Category:

Raising Money

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“JOBS” Law Has HUGE Impact for Entrepreneurs

April 5, 2012, Angels, Bootstrapping, Raising Money, Venture Capital
http://www.schoolforstartups.com/jobs-law-has-huge-impact-for-entrepreneurs/

Last week both houses of Congress passed the JOBS Act (JOBS stands for “Jumpstart our Business Startups”).  The law, making it easier to raise up to $1million from a larger pool of investors, garnered bipartisan support, passing the House 380-41 and the Senate 73-26 (all votes against were Democratic). President Obama indicated that he plans to sign the law on today, with Eric Cantor (a major sponsor) in attendance. 

The law will create very few jobs, the name is purely political, but has huge implications for entrepreneurial funding.  I think what excites me the most is that from now the excuse “I can’t find funding” is mute!  Funding is now so much easier to get, maybe too easy!  Can we say “invitation to fraud”?  And “You got funding for that?”

The big change is the formalization and government blessing for crowdfunding.  Crowdfunding opens startup investing to almost all individuals (is that good I wonder? The Hope Scholarship here in Georgia makes college much easier for all, and has hurt education I would argue!) and gives young companies more funding opportunities.  Companies can sell securities to non-accredited investors using the various crowdfunding platforms.  Websites such as Indiegogo.com, Kiva.com, and Kickstarter.com allow entrepreneurs to post business plans for thousands to read and possibly invest.  Instead of fighting to get meeting with pretentious venture capitalists and angels, entrepreneurs can get capital from willing small investors just by posting online.  Individuals making less than $40,000 a year will only be able to invest 2 percent of their annual income in startups. Those earning more than $100,000 can invest up to 5 percent.

The biggest change perhaps is the so-called 500 rule.  It becomes the 2,000 rule, meaning that certain SEC reporting is delayed until the company has 2,000 shareholders.  This extra room allows companies to sell shares to 1,500 extra people, the crowd.

For more advanced companies, they have greater flexibility in filing to enter the public markets, hopefully making it easier to IPO.  By allowing general solicitation, companies raising money will operate under new rules, which should make it easier.  But like the rest of the bill, the final implementation lies up to the rule-writing SEC.  Some VCs opposed this easing, arguing that going public is supposed to be hard.

The effect of all this?  Some crappy companies will get funded for sure. Fraud will go up, and the cheated will be the poorest, even though they are supposedly protected. The number of jobs will certainly NOT go up.  Nothing in the bill does that.

This is the most important aspect: funding should become much, much easier, even for bad ideas.  I predict that for awhile, 2-3 years, this sort of investing will be cool, in vogue.  Crappy ideas will get funded.  Everyone should list their young companies and see how much money they can get off the table.  Reduce risk, see how much Kickstarter money you can get.  I plan to.

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A Friend Wrote this About Getting Money From Family

October 2, 2011, Bootstrapping, Business Ownership, Business Partners, Financial Concerns, Humor, Raising Money
http://www.schoolforstartups.com/a-friend-wrote-this-about-getting-money-from-family/

Your first section on “bootstrapping” is really great:  “Most businesses get stuck.”  I have this uncle who is a rocket scientist. (Really…a “rocket scientist”…In the 60s/70s he designed rocket propulsion systems and robotics for handling nuclear material)….So in the 80s he decided to

School for Startups at UGA bookstore!

School for Startups at UGA bookstore!

raise money for a company for manufacturing robotics.  Great idea and businesses do it every day…but he had NO idea how to run it as a profitable business himself.  So he went to raise money from…family.  Dad grudgingly participated (knowing better and loudly complaining in the process) because of the relationship.  Almost thirty years later the uncle still sends out investor letters, still takes “annual losses” that enable him to take fun vacations around the world. No family ever made a dime.  Dad passed away years back.

Well, we all very much still love that uncle.  It’s how we roll…Dad was smart enough not to expect anything – it was a gift for family even if the uncle didn’t take it as such.  My lesson:  NEVER NEVER EVER EVER raise money from family unless you’ve got some crazy reason to know it is a SURE bet (maybe a contract in hand or product pre-sold…maybe).  Because if you’re going to family…It’s probably because your idea isn’t strong enough to show to somebody you don’t know as well.  So even subconsciously it’s just not honest and somebody will probably loose because you wanted to play around.

