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> VCs, at leas the best ones, are there for your company in good times and bad. There is a difference, trust me. This is backwards. Raising via an ICO mean no
by thesausageking 9y ago
> VCs, at leas the best ones, are there for your company in good times and bad. There is a difference, trust me.
This is backwards. Raising via an ICO mean no VC can ever push you out as CEO or take control of your company. Their priority is making the company get to a big exit, with or without you. When Ev was running Twitter, Fred wasn't a fan of his and had not problem plotting behind his back with Jack and eventually pushing him out.
- kevando 9y agoCan you site any of this?
- arikr 9y agoNot OP, but read the book 'Hatching Twitter,' most of it is in there.
- thesausageking 9y agoYes, it's all detailed in Hatching Twitter which is written by a NY Times columnist. Basically, when Ev was CEO, the board told him to his face he was doing a fantastic job. He had turned around the product org and gotten user growth back on track. At the same time, Fred and a few of the other investors met secretly with Jack and came up with a plan to push Ev out and, bring Jack back with Dick Costolo as interim CEO. Excerpt from the book after Ev was told he was out: Williams, stunned, picked up the phone and began dialing. Bijan Sabet was apologetic and insisted that they wanted to keep him on in a product-advisory role. According to several people at the company, Fred Wilson, however, said he thought Williams had always been a terrible C.E.O. “I never considered you a founder,” he said. “Jack founded Twitter.” Other portfolio investments of his have followed a similar pattern of having the original CEO pushed out once they get to a certain level of success.