Perspective, Pontification and Propoganda about Entrepreneurship and Venture Capital, brought to you by David Hornik of August Capital.

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peter.cranstone.myopenid.com

Bravo... finally (well maybe that's a little extreme) a VC who gets it. We understand that you have LP's who you are accountable to, however with us your model doesn't work. All too often I've been in front of VC's who are busy checking their Blackberry's during the second or third slide. It's sad that they would pay so little attention when investing someone else's money. It tells our side of the table a lot about them as partners.

Please let me know if you are interested in Mobile as that's our current focus (reducing the cost and risk of deploying Mobile SaaS solutions)

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https://me.yahoo.com/a/p021gvc7hvpOuluNh0Q.B1WTC46bJQ--#ea536

Amen.

https://me.yahoo.com/a/AJPFHmpmrsQpmQcNmVK5OpLD9Lo-#7d259

Brilliant - very refreshing change! As an entrepreneur I appreciate your focus on us and how we play a very large part in branding. It's shocking to see the terms laid out for most venture backed entrepreneurs - reason I stay clear of VCs. Thank you!

https://me.yahoo.com/a/TnFiQMg6huz0f28PUMZmY_UKd9_s#d2aa6

David Hornik is already a brand in the VC industry.

As an entrepreneur I disagree with him that his customer is the entrepreneur. His customer is the LP. Without the funds, no project moves forward (i.e. mine).

There are far more projects than funds. The industry needs more funds not projects.

To attract more funds, the LP's need to have the confidence that there is a payoff at the end. More confidence means more funds means more projects that can get off the ground.

I think the size of the VC industry should be ten times what it is now! But it is shrinking. So who IS really the customer here?

Dave

guess i missed seeing this earlier... great topic & post :)

i'm also surprised to see an attorney cross over to VC and do it as successfully as you have mr. hornik, but kudos you rock the house!

completely agree that while you have to deliver ROI/IRR to your LPs, for the most part your customers are the entrepreneurs (you're selling them money, you get their equity in return).

other piece of that were i feel most VCs fail however, is that in order to do a good job selling to entrepreneurs, i believe you need to earn their trust through support & education. and unfortunately, many VCs fail to provide [domain-specific] education.

in particular, i just don't think most internet-focused VCs have the operational background and expertise building internet businesses to do a good job on education (in engineering, product development, marketing, design, customer service, etc). and the few that do stand out.

perhaps the reason you've been successful moreso than the average VC is that you've also been a teacher / educator at Stanford, and you write quite a bit (another form of education is blogging ;)

in any case, keep it up!

- dmc

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Brilliant - very refreshing change! As an entrepreneur I appreciate your focus on us and how we play a very large part in branding. It's shocking to see the terms laid out for most venture backed entrepreneurs - reason I stay clear of VCs. Thank you!

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Did Mr. Geithner say where this $15 billion would come from?

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I agree small business needs all the help it can get. But I would be more supportive of a plan that would offer small businesses lots of long-term incentives (tax breaks, credits, etc) as opposed to the Treasury trusting that buying securities will accomplish the credit thaw.

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