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Are VCs Getting Desperate?
By Jason | April 2, 2007
Jeff Cornwall of The Entrepreneurial Mind posted an article today asking if VCs have over sold their funds. It seems that this was released just a short time ago on TechJournalSouth:
On Friday, April 20, I would like to invite ANY person that wants to meet to come by our office in Raleigh, NC. You can have just an idea all the way to a well run business doing millions in revenue. It doesn’t matter. And all the typical venture capital BS that you may hear is removed - you won’t be screened out in advance, you don’t need to know someone to “get in” and there are no secret handshakes required. Everyone is welcome and I’ll plan to be in the office all day.
To me this seems like a completely legitimate request for entrepreneurs. It is not necessarily about VCs having too much money to invest, it is a lack of ideas to invest in. Coming from the entrepreneurial community, I hear the saying, “More money than ideas,” all the time. Whether this is true or not isn’t for me to say.
The idea TechJournalSouth is trying to get across is that there shouldn’t be any barrier of entry for a startup. In order to encourage the most people to come out of their shells and pitch an idea, the barrier has to be non-existent. The only possible alternative for more entrepreneur encouragement is to make the request place independent as well.
For example, living in Erie, Pennsylvania, I wouldn’t drop everything to fly down to Raleigh and pitch an idea. If a possible alternative was a web conference, than I think the announcement would draw much more interest.
Ideas aren’t location specific. Unfortunately, a lot of the population thinks that if you aren’t in Silicon Valley then your idea is worthless. In fact, not being in the Valley is almost a blessing because it is harder to get wrapped up in the social network/video site hype. Now, if more VCs thought to open up their doors, we might be able to get something accomplished.
Topics: VC |
April 2nd, 2007 at 11:39 pm
Having been in and out of Silicon Valley too many times….the entrepreneur blindness seems to be happening again. What about business? what about customers? and I think the VC’s are one of the root causes….making it OK to fail…therefore having to find the diamond in the roughage.
http://8one8.blogspot.com/2007/02/entrepre-poor.html