Cleantech Entrepreneurs Not Feelin’ the Love at the NY Venture Summit
Anyone coming to New York City who expects to see selfless acts of warmth and empathy for one’s fellow man clearly has no understanding of the spirit of the place. Having said that, my experience at the 2011 New York Venture Summit went beyond the pale in terms of sheer mean-spiritedness.
Let me set the stage: 75 entrepreneurs in life sciences and cleantech each had seven pressure-packed minutes to present their business plans in PowerPoint to a panel of 8 – 10 venture capitalists. Most presenters were visibly nervous–and who wouldn’t be? A room packed to the rafters with judges and fellow contestants, each waiting anxiously for his name to be called. At the appointed time, the speaker would come to the stage and make a pitch that could either culminate in the few million dollars of funding necessary to get his “baby” off the ground, or, 100 times more likely, rejection.
And when I say “rejection,” you had to see it to believe it. The VCs were (for some reason) asked to comment on each plan after it was presented. And these comments were uniformly critical, some in constructive ways, I’ll grant, but, for the most part, they were unkind, and occasionally quite vicious.
A smirking wunderkind from Khosla Ventures (whom I desperately wanted to slap) and the guy sitting next to him from Kleiner Perkins often turned to one another and snickered audibly at presenters’ statements they considered inappropriate. A panelist from another firm grilled a presenter (a PhD in materials science) on a business point after his talk. “I understand,” said the presenter humbly in response to the criticism. “Yeah right,” his tormentor mocked with obvious sarcasm.
Maybe I lack the thick skin required to deal effectively in today’s world. Or maybe I’m taking too much pity on the victim in this master-slave relationship. After all, the VCs have the money, and the entrepreneurs desperately need it; beggars cannot demand to be treated with respect and kindness. But have we come to this? Some of the smartest, most driven people on Earth, many with fantastic breakthrough ideas–developed over years, in some cases decades of work–being publicly ridiculed by a team of snotty young MBAs?
Had I not been paid to be there, I would have left before lunch. As I told the conference organizers, “Good conference overall, but this idea of rude, arrogant pigs heckling the presenters–often in the middle of their talks–is really deplorable. It’s shameful. Don’t expect to see me next year.”
I agree totally, it seems the world is being manipulated to treat each other as competitors instead of fostering each others contributions to put together a plan to get us out of this mess. It reminds me of Trump’s program, Apprentice, what a disgrace for the human race to see who can stab each other in the back to win. This country needs to wake up and join forces between the true entrepreneurs and change our direction before its too late.
My renewable energy start-up and has had similar experiences. The snickering of the VC associates you reported are typcial of young, unexperienced, know-it-alls that take their cues from the VC partners. None the less, we still need to hold our tongues in case we cross paths again. However, when we are successful we will not be so forgiving when these people want something from us.
Craig, I wasn’t the least bit tempted to attend nor present because what you report is what I would have expected. We who develop the solutions are completely the opposite (when it comes to priorities) of those with the money.
Sorry to hear about that. Yeah, I used to live in NYC many years ago and that is something I do not miss. I would just say to keep on going and don’t let a couple of sociopathic idiot VPs discourage you. There are some good folks out there who will listen and hear you out (or at the very least not heckle at the presenters).
Disappointing to hear, Craig, given that collaboration is a key part of not only fostering an entrepreneurship ecosystem in this country, but also in building that good team every start-up needs. I’ll be attending the 6th Annual New Energy Summit Aug 1 in NYC and wonder if there will be much of the same? In case anyone’s interested in checking it out visit New Energy New York at http://www.neny.org (can access via their calendar section).
America’a founding and over 230 years of success has come from the concept of helping your neighbors to succeed/survive. The undereducated/marxist leaing young business folk of today have none of that understanding. By lifting up my business partners and employees, I am uplifted in many ways, spiritually as well as monetarially.
I doubt that it’s marxism that’s the problem, after all, they are venture “capitalists”. More than likely, the people with the money lack any deep understanding of science or technology.
