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Listen to Reid Hoffman: Let Our Startups Bail Us Out

March 3, 2009

We couldn’t agree more with Reid’s analysis and recommendation on Washingtonpost.com. We’re glad to see one of the brightest minds in the Super Angel/Founder market space leading in this debate.

Lots of text spilled last week among VCs and Thomas Friedman about his proposal for government-sponsored entrepreneurship. Details aside, let’s face it: Q1 funding numbers look even worse than Q4, according to PEHub, and from where we sit, Reid is right that investment dollars are basically not flowing into early stage innovation at the time when it’s needed most. At True, we would rather see the Obama adminstration spend time creating the industries of the next industrial revolution versus propping up industries of the last industrial revolution. As previously posted, this is an issue of national significance.

We remain open for business and are investing actively right now because we believe that true innovation takes years to develop, and now is an excellent time to build a company. Great talent is available, input costs are low, but most importantly the noise has been silenced in a number of very important, large markets, so entrepreneurs have time. We put our money with small teams of exceptional people that see the world as it can be and strive to create. In our world, a small smart team can build tremendous value with small amounts of capital (particularly in a time like this).

Let’s hope more of the Valley can join this discussion and convince Washington to enact some sensible steps (such as those proposed by Reid) to put government dollars and attention where it could have the biggest, longest lasting impact: in the hands of our most talented entrepreneurs.

Thank you Bart Schachter

February 26, 2009

Wonderful post by Bart Schachter over on PEHub on the continuing Thomas Friedman & VC saga. For the record, we’re squarely in Friedman’s (and Bart’s) camp.

The world needs more support for entrepreneurs and innovators, not less.

Well done Bart.

Entrepreneurs Can Lead Us Out of the Crisis – WSJ

February 24, 2009

Excellent op-ed this am in the WSJ about the power of the entrepreneur, which (so far) has not been tapped in the stimulus.

More on Friedman, Connie’s got the right take at PEHub

February 24, 2009

Funny how one column can create such a big controversy in venture, and the week’s only one day in.

Connie has a great take on the Thomas Friedman vs. venture capital debate raging over here on PEHub. Thank you Connie!

We’re perplexed as to why so many in the venture business are seemingly against more resources for entrepreneurs. We believe in creative destruction. We believe that the power of a small, very talented entrepreneurial team can topple an entire industry full of the status quo. While we’re not directly advocating the government get into the venture business, we completely agree with Tom Friedman that stimulus dollars would be better invested with early stage entrepreneurs than into ailing auto companies.

Let’s spend some of that valuable stimulus time, attention and dollars on making a real impact on our future: foster innovation by repealing SOX, revitalizing the SBA, creating sensible tax policy to encourage early stage and angel investment. There’s loads of value that stimulus time and attention could provide the early stage entrepreneur.

Start Up Risk Takers – Friedman in Today’s NYT

February 22, 2009

A wonderful piece in today’s New York Times article by Thomas Friedman (found here).

We strongly agree that innovation is the key to our country’s (and world’s future). At True we have resources and platform that can help, but we need the ecosystem revived.

We’d welcome your ideas as to how we can (all) foster a stronger Seed and Series A ecosystem to stimulate early stage investment and help talented entrepreneurs

Please tell us how we can help:

Does the stimulus help nurture existing startups? If so how and where should entrepreneurs go to access Washington? Can you help us get more entrepreneurs plugged in?

Are there new areas targeted in the bill that all of us should be focused on?

We’ll post all ideas here and simply want to foster the discussion and do our part to create entrepreneurial opportunity and growth.