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Alternative Startup Funding Options

June 16, 2011, Banking, Financial Concerns, Raising Money, Venture Capital
http://www.schoolforstartups.com/alternative-startup-funding-options/

This morning’s Wall Street Journal included a great article about peer-to-peer loans to get your business up and running. Entrepreneurs who have had trouble obtaining loans from banks and other lending services are finding that peer-to-peer websites offer the loans they need. And the terms can be quite appealing to investors as well. Since the risk is spread over a number of investors, these investors have the chance for a nice return on their money with mitigated risk.

You can read the full article here.

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LinkedIn Plans to Go Public In 2011

January 6, 2011, Business Ownership, Facebook, Raising Money
http://www.schoolforstartups.com/linkedin-plans-to-go-public-in-2011/

from Reuters….

LinkedIn, the social networking site for professionals, plans to go public in 2011 and has selected its financial underwriters, three sources familiar with the process told Reuters.

Morgan Stanley, Bank of America and JPMorgan are among the book runners, these sources said. Bankers made their pitches to the privately-held company in November, one of the sources said.

An IPO is just one of many tactics that we could consider,” a spokesman for LinkedIn said on Wednesday. He declined further comment.

Internet companies such as LinkedIn and Zynga, a popular maker of online social games, are considering offerings well ahead of a potential IPO of Facebook, two sources said.  

read rest

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Abu el Banat and "All In"

December 13, 2010, Bootstrapping, Financial Concerns, Raising Money
http://www.schoolforstartups.com/abu-el-banat-and-all-in/

There is an old Arabic saying, “abu el banat,” that means “father of daughters.”  Usually when said it is a token of sympathy.  “Oh, you have daughters, good luck!”  I have one daughter, so I know the feeling……

I bring this up because I have been thinking about daughters a lot recently, daughters of broke men.  I know two entrepreneurs, one in banking, aged 72 or so, and one in real estate, aged 60 or so.  The banker has 3 daughters and the real estater 6!  Both men went “all in” and are now looking at total bankruptcy, losing their houses and everything.

“All in” is a poker term meaning “I bet every cent I have.”  Usually it is the only way to knock another player out of the game.  Watch any Texas Hold ‘Em tournament, and you will see players going “all in.”

The banker started a bank back in the late eighties that grew really big and was sold.  His take was around$50 million we hear, so he bought a big yacht, renovated a ski house that appeared in many magazines, and hired a chief to cook all his meals.  About five years ago, he started another new bank.  It, of course, exploded during the recent recession, and he is now lost everything.  He went “all in” with the new bank, and put up his own money, hoping to turn $50 million into a billion.  He has now lost the cook, the boat, the ski house, and even his primary house.

The real estater was worth $15 million two years ago.  He sold land, developed whole sub divisions, and remodeled his home, tripling the size.  Luckily, most of his daughters are raised, but one or two still live at home.  I am not sure what his loan status is, but we ran into him the other day, and he was complaining about finances.  He volunteered that he was 2-3 months from losing it all.  I asked, “Everything?”  And, he said yes, all of it.  House and all.

Here at The Entrepreneur School, we are obsessed with low risk.  Low risk everything.  I was deep, deep in debt back in 2000-2001.  I know what it feels like.  Megan, the beautiful wife of mine, made me promise before we got married to never go “all in.”  Entrepreneurs need to know that there is some sort of safety net, like a paid off house or something.  If we have learned anything, please let us have learned that once you make some money, you MUST take some money off the table.  Pay off the house, set some money aside, and NEVER dip into it.

Entrepreneurs should never go “all in!”   Do NOT do it for your daughters…….

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Angel Investor Tax Credit Georgia – Faculty Chris Hanks Testifies to Georgia Legislature

March 24, 2010, Angels, Government, Raising Money
http://www.schoolforstartups.com/angel-investor-tax-credit-georgia-faculty-chris-hanks-testifies-to-georgia-legislature/
Chris Hanks with the Small Business Development and Job Creation Special Committee

Chris Hanks, a member of The Entrepreneur School’s faculty, testified Tuesday March 16th, 2010 in front of the Georgia House Committee on Small Business Development and Job Creation.  Chris talked specifically on the programs and activities that assist aspiring and existing entrepreneurs throughout the state.  He was also there in support of House Bill 1001, which is The Angel Investor Tax Credit Bill.  As follows is an interview I did with Christ about the Angel Tax Credit and his time with the Special Committee on Small Business Development and Job Creation.

