This is twitter.com/walkercorplaw's Typepad Profile.
Join Typepad and start following twitter.com/walkercorplaw's activity
twitter.com/walkercorplaw
Recent Activity
Interesting post, David. I just wanted to make a few quick observations from the perspective of a practicing corporate attorney who has no “skin in the game” whatsoever. (The numbers below correspond to your numbers.)
1) Jason Fried did not use the term “forced” in his post. Indeed, I think it is irresponsible of you to use such term in quotes -- thereby implying that Jason used such term. To be sure, Jason merely provided in relevant part that: “I’d bet this sale was encouraged by a Mint investor” -- which seems like a reasonable speculation. Moreover, your vitriolic personal attack on Jason undermines your argument.
2) You are correct that “the ‘growing trend’ in internet deals is towards more and smaller acquisitions”; however, again, Jason did not use the term “growing trend” in his post nor is the thrust of his argument that VCs are “forcing premature acquisitions.” Instead, he’s calling out to entrepreneurs (on an inspirational level) to stay in the game and to realize their vision. Moreover, it is self-evident that VC firms are under extraordinary pressure from certain limited partners to liquefy their investments. Stanford’s recent attempt to unload $1B in illiquid assets is but one example (see http://bit.ly/303wyz).
3) Your advice to first-time entrepreneurs – i.e., “to get a deal done” – is spot on. Indeed, I work with a lot of first-time entrepreneurs, and it is extremely difficult in the current environment for them to raise capital. As you aptly point (and I cannot emphasize this enough), “[o]nce you have a deal under your belt . . . you are bankable.” I don’t think this is necessarily inconsistent with Jason’s post; again, he is speaking on a broader level.
Many thanks,
Scott Edward Walker
Gordon Gekko 2.0: Flipping is GOOD. (aka Memo to Jason Fried: Sorry, You're Fucking Wrong.)
[clarification: i was a private angel investor in Mint's A round back in early 2007, when i was also doing some marketing consulting for the company. i was not directly involved in the Founders Fund investment in Mint's C round a few months ago. the comments below are primarily drawn from my per...
Subscribe to twitter.com/walkercorplaw’s Recent Activity