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When you try raising money from VC in San Francisco, the people you're pitching to are more focused on communicating with each other (behind your back) and tryi
by knuthsat 6y ago
When you try raising money from VC in San Francisco, the people you're pitching to are more focused on communicating with each other (behind your back) and trying to either get you to think you won't get any money or that you won't get as much as you want.
They are not really focused on the details of your business, especially if it sounds right to some PhD that works for them as a technical expert.
For example, you can pitch to multiple VCs and now they can either start a bidding war (because you either lie or tell the truth of your existing offers, and they do not communicate with each other) or they can communicate together and get a discount because you're not playing the information sharing game.
The dynamics of raising money are not really fair or focused much on what you're doing.
- tpmx 6y agoSure, I've kinda gotten the gist of that. (Thanks for the summary though!) Still: I kind of think that especially in the health area, there's a pretty large risk of e.g. the Andreessen Horowitz brand being tainted. It should be in their self-interest to protect themselves against this in the future, by applying more continous due diligence.