5 ms·

Were you in the room?

by mrshoe 16y ago

qq66 16y ago
I don't think that Joshua Schacter is a "super angel" as the TC post uses the term.
- joshu 16y ago
  I'm not even a medium angel.
  - davidrheal 16y ago
    I'm willing to overlook that.
  - bl4k 16y ago
    Here is something to consider. You have said yourself that as an angel you prefer to follow deals, rather than set the terms. A lot of angel investors are like that. The problem is that the guys who lead the rounds and set the terms are fixing the market. While there may be hundreds of angel investors out there, the reason why only 10 of them can rig the market in this way is because most of them, like yourself, are followers. How about the 90% of the other angels step out and actually lead some deals and price them, so that we have a real investment market at the seed stage.
    - joshu 16y ago
      The trend lately is toward convertible notes issued by the startup itself. This means that nobody is leading and nobody is pricing the deal. There are plenty of other people (VCs, basically) that do lead, when there is a leader. It's just much rarer right now. And the stronger deals, not the weaker ones, tend to be lead; those are the deals where the entrepreneur has the most leverage, not the weakest. I don't get the impression that anyone is fixing the market, for what it's worth. But thanks for the outrage and accusations.
      - bl4k 16y ago
        I didn't mean to come across as outraged or to make accusations - it was a genuine observation. When I raised a note I set the price, but it was through talking to the investors. That was a while ago though. I think the core of what Arrington is saying is that they attempted to fix the market. ie. got fed up with how things are atm and tried to fix it in their own way. I know that some of these guys have been against notes for a while, but end up doing them anyway.
riffer 16y ago
He says no: http://twitter.com/joshu/status/25164168842 http://twitter.com/joshu/status/25164168842

5 ms·

Were you in the room?

by mrshoe 16y ago

Were you in the room?

qq66 16y ago
I don't think that Joshua Schacter is a "super angel" as the TC post uses the term.
- joshu 16y ago
  I'm not even a medium angel.
  - davidrheal 16y ago
    I'm willing to overlook that.
  - bl4k 16y ago
    Here is something to consider. You have said yourself that as an angel you prefer to follow deals, rather than set the terms. A lot of angel investors are like that. The problem is that the guys who lead the rounds and set the terms are fixing the market. While there may be hundreds of angel investors out there, the reason why only 10 of them can rig the market in this way is because most of them, like yourself, are followers. How about the 90% of the other angels step out and actually lead some deals and price them, so that we have a real investment market at the seed stage.
    - joshu 16y ago
      The trend lately is toward convertible notes issued by the startup itself. This means that nobody is leading and nobody is pricing the deal. There are plenty of other people (VCs, basically) that do lead, when there is a leader. It's just much rarer right now. And the stronger deals, not the weaker ones, tend to be lead; those are the deals where the entrepreneur has the most leverage, not the weakest. I don't get the impression that anyone is fixing the market, for what it's worth. But thanks for the outrage and accusations.
      - bl4k 16y ago
        I didn't mean to come across as outraged or to make accusations - it was a genuine observation. When I raised a note I set the price, but it was through talking to the investors. That was a while ago though. I think the core of what Arrington is saying is that they attempted to fix the market. ie. got fed up with how things are atm and tried to fix it in their own way. I know that some of these guys have been against notes for a while, but end up doing them anyway.
riffer 16y ago
He says no: http://twitter.com/joshu/status/25164168842 http://twitter.com/joshu/status/25164168842