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Hi, I’m Brad Feld, a managing director at the Foundry Group who lives in Boulder, Colorado. I invest in software and Internet companies around the US, run marathons and read a lot.

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Philandering Entrepreneurs or Sour Grapes

Comments (3)

In the “best entrepreneur gossip blog post” of the day category, Alan Meckler and the guys from LightReading.com give a public example of the issues in the intellectual exchange that Tom Evslin and I had around Serial Monogamy and No Shop Agreements.

Alan bitterly congratulates the LightReading.com guys for their sale to CMP for $30 million.  He then goes on to say how the LightReading founders shafted him out of a deal to invest in the company after he “helped create it.”  His feelings are obvious when he ends with ‘Stephen and Peter obviously made the right choice in being dishonest.”

The comments are interesting, especially #7 by Stephen Saunders, the President or LightReading.  He challenges and clarifies all of Alan’s assertions, including the offer for investment (which Stephen claims was crappy – and different than the terms Alan claims (I’d love to see that term sheet) which is why they didn’t take it) and the amount of time that Alan spent with them (15 minutes vs. Alan’s claim of hours of time).

Now – I have no clue what the truth is, nor am I interested in taking sides.  Alan tries to have the last word (it is his blog after all) and states that he’d rather be tarred with sour grapes than dishonesty.  Of course, anyone can assert that anyone else is dishonest, so a data point of one from the accuser is a weak tarring. 

Nonetheless, this is a great example of the issue Tom and I cross-blogged about. 

  • Gator

    I have a question. Lets say you have an advisor(s) or someone that has been helping you for a period of several months….a real seasoned operator/manager with alot of insight and credibility. They have gone to the effort to open some doors and get you in front of potential VCs/funding sources by opening their rolodex…but nothing panned out. Subsequently after a few misses they go completely radio silent and you havent been able to get their attention for several months.

    Suddenly, due to some serious progress with the business & your continued efforts on your own, you secure your funding. You know you’ve been written off by your (perhaps) former advisors, but you also know these guys gave it some effort previously, and would probably see it as only fair to be compensated. Whats fair here? If they gave you sincere help, but left you half way to the goal line when things looked bleak, whats the “right” thing to do?

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