4.7
3.0 
2.3 
3.7 
3.3 The Giants Have Fallen
TheFunded.com Open Letter
Posted by Anonymous on 2008-07-18
In case you have not noticed, some of the biggest brands in venture capital have had an ugly fall from grace. Kleiner (2.9), Benchmark (2.7), Accel (3.1), and Hummer Windblad (3.1) do not even make the first page of TheFunded ratings, and fundraising CEOs rarely ask for introductions to these firms anymore. No wonder they do bad deals. Even mainstream media is starting to take notice...
http://venturebeat.com/2008/07/16/wha...
Reading some of the messages here, it is clear that these firms have lost touch with reality. Complaints include sharing confidential information, obnoxious personalities, poor treatment, bad terms, irrational governance, and going for personal gain over portfolio success.
I don't want to pull up to a VC office in my old Toyota and park next to a Lamborghini. I don't want to be told that my business is "not big enough" because it can only generate a couple hundred million in revenues.
Since when did the "business of venture capital" become about fast cars, big yachts, egomaniacs, and billion dollar exits? It's about building a business and creating value, not adding another house to your collection of McMansions.
When you care about building a great company is when you get the big exits, and it never happens in the way that you expect. Remember that before making your next investment.
Roll-up your sleeves. Hire people in your fund who have passion for business versus a knack for spreadhseets. If you can't get you head out of the clouds, retire already. You're not adding any value to the world at this point, and it's pretty obvious to those with their feet on the ground.