Yes, exactly like the real world, because inventors who sits on the solutions that would have fulfilled the desires and goals that all politicians and others with self-interest gives expression to desire. Their gullible audience will have no opportunity to ask questions about the information government and private sector will perform is correct. Scientific development is driven by the same people. It is very easy to kill a good solution by asserting that it is not scientifically possible. Who knows what’s possible. We are missing 90% of the understanding of what is possible.
The world is unfortunately not the majority of the population will believe. It takes a long time to reveal reality. Our world is doomed. The strange thing is that these people have not understood that we live on the same planet with no other option. Is the strategy to have a good time as long as possible, without concern for the next generation.
The solutions for tomorrow’s energy is found in quantities. Let us hope that the E-Cat can help ensure that other solutions will come to light. There will be a contest of who can deliver the best and cheapest technique, adapted to local conditions
Craig, This is so sad to hear, especially in light of my receiving just the opposite from V.Cs.two weeks ago. We are a Semifinalist in the Clean Teach Open, a contest sponsored by a non-profit organization and their many volunteers whose mission is to help bring the best innovation in Clean Tech to market. They had us in San Jose for a overloaded 4 day Workshop. I find it hard to believe the number of VCs (over 500) in attendance, paying all their own expenses, some for all 4 days, giving us valuable group and individual advice. For we “freshmen’s” education, some of the CTO alums gave their investor pitches to a panel of V Cs and got advice on how to improve their presentation with not a one with a mean tone. For me, several V Cs told me that I didn’t need venture capital but just a small Angel funding round and how to get the rest of the $5 million needed to bring my innovations to market.
Unfortunately for the NY group, they received just the opposite from what we received. Ironically, those NY V Cs are working against their own best interests.
Craig, you have to appreciate that you are now guilty of the very mean spiritedness that you have condemned. Although not a native New Yorker I have now lived here for over 30 years. I won’t condone the actions you encountered, but neither can I accept the blanket suggestion that a den of iniquity begins at the Hudson River.
New York is different. In every industry where I have worked there has been an understanding that there is the rest of the country and then there is NYC. The rules in many of those industries changed for this place. At the very least there is a kind of intensity here that is less generally manifest in other locations. It is certainly very possible, especially in the business world, for that intensity to morph into what appears to be a rather hard hitting, uncompromising lawlessness. There is a reason behind the saying that if you can make it here “you can make it anywhere.”
There are some places where we might sit down for tea for half an hour or half a day before we get down to business. This is not the vocabulary of NYC. Perhaps you came here expecting to find the same language spoken here as you were used to hearing. Instead you may have been wiser to find a translator.
I am not a native to this city and appreciate other perspectives. There is compassion and then there is a kind of hard love. Here you are more likely to find the slap in the face that says, “I am not going to change your diapers, get your act together.” But there is also compassion when you are not expecting it. The vast majority of people who visit here have favorable experiences. So I say again for you to judge all NYC and all experiences here by your reaction to what you have seen at one meeting and your perspective may speak more about you than this city.
It sounds to me like a bunch of NYC capitalist have evolved to “God complex” instead of “God conscience”. Afterall, we all share the same commonalities with regards to the economy and the environment. As for changing their diapers and getting their acts together, “common” folks who pay taxes throughout this country bailed these clowns out. So, I personally have no respect for their greedy business aptitudes. New York is just another place on this seemingly “God forsaken” planet. And, yes, I’ve visited Manhattan, and also lived in Los Angeles. It would appear to me that every person in NYC should share a common interest in Cleantech solutions to environmental problems in that concrete jungle that would benefit them, the planet and the economy. Give back to the national community that helped change your diry greedy diapers or at least be respectful of others who would seek to do so for you.
Thanks for being candid in this reporting. After having hosted over 75 VC/Angel meetings, I can’t say that we’ve experienced quite this brazen an attitude but have endured enough who are only interested in the business case. Unfortunately, newer technologies in energy storage take at least a decade and many tens of millions to get traction. This does not fit the objective of the bulk of investors and that may be one of the reasons for the arrogance. There may be merit in turning the tables and examining the investor to see if they are indeed qualified to lend. I was once told that it is harder for money to find an opportunity than opportunity to find money. Not sure it holds but it may be the attitude technology developers should espouse.
