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So I have it on good account that [withheld top 3 VC] invested $15 million USD in [withheld] because they needed to have an investment in China to satisfy some

So I have it on good account that [withheld top 3 VC] invested $15 million USD in [withheld] because they needed to have an investment in China to satisfy some arbitrary mandate. It was an investment of expedience. There is little science going on. It's mostly hocus-pocus business theater wearing a suit and tie and saying the expensive, semi-gloss prospectus in front of them mitigates risk when they're too dainty to understand how sausage is made in the sausage factory. This is exactly why some angels are now cutting 5 figure checks with zero due-diligence. It's mostly a CWOT apart from "just promise not to retire to Bermuda before you've given it a go."

Terr_ 12y ago
> It's mostly a CWOT For a moment I misread that as "Mostly a CMOT", which seemed appropriate. CMOT Dibbler is a salesman from the Discworld novels. Somehow he maintains a crude existence convincing people to buy the most terrible products.
- midas007 12y ago
  That is LOL worthy. Due-diligence is mostly a business theater hazing ritual so folks don't run off to Cuba nor cons fresh out on early release. But yeah a few valley ceos are really good at pitching startups that they know have more fleas than teeth.