Re:Tell HN: Friend's don't let friends apply to NYC Seed
by throaway_nyseed on Sunday March 13, 2011 @07:26PM
(#2320558)
Excerpts from another post on thefunded:
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...)
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...)