I would like to believe that some venture capital providers can see the potential and be man enough to listen with an open mind.
all truths go through 3 stages. first they are ridiculed, then they are violently opposed and finally they are excepted as self evident.
It seems to me that many capitalists are trying to find an investment they understand, that will pay off twice the investment every year, and has a proven record so there is no real Venture involved, just something that is safer than US Savings Bonds, at a very high return. Many did not actually earn the funds themselves but inherited it and are afraid they might lose a dollar, of Daddy’s money and have to get a (Oh-my-god) job. As they sit and listen they are lost and confused after two minutes of technical explanation so we can never get a “Fair” hearing as no-one there ubderstands that which we are sure will be profitable. They know no Science, Chemistry, Physics, Geometry, Engineering or mechanics, only “Debit and Credit” thus there is no way for them to understand our need for money, (They already have it!) That is why I am now seeking twenty investors with only $5,000 each and for each the investment is tiny but the return can easilly reach $10,000 dividends anually and they can be on the board of directors and agree to create more profits each year and how and when to expand and reinvest in the future. I am hoping that will wirk, a school has very small expendatures compared to Income because the students only carry away knowledge not merchandice.
This comment is for “Breath on the WInd”….
Are you kidding me?? You actually are accusing Craig of the “same mean spiritedness” as those snotty nose VC’s?? Please explain how you can possibly compare the two…or better yet, let me help you.
First, as Craig explained, while a nervous presenter with his invention and possibly lifes work is going through his/her presentation 2 of the 10 VC’s “often turned to one another and snickered audibly at presenters’ statements they considered inappropriate.” You think that somehow that kind of inexcusable rudeness compares to Craig calling them out on their bad behavior??? That is ridiculous!
Craigs comments were an observation while the VC’s he spoke of took part in a type of 12yr behavior. Those two things aren’t even close….unless you are maybe 12. Is that deplorable, lack of common courtesy and respect for others what you refer to as “hard-hitting uncomprimising lawlessness? That is just about laughable.
And just so we are clear..this was not about “visiting” and having a “positive experience” in NYC. It was about an event that took place there geared to help entrepreneurs and VC’s come together. The “I’m not going to change your diapers, get your act together” was a stupid comment. It would be different if constructive criticism was given in order to help the entrepreneur the next time around he/she was in front of a group of VC’s but that wasn’t the overall case. I’m happy to see you “appreciate others perpectives”…but I seriously doubt had you had been standing there with your lifes work in hand uable to have someones undivided attention for a whopping 7 minutes you still have an “appreciation of others perpectives.” Give me a break!
Just the fact that you think NYC gets a “free pass” on rudeness and that the rest of the world should a “find a translator” may just “speak more about you”.
You say NYC is different …how so? Oh..nevermind Craig explained it and you excused it…you may not be a native of NYC but the fact that you justify bad behavior means something..you must live there.
I notice since returning back to the U.S. that experience is suppose to be the best teacher.But there seems to be a disconnect between the younger generation and the older generation.The mutual respect does not seem to exist in that when you look at the emerging markets i.e. CHINA/INDIA and you think that these are now the top scientist in the U.S. where the younger generation is focusing on facebook/twitter/social media you have to think where is the critical thinking in the country when you have IPO’s being issued for concepts that are not very critical in the thought process as a result proper planning and preparation can not be viable if your abilty to think critically is based on what you can twit and what your friends have to say about you on facebook.It is almost like the society has been dumb down to think that making some one else look bad makes them look better.and when you think of the financial services sector taking trillions out of the economy and producing nothing for that money that was used to bail them out it really makes you think how smart can these guys really be based on the financial loses that they have inccurred that has our country on the brink of bankruptancy and causes millions of americans to lose everything they work for to some one on wall street that has not even went to jail for the economic sabatage they have did for the next generation who will not be able to compete in the new econmony.If we can’t nuture our own how will we be effective in the global economy ?
