Same. I got spooked after a car pulled out on the country highway I was doing 160 on. Then ran out of money and sold it. I just rode my Dads Harley, first ride in 20 years. Was nice but I’m good. I have a longboard and a little hill once in a while gives me the occasional adrenaline rush I crave.
As with all things, the horror stories just get the most attention. People love to rage. There are plenty of boring (good, even!) VCs out there. They just work more quietly, professionally.
I'll share a story, but its about a close friend and not me so I won't name any explicit actors and I'm going to round out the numbers. You either trust me or you don't, but this is a very direct relationship I have to both the founder and VC.
The story is this: the founder started their company outside of SV, so the lawyers weren't super familiar with startups and messed up the initial incorporation and stock plan stuff (actually super common: use Stripe Atlas or pay a startup-aware lawyer!). Went under the radar through years. This company ended up being bought for nearly $1B (with a B) after many rounds and a large board.
During the legal work to close the acquisition, they found out this messed up stock plan. Without going into the details, the effect was that instead of taking home $200M, the founder would take home ~$75M. The mistake the lawyer made almost a decade earlier was about to cost him $125M.
Most of the board basically said "too bad so sad, law is law." But one VC (the one I know, the one I'm talking about) basically strong armed and politicked the whole thing and eventually convinced everyone around the table to give up an equal share of their own holdings to make the founder whole.
Letter to the law: they didn't have to.
Spirit of being founder friendly: this VC went to bat hard and got everyone to yield to make things "right."
Also, look, you might argue $75M vs $200M is just "rich vs rich." Who cares? Sure. That's not the point.
You don't hear about stuff like this because honestly its not a big enough deal and feel good stories get way less clicks than pitchfork stories.
I did want to have a random link of a similar nature, hopefully that is interesting enough for HN! I made something similar via a browser HN link, very enlightening.
I feel as if basic Personal Integrity is now considered an anachronistic weakness, in the tech industry, and it's heartbreaking. I know that VCs can probably share similar stories [to the OP] about some of the people that pitched them, or their behavior, after getting funded.
Lotta ass, being shown, all around.
At some point in the future, I may consider smaller-scale (local) angel investing, but it seems like such an ugly field, not sure if I'll ever do it. I don't need the money; I would do it to help folks get a leg up.
Could you ask the VC if you could name them in the story?
It's unfortunate that some VCs I respected turned out to repeatedly have their reputation tarnished by such negative stories. I'm not sure what compels founders and VCs to be polarizing and not diplomatic like the old days.
Right - and if I ever go to raise VC then that's a guy I'll want to talk to. Even if they themselves don't invest, their recommendation would be valuable.
Life's too short to screw people over - reputation is one of the few things that last after we're gone.
PSA: Integrity is worth more than any amount of money. Anyone who doesn't prioritize that and keeping their word isn't worth anything. One appearance of a selfish move is all it takes to ruin reputations. The subset of big ego celebrity VCs whom cheat almost everyone are liabilities to run away screaming from... deal only with honest people because there's never getting a good deal with a viper.
This is more common than people may realize; I know two cases I was personally involved in where a VC went to bat and “did right” - it’s just not talked about much, as it’s not a terribly interesting story.
My prospective co-founders and I were pitching to a VC firm that was, on paper, a really good fit for what we were trying to do. The partner we were pitching to was, 15 years ago, briefly my manager's manager -- some work relationship there, she remembered me and I her, but we didn't work super closely together and it had been a very long time. She had moved on at that company to more big-shot things and ultimately become a partner at a respectable VC firm.
About 10 minutes into the pitch, she cut us off, and basically said -- as absolutely kindly as something like this can be directly said -- "I am not going to invest in this, and furthermore I don't think what you're trying to do is investible at all". Then she took a bunch of her time to run us through why, help us understand some very fundamental things about the VC world we didn't quite have right, and generally be brutal but extremely useful in us framing what we were trying to do.
She didn't have to do that. She could have nodded along and then given us a polite "no" like everyone else. She could have cut us off and given us a rude "no". But she didn't -- she made sure to use the time we had to help us as much as she could, even if she very adamantly was not going to invest.
Not a big gesture or anything, but kind and helpful. There's a lot of that. But it doesn't make headlines.
The non-horror stories are usually pretty boring: VC heard the pitch, then either passed politely or wanted to be part of the round. If they joined, they wrote a check and wanted updates.
The VC landscape has changed a lot since some of these stories happened. Many years ago, there were few VCs and even good companies had a hard time getting funding. This created weird environments with some VCs raised funds and then liked having companies crawl to them to beg for the money.
There are still some VCs like that, but there has been an explosion of VC funds and money. Most VCs know they need to work hard to earn the trust of founders that they want to invest in. Leaving a bad impression could mean you're left out of the next round if you want it.
