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This is an interesting post from an unlikely source. I think carsonified Wil soon be the Arrington of bullshit startup advice. Just trying to peddle those CSS3 How To Videos...what a joke.
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It certainly _sounds_ that way, but the fine print is what matters. Is the loan a liability of the founder? or the company? Are these super-early ventures actually incorporated? Do they have the savvy to ask these questions? For the sums involved they certainly can't afford much legal advice. And the structure isn't necessary to meet the stated goal of an "evergreen" fund, as equity returns on successful venture shou…
I've seen loan-for-equity twice in real life, and both times it built profitable businesses. Though they were both older types of businesses with established business models that needed capital to get started, not technology. Anyways, yes, you should always read the terms on an important contract very carefully, and here's no different. Probably a bad deal if there's a personal guarantee on the loan. But assuming the…
BTW. I don't see what's wrong with a personal guarantee. It's nice that you are willing to risk other peoples money, but I think you should be ready to "make one heap of all your winnings, and risk it on one turn of pitch-and-toss". Then you'll be a man.
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The whole reason I wrote the post is because they're acting as if it's normal to ask for equity for a loan (and a tiny loan at that). YC, TechStars, Seedcamp, etc all invest in their companies - not loan them money. The whole thing smacks of a rich guy who just thinks he can throw around his money, call it an 'accelerator' and take candy from babies. I'm doubly angry because here in the UK, we're struggling to get su…
Slightly OT: You may want to remove hyper-linking to them in the article. You do not intent to promote them, right?
This is an interesting post from an unlikely source. I think carsonified Wil soon be the Arrington of bullshit startup advice. Just trying to peddle those CSS3 How To Videos...what a joke.
Dude, you're rewinding all the work I've done on trying to tell others how amazing and friendly the web community in Greenville is. How about some substantial examples about Carsonified's bad advice instead of just trashing us?
Screenshot: http://i.imgur.com/GCYCG.jpg
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Slightly OT: You may want to remove hyper-linking to them in the article. You do not intent to promote them, right?
I can't make a valid argument without linking to the service I'm calling in to question.
I suppose it protects them against so-called "lifestyle businesses" that never have a big exit.
I am citing from previous experience, when pitching a travel startup to a Natwest 'business' manager his response when I expressed a point about Expedia was.. "who are they?". Enough said.