Interview with Chris:

Jacob:  What is a brief description of the Angel Tax Credit.
Chris:   There is a much longer story to this but basically the Angel Tax Credit is a part of a larger package called the Jobs Act of 2010 that focuses on providing a tax incentive to angel investor to invest in young start-up businesses.   [Here's a link to the bill:  Official site for HB 1023 - Jobs, Opportunity, and Business Success Act of 2010 -  See section 9 for the Angel Tax Credit].  [Here's a link to the Angel Tax Credit Bill]

Jacob: For those who may not know what an Angel is, will you elaborate on the term?
Chris: A company is started with an idea, customers to which to market, and execution. Money is needed to fund each of these steps. Initially, that money comes from bootstrapping, the founder, friends and family, credit cards, etc… As the company grows, further rounds of funding are often needed. Angels are the next step. They are typically high net-worth individuals who invest in early stage companies with their personal capital.

Jacob:  What exactly does the Angel Tax Credit provide and why is it in a jobs ‘creation’ bill?
Chris:  Basically it provides a tax credit of half of the total investment, up to $50,000 to an angel investor who invests his/her capital in a young startup.  There are then stipulations for the tax credit on the investment that keep the new company in the state of Georgia.  The idea then is to fund young companies in Georgia and incentivize those who have money to invest in them. Then the companies grow and create jobs for the state.

Forty percent of Atlanta’s high-tech start-up companies leave the state within three years, according to a recent Georgia Tech study.  “Instead of building great high-tech companies, Atlanta has become a feeder system for great high-tech companies in other states,” says study co-author Dan Breznitz.

Jacob:  What are your thoughts as an entrepreneur and professor regarding the bill?
Chris:    Currently, there are 22 other states that have similar incentives, and those states have benefitted from new business creation, and new jobs and new revenue. Competing states also benefit from Georgia innovation as we’ve seen entrepreneur-graduates of our schools leave our state in pursuit of capital in other states. HB 1001 will help to address this.

This bill provides an incentive for active angel investors to become more active and for those angel investors who are the sidelines to get back into game, while keeping businesses in Georgia.

Jacob:  Every piece of legislation has people, champions, who are often responsible for the creation of and implementation of the bill.  Who are they for the Angel Tax Credit?
Chris:  This bill was introduced by TAG (Technology Association of Georgia) and has the support of the Georgia Chamber of Commerce, The National Federation of Independent Business and The Georgia Public Policy Foundation.  A group was also formed to fund the lobbying efforts associated with this bill. This group is the GAIC (Georgia Angel Investors Coalition).

Jacob:  What is the current status?
Chris:  This bill has been successfully progressing through various committees of the House of Representatives (the House originally deals with bills related to taxes) following which the bill will go to the Senate. This coming week is a very important week for the bill as two very important committees which will review the bill and then the bill will go to the floor of the House for a full vote.  Gaining support of the leadership of the House will go a long way in helping the bill successfully emerge this process in a timely fashion.

Links, Quotes, Facts:

Links:

Facts:

  • North Carolina’s angel investor tax credit program resulted in approximately 660 new jobs per year in high-growth companies providing average wages of $58,792. The success and accolades of the program have opened the door to increasing the tax credit cap amount to $7.5 million annually.

The reason North Carolina/RTP is cleaning our clock in funding young tech companies? Tax Credits. North Carolina has had tax credits since 1996 and now has two NEW angel funds of $5M each–all due to tax credits.

  • Georgia’s unemployment rate has climbed from 4.3 percent in January of ’07 to 10.3 percent today, tying the record high for Georgia and exceeding the national unemployment rate of 10 percent.
  • There are more than a half-million Georgians are out of work.
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Angel Investing for the Musician

October 12, 2009, Angels, Raising Money, Venture Capital
http://www.schoolforstartups.com/angel-investing-for-the-musician/

Entrepreneurs usually seek investments from three groups of people:

  • Friends & Family (or FFF – Friends, Family, & Fools)
  • Angel Investors – High Worth Individuals Investing their Own Funds
  • Venture Capital Firms – Groups investing outside capital in large amounts

Friends & Family have always been the starting point, and are usually good anywhere from a few bucks to some tens of thousands of dollars.  The Venture Capital funds are usually reserved for the likes of small companies seeking large investments to go to the next level and are usually in the ballpark of over $1 million.  But a group exists in the middle for those seeking investments larger than what Friends & Family can offer, but under what a VC firm would raise.

