Fred Destin concludes his investigation into the friction between the VC community and entrepreneurs here http://www.freddestin.com/blog/2009/12/the-arrogant-vc-a-view-from-the-trenches-full-length-version.html#comments and I think he summarizes the issue about right.
Anyone who is in the orbit of VCs / entrepreneurs / startups hears and sees the effect of these differences of opinion regularly. The start-up game is fraught with risks and most start-ups fail. This environment is going to cause a lot of heat and noise. But it’s like family - despite all the opportunities for conflict and bruised egos we have to remember we’re all on the same team.
Government, big lumbering behemoth old-guard competitor companies and fickle consumers represent big enough challenges. We don’t need to fight each other too!
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