Great post, Craig, The large number of good comments really speaks well for the kind of people who comprise most of your followers. Keep doing your thing, and we’ll keep doing ours – focusing on the technical advances needed for a demonstration of a breakthrough solution in standard fuels synthesis from CO2 and off-peak wind energy.
Yes. “Onward and upward” as my mother likes to say.
Thank you for your observations, and they are disappointing. The implications are not lost on those who have commented.
I want to defend NYC though, maybe these callow fellows flew in for the event, their attitude belies their susceptibility to media suggestion & role models something that is no longer simply geographically influenced/
The trend is more dangerous that foreign oil dependency.
That’s insane. An old school business man once told me, ” if you have a business that’s doing well, why would you want to cut somebody in on the action” (i.e. a venture cap) ? You have to have ‘real’ chemistry for a good partnership with a VC…
Sounds like the opposite of the TED talks. I agree. Belligerence is too often what stands in for dialogue and the arrogant assess who practice this type of bullying are too often rewarded. Life has become one big “Gong Show”. Very sad. Survival of the rudest.
Sorry you had that experience, but i would like to point out that there are many people in the environmental movement who reside in NYC who are compassionate, caring and hard working folks without pretension or runaway egos. I have a feeling your experience is more about “people with money” than it is about “people from NYC”. Please don’t forget that most of us New Yorkers are part of that massive majority of people who lack access to capital and jobs. We need your innovations to help us create a green economy and SOCIAL EQUITY.
I am afraid I am not surprised by the childish, unprofessional behavior shown by the VC managers at this venue. As someone who works on the finance side of energy and energy technology, I see it all the time.
Stories like this make me wonder why there is still a debate to keep the carried interest exclusion (the tax loophole that allows VC and private equity managers to get their bonus income taxed at 15% capital gains rates). I don’t know about you, but I find it galling that my tax payments would be used to subsidize the income of a group of useless twits.
Any attempt to paint all New Yorkers based on this experience isn’t fair, of course. I lived in and around NYC for twenty two years. And having been on both sides of the entrepreneur-VC supply caged duality I can sympathize. Both slaved to a business model and communications process that serves neither side. Beauty contests serve the intermediaries and the media, not the contestants.
The VCs rush from one bubble to another. The entrepreneurs salivate at the capital they think will launch them to success. Both have little understanding of the realities of the energy business. For all the movement of information and data among them, the gnashing of teeth, the sophisticated analysis, etc, the mode of success isn’t much different from gambling (at worse) or the entertainment business (at best): One or two rock stars cover the losses for the rest of the failed field.
I maintain that VCs rarely invest based on an intimate understanding of the technology or science, but rather on the size of the comfort window, which has everything to do with the credentials of the principals so that, when the time comes, CYA with the fund’s investors is straightforward.
When you get down to it, how smart is the ‘smart money’ if they need beauty contests like this to decide where to invest?
Perhaps some of the so called advice from the VC mob is valid, I know even though I have a degree in Business, that I am not great at presentations to VC and I need the Capital to form a successful business venture. I KNOW the Technical side of my concept and many I have consulted with agree with me that the service is needed . But a VC may not comprehend why what I feel is a good “Niche” is a worldwide necessity and very profitable in operation. I am seeking an Interface or interpreter and presenter for my several possibly profit generating concepts. All relateto Electric Vehicles but there about half a dozen or more business that are all inter-related as needing the same training and each of the several “spin-offs” as well as the training center are very profitable in my conception. But a VC just cannot comprehend WHY. A friend tried to open EV conversion shops in another state and used my school as a sourse of employees with necessary knowledge but no VC will invest in him either. (Craig, I know you do investment brokering of Five Millin or larger investments, But, could you organise a hundred or two small entreprueneurs like we were a “Mutually Funded Mutiplicity of Businesses” ad fund them in one big block that way the investors would have a diversity of “Clean-Tech” or “Green-Tech” businesses and if some fail the others make up a positive cash flow so the G-R-O-U-P is PROFITABLE! We could also use each other as advisors and answer to a single board on major expenditures, Sort of “The Many (Not just three) Musketeers United” with an “All for One, One for All.” attitude by all the Entrepeneurs.