This middle group is usually referred to as Angel Investors, and they are generally high-worth individuals seeking a bit of action with their money.  They either take a small % of the company in exchange for the funds, or just invest out of a sense of adventure with no expected return.

The great thing about the Internet is that it has connected entrepreneurs to Small Angel Investors in a way that was not possible before.  I say Small Angel Investors because one does not need to have a high net worth and can invest as little as $5 over the Internet.  Take the site Kiva, which connects blossoming entrepreneurs from around the globe to those with extra capital. The returns are not guaranteed, nor are they percentages that VC’s like to see, but if the entrepreneur makes a return on the investment, so will you as the donor.

Also, look at an industry in the midst of dramatic changes – the music industry.  In the past, a musician with a small following could approach a record label, and in exchange for their soul, could receive money to record an album, buy equipment, or tour the USA.  Now that funds are all but frozen at record labels, they can no longer act as Angel Investors to promising musicians (if you look nowadays, record labels usually only pick artists who are entrepreneurs and have created an album, tour, and following all by themselves).

That role has now gone to sites such as KickStarter.  Kickstarter is the self-proclaimed “funding platform for artists, designers, filmmakers, musicians, journalists, inventors, explorers…”  My buddy and bandmate, Tyler Herrin, is currently using this platform to raise funds for his current album.  Through Kickstarter, Tyler can raise the necessary funds for his album.  And in exchange for these funds, Tyler does not have to give away the rights to his songs or a % of his earnings.  What he does is offer exclusive gifts and shows for the biggest backers.

This is really a brilliant way for entrepreneurs with an artistic bent to raise funds.  Kickstarter profiles are easily shared on social networking sites such as Facebook, Twitter, and MySpace.

So, whether you are an entrepreneur in Africa, a musician in Atlanta, or a small business owner in Timbuktu, there are many options available for you in which to raise funds for your endeavor.  This is really where social networking can play a big part for your business/band/etc.  If you have created fans of your idea/art/proposal and have kept people “in the know,” they will be more likely to financially back your endeavor when capital is required.

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Shark Tank August 30th Episode

August 31, 2009, Angels, General Thoughts, Raising Money, Shark Tank, Venture Capital
http://www.schoolforstartups.com/shark-tank-august-30th-episode/

Welcome to another Shark Tank recap!  These week’s show had some big winners and some big losers……  And we saw Barbara Corcoran’s soft side.  Final count of “You are dead to me!” outbursts this episode, 4 – and 1 “then I kill you!”

The first contestant was immigrant from Ghana, Kwame Kuadey who started Gift Card Rescue.  He is a great example of low risk entrepreneurship and how starting a business can help you escape the uncertainty of the job marketplace.  He started this business while working for the man, but was fired recently.  He buys unwanted gift cards and then sells them at a discount.  He knew his numbers, was well prepared, and was very articulate.  His request for funding was very reasonable.  Three sharks were out quickly, saying the business was not right for them.  Kevin, the bald guy, offers $150k for 50%, unusual that he is willing to be equal partners.  Robert ups the offer to $200k for 50%, a really good offer.  Kwame accepts, a really good deal for him.  This is one of the very, very rare times when the entrepreneur is treated fairly and everyone wins.  Why did it happen this way?  Because he is very prepared, very effective, and had a great, solid idea.

Next is Gina Cotroneo who sells generic products with happy messages on them.  She hugs each product, draws a smiley face on each package, and clearly is trying to spread good vibes with her company, Soul’s Calling.  Her goal, to achieve “world happiness domination.”  After several years, she only has $18k in sales.  She has some cute products, but as the sharks point out, the marketplace is clearly not buying.  They tell her to shut it down.  Clearly, something is wrong with her company, probably her, but I disagree with the sharks, I think there is a market for these goods, but Gina needs to get out of the way and let someone else run the business for her.  She asks for $600k, a ridiculous amount.  Kevin tells her the business is really worth zero and tells her to quit!   Robert tells her something very interesting, “the business is telling you something.”  A powerful line.  Businesses do tell us things, as does the marketplace. 

