Bad VC JuJu. Or Why we need TheFunded.com
Posted by rbpasker on August 14, 2007
A friend of mine, let’s call him “Bill,” whose company I have been advising informally, is building a new website which has not yet launched. He and I and a bunch of friends went to the recent NY Tech Meetup. A guy approached us, introduced himself as a VC, and asked what we were working on. It was a good opportunity for me to listen to my friend pitch, so I listened as he explained what they’re doing. The VC listened intently, and asked a bunch of smart questions.
Bill’s company is also thinking about raising some cash, but he didn’t follow the “ABC rule”: always be closing, and try to get the VC’s contact info or a meeting. Bill and I talked about it afterwards, and I told him I would try to hook him up. When I ran into the VC again, I approached him about meeting Bill and company, but he said he wanted something in writing first so he could go over it with his partners, and then would contact us if there was any interest.
The next day, a company that competes directly will Bill’s company announced a multi-million dollar investment with the very same VC we met .