Be: Fundraising Misadventures

If only they could talk…
I wanted to keep Be out of the vulture capitalists’ talons, so to fund the company in its early years, I put my own money into the venture. But taking money from friends can be lethal: The money always runs out, friends don’t have the pros’ deep pockets and the company becomes vulnerable in a way I’ll explain a bit later. But it left a sour taste in the mouths of some earlier investors, included Crédit Lyonnais’ venture arm that should have known better: “We supported you and now we’re left with nothing while you go off with glorious new money, fresh stock options, and media attention!”

Source: mondaynote.com