Third is Dan Claffy who sells coffee branded items.  Stupid idea.  Who wants a bear what says “coffee” on it?  He does have a trademark that protects him from anyone else doing this, but who cares?  Someone else will want a java bear?  Also, Dan tells the sharks he has tons of “commitments” for sales, for which they rightful pillar him.  Don’t get commitments, get sales!!  At The Entrepreneur School, we stress selling as the FIRST activity of a new business.  Dan failed to do this, and he walks home empty-handed.

The next opportunity is a graffiti removal business owned by Paul Watts.  Paul hopes to raise capital to franchise his business, cleaning graffiti off public spaces.  He does not know how he will get communities to pay him for graffiti removal and, even more importantly, he does not known the product that removes the graffiti!  He buys the chemicals off the shelf, just like anyone else can.  Also, he asks for a $2 million valuation, with zero franchise sales so far!  He is crazy.  Horrible idea, horrible presentation.  Kevin and Robert throw him a bone and offer $375 for 75% of the business.  I have no idea why.  There is no profit stream, so what are they seeing?  Paul should take this gift and run happily.  But he declines and he “is dead to me!” 

Finally, Amy and Allison want $350k for 15% for a company that offers a protective slipcover for baby pack-and-play play-yards.  Great idea.  Being a parent, I love the idea.  The two ladies try to sell the business without selling the patent, get caught, and it almost kills the deal.   They have $250k sales in Target and sales to many hotel chains.  Barbara offers $350k for 40%, a great deal for the ladies.   Rightfully, they take the deal, a win-win for everyone.

Two successful entrepreneurs, both with good solid products, pre-existing sales, and good presentations.  And some bozos……

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Boot Strapping or Bankruptcy?

August 25, 2009, Bootstrapping, Creativity and Ideation, Entrepreneurship Stories, General Thoughts, Raising Money, Venture Capital
http://www.schoolforstartups.com/boot-strapping-or-bankruptcy/

Entrepreneurs and Small Business owners are making a choice - bankruptcy or boot strapping.  As we all know the recession has brought forth a contraction in funding sources for the entrepreneur.  Anything from friends & family money to credit card debt to venture funding has dwindled to the point where the choices are go out of business or get creative and BOOT STRAP.

A recent Wall Street Journal article “Unique Ways Entrepreneurs are Raising Money“ highlights just this:

  1. A dramatic increase in bankruptcies in the small business  category – up 40% according to a Wall Street Journal article.
  2. The creativity seen in certain entrepreneurs and small business owners as they respond to funding needs by boot strapping.

The article highlights 5 small business or start-ups and their creative boot strapping techniques.

Vox Pop, a bookstore and cafe in Brooklyn, needed $33,000 to cover fines from a previous owner (see The Entrepreneurship School for How to Buy a Business).  The new owner did something rather unconventional  and raised $64,000 from the local community by calling a series of town hall meetings and and seeking local investors.  I’m real curious to know the terms and structure of the investment.  In any case, the owner got what she needed without venture funding or typical credit.

ConwayConfidential, a travel information website, needed $3,000 dollars to get started.  The owner did not take a loan or ask friends or family to fund her.  She BAKED CUPCAKES and sold them as a side business.  No additional risk was incurred.  Relationships were not burdened with borrowing money.  Although it took six months to raise the money, I’m sure the business owner learned other valuable lessons about sales, marketing, starting a business, fund raising, perseverance, etc…

Brighter Planet, a new green company that sells carbon credits to individuals and organizations, has a credit and debit card scheme that gives 2.1% of every purchase back to the company.  Since 2006 $350,000 has been raised.  This money is allocated to alternative energy projects as well as company operations.

Blogertizeworld.com is a really good looking website that is striving to create a way to monetize the blogosphere.  The owner of the site sells blocks of pixels to bloggers to raise funds for the creation of his website.  So far he has made $55,0000. This is an example of another principal we teach at The Entrepreneurship School:  copying.  Remember  the Million Dollar Homepage.  The Blogertizeworld.com fundraising is nothing more than a copying of the Million Dollar Homepage.  I haven’t quite figured out what Blogertizeworld.com does but hats off to him for successfully copying another entrepreneur and making over $50,000 to support his business.

