is a great read.
Any VCs around who want to defend themselves? I think this just convinced me to self-fund or engineer-fund every venture I plan. (Surely doesn't hurt VCs, because someone else will be in line.)
Any VCs around who want to defend themselves? I think this just convinced me to self-fund or engineer-fund every venture I plan. (Surely doesn't hurt VCs, because someone else will be in line.)
Tried another startup a year later and got sued by the EIR who claimed at first that our ideas were very similar ... then so similar that in fact he thought I "stole" what he saw as "his" idea.
I couldn't believe the nerve, and yet there they were, grown men twice my age who made million screwing me over without a second thought about all the crap they pay lip service to on their websites (ie, "Our reputations mean everything to us" and "Our honesty is the basis of our credibility") and all sorts of other mumbo jumo.
IN CONCLUSION: By all means keep at it, but be very, very careful - if they screw up they're still VC partners or EIRs, but you're done for at least that idea.
This article just struck a nerve and I wanted to add my 2 cents ...
That's why I get miffed whenever I hear talk of "ideas are nothing, it's all in the execution" because I couldn't help but think that those two EIRs weren't executing jack-sh@# before I told them the idea and HOW to execute better than anybody else could, what to do when you had duplicators, etc.
Never mind me, I'm just a rampbling, bitter old man in a young man's body ...
http://venturebeat.com/2008/02/11/thefunded-penalizes-ventur...
Where they nabbed vcs for trying to create multiple accounts and artificially up their own ratings on the system to make themselves seem to have a good rep ...
Who is mentioned prominently?
Check article.
So unbelievable.
I was shocked that their rating was so high ... almost too high ... and I though perhaps the guy had a serious spiritual soul-searching session after 9.11 or something and decided to play it square.
Instead he will now be forever branded, through nobody's fault but his own, as "the guy who tried to manipulate his own Funded rep in that Venture Beat article.
Unbelievable.
Karma worked, in this case at least - in this lifetime!
Unreal.
I feel ... sniff sniff ... sob ... vindicated ...
It's been a long journey.
I'd like to thank my manager, my hairstylist, my dance coach ... there's just to many people to keep track of so don't be offended if I miss you ...