Petopia's Fund Raising Saga
from the enter-the-wolves dept
Forbes is running a great story covering the process online pet store Petopia went through in attempting to raise money. While the story is sympathetic to her plight, and she definitely had some run-ins with folks who didn't seem ethically sound, they pretty much ignore the fact that she was trying to raise money for a project with tons of competitors and no real competitive advantage. The VCs she spoke to were probably right in suggesting she work with the other companies, and instead of positioning it (as the article did) as if they were a bunch of greedy bastards, it does make sense for VCs to do what they did in the situation. Where they could make things better is in how they interface and work with entrepreneurs.