Tell HN: Friend's don't let friends apply to NYC Seed
2 months ago I ran into Owen Davis of NYC Seed. And I had an absolutely horrible experience dealing with him. He is arrogant, unfriendly, rude, unhelpful etc. There are a lot of people like him in the world and in tech communities which is fine I guess. You just learn to steer clear.
The problem is that Owen is very well-connected in the community and just recently I saw him pitching to get people to be a part of NYC Seed's summer incubator class. Please consider NOT applying/getting entangled with Owen who can be positively dangerous to young start-ups/people w/o experience because they are likely to take him seriously. If you know of others who are considering applying please warn them and ask them to ask around in the NY tech community for a second opinion.
Nobody will say anything openly given that he is so well-connected but you will be able to see what I mean when they hemm and haw. Check out thefunded to see what others say about him and the seed fund in the city.
I bit my tongue for 2 months because it really is no skin of my back but when I saw him inviting start-ups to apply I felt that I had to take a stand, even anonymously. It is like knowing a priest is abusive and too connected to expose so you do the best you can by trying not to send your boy to practice for the choir.
I've held my breath on this one for a while, but we wasted an incredible amount of time with NYC Seed.... In fact, we very nearly lost our opportunity to raise good money because of NYC Seed. If you value your time, do not spend it here. They are a firing squad.
PRIVATE:
A few additional points:
- Owen says he wants to back startups, but in reality, he is absolutely risk adverse. Here's why:
- The NYC Seed investment committee is a firing squad. They know nothing about startups, seed funding, or the rest. They want to co-invest with Fred Wilson, and put out press releases, but they are mortified at the idea of losing money and will screw you over at the last minute if they fear that this might happen. This is the city, politics and tax-payer money we're talking about, folks. Bad mix.
- It was the longest "no" I've ever had. Ever. As I mentioned, we almost lost our chance at good money due to their process. They pulled out at the last second.
- Now they've re-positioned as an incubator / quick-start program. $20K for 5% of your company is a total screw job. Do not take those terms!
And because Owen himself is not a professional VC (this was his first gig after being a startup entrepreneur), he doesn't really know how to relate to his board and investment committee. I'm aware of one case in which he SIGNED a term sheet, and then his committee reneged on it. I can assure you that particular company (and the other investors involved who assumed that he could deliver what he promised) will never engage with him again (although they won't say that publicly...)
How exactly is he dangerous to the uninitiated?
What does it say on "thefunded" about him that should drive people away?
It's like you know about an abusive priest, but you won't say how exactly they're abusive, just that the priest is unlikable.
I've personally spoken to several people who have dealt with SeedStart and Owen Wilson in general (hackernews meetups / ruby meetups / javascript meetups / founders of some existing NYC startups) and I've literally heard nothing but bad things. Lot's of really good developers / hackers were extremely put off by the NYC Seed process, the attitude of Owen Wilson, and the general lack of technical competence of the people evaluating business plans. Why would I spend two months putting together an extremely comprehensive business plan and then sit down to a meeting with "investors" who had obviously not read one page of the plan."
Anonymously bashing someone with your only real argument being that he is arrogant is ridiculous.
You have zero credibility and for all we know you are bitter for not getting selected for SeedNYC.
And please quit spamming this board with random messages from another website.
Finally, point of order - 20k for 5% is better financially than YC.
2. It is not only because he is arrogant. That would be one thing, even acceptable if he was knowledgeable. He is incompetent and ignorant. He is wasting peoples time and is not helpful. Again I ask people to ask around.
3. Please note that there are 13 upvotes so far. Yet no comments besides mine. Nobody wants to say anything publicly because everybody is worried about their start-ups and reach. Nobody is going to flag this. Most people in the city who know will upvote this so that more people know.
4. To compare NYC Seed with Y combinator at any any any level is a joke beyond belief.
Note the 21 upvotes yet no comments besides mine. Nobody wants to go public with this but many of us feel the same way.