As amusing as Philip's story is, screwups that spectacular are rare.
It's my perception that less spectacular versions are repeated frequently. Every time I see a story about a new investment followed by an announcement of a new CEO I have to wonder.
Gray Haired Suits and Hackers aren't exactly a match made in heaven. Few VCs seems truly comfortable with young technical people running the show. I'll admit that most of the time that might be because the founder lacks the confidence-inspiring "assertiveness" of people like Zuckerberg.
Re:Should you really get funding?
by nostrademons on Monday March 26, 2007 @09:13AM
(#6348)
Greylock did almost exactly the same thing to a company I once worked at.
While there are a plethora of non-technical investors that can potentially ruin your company, there's also technical investors who have been in the shoes of an early tech entrepreneur and have made it big. There's no guarantees of success, obviously, but it's important to take into consideration. I especially like Philip Greenspun's account of the tragic downfall of his company, ArsDigita: http://www.waxy.org/random/arsdigita/ (make sure to read it with a box of tissues handy, it's quite sad ;))