[Newsletter] An Interactive Webcast with Japan’s Prime Minister on Renewable Energy Policy: A First for Japan JFS Newsletter No.106
Dear Graig and all here my friends I wish this letter from JAPAN would open our eyes what best we can do than complaining (June 2011)
http://www.japanfs.org/en/mailmagazine/newsletter/pages/031068.html
On the afternoon of Sunday, June 12, 2011, Prime Minister Naoto Kan met in his office with prominent experts for a discussion on the future of Japan’s national renewable energy policy — with tens of thousands joining online.
The session was organized in response to public requests that the prime minister (PM) promote clean energy, and included participants Takeshi Okada, former coach of Japan’s national football team; world-renowned musician Ryuichi Sakamoto; Masayoshi Son, CEO of Softbank Mobile Corp.; Takeshi Kobayashi, representative director of ap bank Co.; and Junko Edahiro, chief executive of Japan for Sustainability (JFS). On the government side, along with the PM were deputy chief Cabinet secretary Tetsuro Fukuyama and Hiroshi Tasaka, special advisor to the Cabinet.
The event lasted over two hours, which was thirty minutes more than originally planned. During the session the invited experts offered candid advice to the PM and exchanged views on how renewable energy should be promoted in Japan in the future. What made this session remarkable was that it was completely open to the public as a live webcast over the Internet, with the audience invited to send in comments and questions via Twitter. This allowed thousands of citizens and the media to participate in the session in real time. This format was unprecedented in Japan, the first time in this country to use this type of dialogue between the public, the government, and the media, and many felt it was an initiative moving closer toward true democracy.
At the start of the session, the PM opened by saying, “Japan sets out its Basic Energy Plan every three years. Before the nuclear accident occurred, it was planned that the ratio of nuclear power in Japan’s energy portfolio by 2030 would be 53 percent and renewable energy sources would be 20 percent. Afterwards, however, I announced a review to reevaluate the plan from scratch, and at the recent G8 summit in France I announced my decision to rewrite it so that the ratio of renewable energy sources would be 20 percent at the earliest in the 2020s instead of by 2030. I have a strong commitment to accomplish this in my lifetime, not only because I believe I should do this as Prime Minister but also because I am interested in this issue personally.”
After the PM’s speech, the five experts each made a five-minute presentation and gave their advice, focusing mainly on the promotion of renewable energy. The Prime Minister then responded. Here are selected excerpts of his comments:
“From my long experience serving as a politician, I would like to comment to you about the past and the future. In Japan, although we have had plans in place like promoting wind energy, for example, the administration has maintained a certain set policy that ‘Nuclear power should be promoted, and to promote it we will eliminate any obstacles that we can.’ I have felt this for the last 30 years. Recently, I have proposed policy instruments like the Feed-in Tariff scheme to guarantee the purchase of electricity generated from renewable energy sources, which has not been introduced yet. There are loads of reasons and logical arguments, saying that ‘It is not possible,’ so nothing has been done. How can we overcome this situation? It’s true that I should do it as the Prime Minister. But there is a formidable barrier, unfortunately. Even so, I know that now is the time that we can change it. If we can’t change it now, it won’t change for another ten years, so I proposed a bill to promote renewable energy on March 11 to the Diet, and I have told the Minister of Economy, Trade and Industry and other persons in charge to work on getting the bill passed as soon as possible, but their actions have been slow.”
“Renewable energy is generated on a small-scale basis in many places. For example, we could have many sites generating five to 1,000 kilowatts of electricity, rather than a big company building three power plants with 1,000 megawatts of generating capacity. Renewables are truly a participatory kind of energy. Let’s open energy production up to the public. Let’s give people the right to participate in energy creating schemes, just like voting rights. But it may be difficult for the public to find a market to sell the energy they generate, so of course power distributors need to buy the generated power at a fixed rate and distribute it to the transmission network.
