Thanks for the transparency! This happens often for firms with strong beliefs about certain spaces. With waves of new founders over the past 3-4 years, it's helpful to normalize this transition phase.
Our VC told us they won't follow for Series A. At the worst moment
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Re: Our VC told us they won't follow for Series A. At the worst moment
#32Earlier quoted context omitted.
I do think most web3 founders are newbies, but somehow you need to be very passionate about the space...
Yeah a combination of people constantly posting hate on Web3, the need to spend a lot of time keeping on top of a stupidly fast sector, and the users demanding you move fast for maximum ROI while also demanding perfect security is just a lot to deal with mentally. I quit Web3 earlier this year.
People would stop hating it if useful applications using web3 technology would appear. So far it's all just speculation, get-rich-quick-scheme based stuff or stuff that works without web3 technology.
Re: Our VC told us they won't follow for Series A. At the worst moment
#33Curious to know what the feedback was from YC partners? Did you ask for advice? Was the choice to pivot largely driven by the feedback of the VC or something you already planned to do?
Re: Our VC told us they won't follow for Series A. At the worst moment
#34Why is this a Tell HN? I thought those were for providing information of general utility to the HN community (twitter is down, etc.). I expected this was a name-and-shame of some VC, but instead it's a link to a blog post. Even after reading the text in the Tell HN multiple times, I still don't know what exactly happened. IMO, a Tell HN should be a self-contained post that actually tells HNers something that is parti…
I have to agree with this. I empathize with the desire to share, especially when you're in the dumps. I've been through the experience of VCs ditching at the closing table (worse than OP's situation) and it's brutal, but I didn't feel that in itself was worthy of sharing with the HN community. There are other, more appropriately forums for the cathartic experience OP is hoping to have by sharing with others. As you say, it'd be one thing if there was something generally useful or relevant here, but I'm just not seeing it.
Re: Our VC told us they won't follow for Series A. At the worst moment
#35How did you decide to pivot to a billing solution? It seems that you are evolving in this space right now, when looking at https://getlago.com . Also, did you pitch the new idea and all investors were in? I think a lot of companies are living this tough pivot situation, and finding a new idea is hard…
There's an article where they explain it: Why billing systems are a nightmare for engineers[0]
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[0]: https://www.getlago.com/blog/why-billing-systems-are-a-night...
Re: Our VC told us they won't follow for Series A. At the worst moment
#36Why is this a Tell HN? I thought those were for providing information of general utility to the HN community (twitter is down, etc.). I expected this was a name-and-shame of some VC, but instead it's a link to a blog post. Even after reading the text in the Tell HN multiple times, I still don't know what exactly happened. IMO, a Tell HN should be a self-contained post that actually tells HNers something that is parti…
I have to agree with this. I empathize with the desire to share, especially when you're in the dumps. I've been through the experience of VCs ditching at the closing table (worse than OP's situation) and it's brutal, but I didn't feel that in itself was worthy of sharing with the HN community. There are other, more appropriately forums for the cathartic experience OP is hoping to have by sharing with others. As you s…
Yes we need to focus on important subjects here like what flavor of toothpaste Elon is using today for example
Re: Our VC told us they won't follow for Series A. At the worst moment
#37I am skeptical of "professional" founders. How can you come up with useful and feasible products in a couple of weeks without any deeper knowledge about markets, demand, etc.? To me this sounds mostly like business school kids throwing around buzzwords.
Not sure what you mean by "professional" founders? VCs?
Maybe I used the wrong word. What I mean is this: Jobs and Wozniak started Apple because they were passionate about computers and had a vision about how they should be built. Page and Brin wrote their dissertation on PageRank and related topics before they started Google.
The people in the article seem to want to be entrepreneurs first, and think about actual business ideas after.