There’s been a ton of conversation around AngelGate (why does every controversy need the word “gate” in it?) and the secret dinner at Bin 38 (who is the real winner) during the past week, and since everyone has an opinion, I thought I would share my two cents.
While some “Super Angels” and VCs bicker with each other, bloggers speculate about collusion, and people freak out that the Valley is no longer the best place to start a company, those Angels and VCs that are successful now and will be successful in the future are those that are about the entrepreneur. The market is too big for a small group of Angels to drive down valuations and take advantage of entrepreneurs, and there will always be a role for both Angels and VCs.
In addition, I may be completely naive and totally simplifying things, but of those mentioned, I refuse to believe they are looking to take advantage of the entrepreneur community. Ron Conway’s track record and history obviously speaks for itself. I don’t know Dave McClure personally but I have heard him speak at two conferences (Twiistup and BlueGlass LA) and have followed his blog/Twitter for a long time, and I can honestly say that you can’t deny, nor could he fake, the passion and drive he has to help entrepreneurs and see them succeed, and he seems tireless in doing so. And a program like Y Combinator is an amazing opportunity for entrepreneurs and has provided countless prospects for investors.
Of course there are going to be differences in style, philosophies, aggressiveness, and opinions on valuations, convertible notes, and more. Yet, the commonality is that they have a deep passion for entrepreneurs and helping the community, and their success is a by product of doing so. And, at the end of the day, this is what it’s about and this is what is going to continue to make entrepreneurs, and the people who fund them, successful.