This goes against the popular idea of VCs, but most VCs I've worked with are actually pretty boring, normal, nice people.
Casey Aylward from Accel has been mentioned in all void0 company posts. So she must have been very useful for the founder. (I don't have any insider information about void0, I've met her a few times and she is amazing)
Tony Conrad [1] was the VC that guided our related content engine (Sphere: a vector database before vector databases were cool) through a $25 million exit. Chump change these days but he took really good care of us, leading us through a global recession and then two acquisitions.
I believe Eric Vishria is the best Series A board member of this generation. I've learned more from him about it what it means to be a great CEO over the last 10 years than anyone else. I haven't heard of another founder who has spoken as highly as their Series A investor.
I've been meaning to write up my story with him. Now is a great time with all the horror stories on others that have been coming out.
I was just an engineer at a vc backed startup but our interactions with the VCs were totally normal - they were no better or worse than when we worked with publishers or other external funding sources.
The best possible case is that you get a cash infusion now in exchange for giving up a huge percentage of your future revenue and control of the company.
I mean the goal is that the money invested increases the value of the company so that the founder's reduced stake is worth considerably more than the founder's full stake of the counterfactual company where he didn't take VC money. VCs can be strongly positive sum.
Sure. They are usually just very boring: you made a pitch, got funded. The VCs used their connections to get you good advisors and/or introduce you to prospective clients.
Svelte is cool although I didn't have some big epiphany. I'm not going to use Svelte because "it compiles" and "is faster" when my existing React app performs very well. Plus there are some libraries for my specific use case that didn't exist in Svelte. I know people love things besides React, and I would be happy to see it unseated. Sure I'm part of the problem but it's been good to me and I have bigger fish to fry.
> Plus there are some libraries for my specific use case that didn't exist in Svelte.
A lot of these libraries aren't needed in Svelte because 1) the functionality might already be built into Svelte, and 2) you can use any JavaScript library directly, unlike in React where you often need a React-specific wrapper.
Not saying that applies to your specific use case, but I've seen this argument way too many times.
As someone who has written both React and Svelte for many years I must interject. React is itself just a library. No, you don’t need any specific “wrappers” for it. Let’s not mislead the readers here.
I remember in 1999 being so psyched about changing a button image on mouseover. Went hard on jquery, little bit of angular and bootstrap. React was big for me because it’s one way data binding solved the kinds of bugs I had spent years dealing with. Vue svelte and others are cool but they are all very similar to me. I always encourage people to work at first without any framework because then you gain an appreciation for why these things exist (or you stay vanilla and constantly blog about it)
Others have provided details about how it works. I suggest zooming way in on that image and you'll start 'breaking though' the surface and that'll help you get an idea of how it works. Important thing is there is no defined geometric surface ("mesh"). Also important to know is that it's very, very hard to get a good splat without taking a ton of photos at different angles. It's also really, really easy to create a crappy looking splat. But when it's done right, it's a marvel
When you say its very very hard to create a good splat, what do you mean? And what is good? I would say that strawberry is very detailed and its a good splat. I also kind of like the way some of the 'rougher' splats look. I feel like they'd work well in a car racing simulator.
Maybe not at first. Regardless of when they get replaced by tech, you’ll see those jobs get saturated and wages go down. Which sucks because they are already low
I am a hardcore AI doomer and have been for years.
I've been actively prepping for very bad economic and political scenarios, plus some doom scenarios for about 5 years now.
My assumption is that white collar unemployment will become a serious problem by the end of the decade, but potentially as soon as 2-3 years. I believe ASI will come within 10 years and it's hard to predict past the intelligence singularity, but my assumption would be that rapid ASI-assisted robotic advancements will make the majority of humans in developed nations unemployed within a two decades. But again, I can't really predict what will happen post-ASI. I could be very wrong if just a few variables change.
The unemployment concern is the bit I'm most certain of but that also worries me the least personally, since it's by far the easiest risk to prep for. If I'm made unemployed and never find work again I'll be fine.
I'm also an accelerationist when it comes to AI-driven unemployment because I think an crisis-level unemployment spike before ASI arrives is probably our only hope at getting off the AI doom train we're on before it's too late.
I'm the same way, which makes sense because for 20 years I've done things by hand, tediously managing every line.
I hired a few fresh grads and they have no problem just going with the default AI output. As long as it works, they are good.
For me, it comes down to the ability to properly test. If the code works, is covered by tests, and its performance is measured for regressions, and the high level design is sound, it's hard to argue with vibing. The problem is almost nobody has such a testing system. They are still hard to find and/or build. So that's what I'm putting my effort into because otherwise I'll have trouble sleeping at night (for good reason)
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