“Another point is that the term ‘energy conservation’ sounds a little passive. The current government’s plan places an emphasis on supplying electricity. Rather we should reduce the supply, develop the technology, and create a sustainable society with less energy. The words ‘stable supply of power,’ often spoken by governments and businesses, really mean ‘If power supply is reduced, we will be in danger.’ It’s an expression to keep things as they are. To change this perception, I would like everyone to demand power generating and selling rights, just like voting rights. When the people’s demands are loud enough, the trend will not be able to be turned back to the past, even if the political landscape changes.”
In her remarks, Edahiro commented, “Many citizens want to promote renewable energy, and so do the national leaders, but things don’t seem to change. How do we better articulate our vision and make our voices heard by politicians and bureaucrats?” To which Kan replied, “Politicians and bureaucrats take actions mostly at the request of their acquaintances. If you don’t know them in person, you should try to get to know them, whether they are members of the Diet or city assemblies, just like the lobbyists do in the United States. The bureaucracy will change drastically according to strong public opinion.”
Edahiro added, “One of the good points about renewable energy is that it will be realized by the convergence of all ministerial efforts, including the Ministry of the Environment, and Ministry of the Economy, Trade and Industry, and others. To promote ‘de-fossil’ fuel (to reduce dependence on fossil fuels), Denmark formed an all-ministerial committee headed by the prime minister. This could be done in Japan too. Please promote the system to make full use of each ministry’s strengths.” Kan strongly replied, “We already have a system to promote nuclear power, and we can use it to promote renewable energy, too. To promote nuclear power, Japan even created the Science and Technology Agency, and set up many organizations, including the Institute for Nuclear Studies. If we create a corresponding level of organization, like a Renewable Energy Promotion Agency, we can even attain the goal earlier than 10 years. The government will work quickly to discuss such a system across all agencies and ministries.”
The number of real-time viewers of the webcast peaked at 70,000, with many sending in comments and questions via Twitter. The PM replied earnestly to their questions. To a question concerning the power- generating business, he said, “This is a good chance to start discussions on reforms of the electrical power industry. We will create a framework for discussion as early as possible, and I’d like all citizens to discuss the matter. I hope it will lead to reforms of the system.” To a question concerning what would happen after he retires from the administration, Kan replied, “There are many ardent supporters of renewable energy in every political party. The power balance between the supporters of renewable energy and others will change as a result of an election, and I believe the policy will be maintained by the next administration. It’s all citizens using their voting power that would ensure the policy succeeds.”
In answer to the question, “Can the government organize this sort of event again to exchange opinions with the public?” he said, “Let’s do it!” which was followed by applause.
As a closing remark, the Prime Minister said, “I had a great time listening to various stories today. For instance, Mr. Okada offered the quote about the Earth being borrowed from our children. It was indeed a miracle for the Creator to make the Earth. We now live in a miraculous environment. It would be ungrateful to the Creator if we were to make this planet uninhabitable, for example, with carbon dioxide emissions and nuclear contamination. While I am interested in scientific technology and believe in its possibilities, I have always wondered if human beings can truly control their technology. The government and the citizens must maintain control of it. Atomic and hydrogen bombs are symbols of technologies that emerged from curiosity and got out of control. The topic we are discussing now seems to be fundamental and yet very exciting. We may talk about different topics later on, but I hope those who are watching this live Internet broadcast can participate somehow.”
* The streaming of the conference is still available on the Japanese government’s Internet television channel.
http://nettv.gov-online.go.jp/prg/prg4972.html (Japanese only)
The number of viewers in the three days after the conference reached about 120,000. People are still engaged in an ongoing open discussion via Twitter, Facebook, and blogs.