SmartChemo.com chooses a most uncommon fund raising method.    This company creates software that helps oncologists track patient treatments.  The owners of this company made a commercial hitting Red Stripe bottles to the tune of Bob Marley’s One Love.  I found the video on You Tube:  http://tinyurl.com/hittin-the-bottle.  They submitted it to a Red Stripe contest and won.  They then asked Red Stripe for cash instead of the stated vacation prize package.  They made $20,000 with a 45 second You Tube video.   In watching the video, it can be seen that just a little creativity and execution came to fruition to win $20,000.

So I wonder if perhaps we might be seeing a transition in the model of funding entrepreneurship:  the old model being that of funding purely by investors, angels, and VCs to something that hinges more on creativity and hard work through boot strapping.

I close with a quote from a Venture Capitalist from the article:  ”The businesses that are going to survive are getting creative about raising as much money as they can” says Peter S. Cohan & Associates, a management consulting and venture-capital firm in Marlborough, Mass.

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Shark Tank – August 23rd Episode

August 24, 2009, General Thoughts, Raising Money, Shark Tank, Venture Capital
http://www.schoolforstartups.com/shark-tank-august-24th/

Just finished watching this week’s installment of “Shark Tank,” and again, it should be required viewing for all entrepreneurs or people that want to escape their financial uncertainty by learning how to start a business.  First thought, I do see how the VCs could at first come across as nice, but they are rude, arrogant, and mean.  They claim to like some of the contestants and then screw them or talk behind their backs.

The first contestant, Marian, invented a product called the TurboBaster, an improved turkey baster that does some other functions too.  Maybe, she hasn’t produced one yet, not even a prototype.  She wanted $35k for 30%, valuing her non-existent company and product at around $1 million.  She doesn’t know anything, does not know the market size, cost of production.  In the real world, she would be tossed out of a VC office in less than a minute.  In fact, she would never get an appointment.  But, they say they love her, love her “brand,” and therefore one of the VCs, the TV infomercial guy (Kevin), offers her a royalty of 2% for 100% ownership.  The Fubu jeans VC offers some cash too and the 2% royalty.  The Fubu guy has no experience in this type of market, while Kevin has sold hundreds of millions of kitchen products.  She accepted the deal from the infomercial VC (Kevin), making her the luckiest entrepreneur alive!

The next entrepreneur, Bryan from Oregon, recycles used chopsticks and makes lamps, baskets, bowls, and other household items.  Neat idea, kind of gross though.  He already has about $500k in sales (over 5 years) and asks for $100k for 10% ownership.   His profit margin is very low and he has already invested $100k, making him a pretty good bootstrapper (most of the money came from Visa and AmEx).  But, his fatal flaw is his valuation.  A million dollars for chopstick stuff?  I love the business as a mom and pop, but I agree with the VCs, that this business does not deserve funding.

Third, Lori from Georgia sells stress-relieving books that help kids go to sleep.  I have kids, and I have heard it can be difficult to get kids in bed.  My kids get in bed when told and fall asleep, something they were taught using a system sort of like Lori’s.  As a parent, I think her system is crazy.  I strongly believe bad parenting is the reason for kids not going to bed easily.  As an entrepreneur, I am impressed that she has done so well, already over 50k in profit.  I would never invest in this and think it is crazy.  The VCs point out she is already on Amazon and in Barnes and Nobles and Borders, and should be doing better!  The bald VC offers her $250k for 100% of the company, reinforcing my belief that he is just a jerk.  Two other VCs offer 250k for 51% and 50%.  She is so bold to say “no,” and counters for with a 40% offer.  Unbelievable.  She should take whatever anyone offers for this silliness.

Ken was next.  I cannot believe they allowed this guy on TV.  He was hoping to sell a deck of flash cards that help kids learn the state capitols and values his firm at over $1 million.  Could they not find another entrepreneur to highlight?  Did they want some comic relief?  Dumbest thing I have ever seen.

 Jeff and his guitar company then asked for $500k for 5% of his firm!  For a patented guitar that folds in half.  Pretty cool idea, but so incredibly overvalued!   The VCs offer a great, great deal and he turns it down!  But even more incredibly, the bald VC says, “You are dead to me” when Jeff is trying to be nice.  What a jerk.  In this case, the VCs did offer a good deal and the entrepreneur was too cocky to say yes.  After Jeff left, the VCs talk behind his back, saying some very rude things, and showing their true vulture personalities.

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