In their comments, many people were positive. One said, “Was a politician ever so humble? Mr. Kan talked about renewable energy with eyes twinkling like a hopeful youth. I want to support him.” Many said that their image of politicians and politics had changed by getting to know the human aspect of the politician, Prime Minister Kan. Also, many applauded the open approach of live broadcasting of the entire event and the use of Twitter.
Here is a sample of some of the other public comments: – I felt the embryonic movements of big change in Japan’s democracy. – It was interesting! It was a step towards a Japan with the government and the people working together. Wonderful approach. I think this will be a breakthrough toward the realization of direct democracy in which these voices are reflected in politics. – It is good for the Prime Minister to come out for discussion in a way citizens can see him. I hope to see more and more discussion on different topics. – Leading experts in different fields and politicians of this country had a very frank and down-to-earth dialogue. It felt like a very open discussion with citizens, which was totally different from political debate in the past. It really made me happy to feel the coming of a new era. Please keep it up! – As far as I see this conference, I think we can see change in politics. I feel there is not much hope when I see politics in the mainstream media. – I hope this Internet conference format will continued. This is promising.
The Cabinet Office also hopes to create more opportunities for open dialogue with citizens based on the success of this conference. Junko Edahiro and the other participants are now discussing the next step to develop “an energy policy of the people, by the people, for the people” through a round-table meeting with the leaders of the Japanese government.
JFS hopes that this effort by national leaders and citizens using social media, the first of its kind in Japan and still relatively unique in the world, will move both renewable energy policy and Japanese democracy a step forward.
Written by Junko Edahiro
She is the author and leads Japans sustainability sites.Thank CK PHILIP J SWANY
I agree totally. We need to understand that the base, the root of ecology and economy is the same, our home, the place, the planet where we are living in.
Craig,
I totally concur with your assessment of these people. I am still working on finding funding for my project, but I will not go the VC route because of these folks. As many others have pointed out they don’t even understand the technology and are only looking for a quick turn of the dollar. One has to remember a VC is not in it for the long haul, they are not there with your interest in mind, and don’t really care what happens to you, or your industry, they want to get the company up to some level take it public and cash in on the stock offering, and often in the process they destroy the founder and key people that started the whole company.
The rudeness is typical of who we have become in general, respect civility and courtesy is tossed out by those who think they are superior than others because they have a few letters behind their name, or money in their pocket. I have met more people with more sense and pure knowledge because they learned it by getting dirt under their fingernails, than by sitting in a lecture hall mouthed to by instructors who themselves have never started a business or had to sit down and solve real life problems.
My own personal story is developing the financial modeling tools for my business. I spent the thousands of dollars in “Project Finance Tutorial” courses and other seminars where the quote, unquote experts would talk about how to finance renewable energy projects, only to listen to what amounted to was a sales pitch. After two days in one course I stopped one of the speakers that was from a big Wall Street firm and said “You keep talking about risk mitigation, and developing proper pro formas, show me how to monetize these risks and show me an example of what you expect to see in a pro forma when I try to bring you a project to finance.” He stumbled and said that all the materials were confidential to client projects. So I told him delete the name off the project spreadsheet and put it up on the screen nobody would know the company or care who it is, we just want to see a real example. He hemmed and hawed and I finally said if he couldn’t do that then he shouldn’t be standing up in front of a group and be telling us what we should be doing. The rest of the group came over to me later at the break and thanked me for saying what they all wanted to. The seminar organizer wasn’t pleased with me challenging the speaker and told me so later. But the surprising thing was the speaker I challenged came over to me at the end of the day to ask to see what I had developed on my own. I showed him the pro forma and modeling tool. He was quite impressed and said that it more than met with what he would want to see. He was then bold enough to ask if he could get a copy. That did not happen I assure you.
The road to finance is long and hard, and it is filled with a lot of arrogant individuals that don’t understand what it is to build a business, to take an idea from concept to reality. These 10 minute presentations are a joke. I have never made a presentation that was scheduled for an hour that did not end up going out to 3 or 4 hours of serious intense discussion. I hope that as I succeed that I can put some of my money into people like me that are looking for that chance to build their idea into a successful business. It is what will put this country back on its feet.