Boris Mann's response to BootupLabs portfolio reduction outcry(bmannconsulting.com)
bmannconsulting.com
Boris Mann's response to BootupLabs portfolio reduction outcry
http://bmannconsulting.com/2843/personal/keep-calm-and-carry
8 comments
Here is another post by Boris:
http://bmann.ca/what-i-did-tonight
Disclaimer: I've known Boris Mann for a while. He is a stand up guy. It's a crappy situation on all sides.
Missed capital calls happen during downturns. It's shitty for the investor that can't make the call. It's shitty for the VC that is running the fund. It's shitty for startup founders.
On a personal note, my company had a bunch of clients miss invoices in Q4 2009. Cash flow was horrible for that quarter.
Q4 2009 was crappy globally. It was extra crappy in Vancouver. A whole bunch of investors had cut deep in 2009 and the deepest cuts had been scheduled for Q4.
Anyone that had money had allocated it for February 2010. The Olympics were in town and everyone was doing their big push for that month.
I don't personally know Jamie of Status.ly but I do know others that were also let go and I do wish them the best.
Disclaimer: I've known Boris Mann for a while. He is a stand up guy. It's a crappy situation on all sides.
Missed capital calls happen during downturns. It's shitty for the investor that can't make the call. It's shitty for the VC that is running the fund. It's shitty for startup founders.
On a personal note, my company had a bunch of clients miss invoices in Q4 2009. Cash flow was horrible for that quarter.
Q4 2009 was crappy globally. It was extra crappy in Vancouver. A whole bunch of investors had cut deep in 2009 and the deepest cuts had been scheduled for Q4.
Anyone that had money had allocated it for February 2010. The Olympics were in town and everyone was doing their big push for that month.
I don't personally know Jamie of Status.ly but I do know others that were also let go and I do wish them the best.
Possible repsonses to "Q4 2009 was crappy globally":
Standard: It was the economy's fault.
Better: Times are tough so we'll have to work that much harder.
Best: A down economy is our greatest opportunity to put some distance between us and our struggling competitors.
Standard: It was the economy's fault.
Better: Times are tough so we'll have to work that much harder.
Best: A down economy is our greatest opportunity to put some distance between us and our struggling competitors.
It all started with Jamie of Status.ly's post. I'm disappointed in lots of the original wording
Has Jamie's original post been reworded? I've only come to it this morning (GMT) but it reads perfectly fine to me. Disappointed sure, a little worried about the future. I dont read it as blaming Bootuplab or having any anger directed at them...
(indeed it reads pretty factually to me; so I am assuming it has been reworded)
Has Jamie's original post been reworded? I've only come to it this morning (GMT) but it reads perfectly fine to me. Disappointed sure, a little worried about the future. I dont read it as blaming Bootuplab or having any anger directed at them...
(indeed it reads pretty factually to me; so I am assuming it has been reworded)
I kinda wish Boris did the initial reply, as opposed to Danny Robinson and his "why art thou complaining?" comment. This sounds a lot more rational (though probably not as apologetic as I might've liked) than before.
Are there any other incubators in Vancouver, ideally associated fairly directly with real (i.e. Silicon Valley, or at least Seattle) VCs?
If someone wanted to do just the minimum legal/financial/admin overhead for startups (say, $500/mo tops), and either provide them with YC-levels of funding, or provide housing/office space for 4mo ($1-3k/mo/person, tops), it seems like a win. Investing $20k in each company for 5-15 companies would be a good investment in dealflow for a Vancouver or global focused VC.
I think a Canadian funding entity investing directly could get around the crazy reporting requirements.
Even if you were only 20% as good as YC, open immigration laws of Canada, and the Vancouver environment would probably be enough.
Alternatively, a Vancouver franchise of Seedcamp or Founder Institute.
If someone wanted to do just the minimum legal/financial/admin overhead for startups (say, $500/mo tops), and either provide them with YC-levels of funding, or provide housing/office space for 4mo ($1-3k/mo/person, tops), it seems like a win. Investing $20k in each company for 5-15 companies would be a good investment in dealflow for a Vancouver or global focused VC.
I think a Canadian funding entity investing directly could get around the crazy reporting requirements.
Even if you were only 20% as good as YC, open immigration laws of Canada, and the Vancouver environment would probably be enough.
Alternatively, a Vancouver franchise of Seedcamp or Founder Institute.
Are there any other incubators in Vancouver, ideally associated fairly directly with real (i.e. Silicon Valley, or at least Seattle) VCs?
Sadly no. If YC or TechStars set up in Vancouver I'd apply immediately; but Bootup Labs is the only show in town.
Sadly no. If YC or TechStars set up in Vancouver I'd apply immediately; but Bootup Labs is the only show in town.
When reputations are at stake and someone got disappointed, it gets hard managing a PR crisis like this. But all Bootuplabs needs to do is stay focused, reach out to good developers and do its best to create valuable companies. People will pay for Jamie's experience if Bootuplabs creates winning startups that sell.
One lesson to be learned here is that founders need to do their own due diligence on the firms from which they accept investment.
I must say, just like his scummy partner Danny and his "we're disappointed in your, well, factual account of us dicking you" nonsense, I do really like Boris' little legal threats: "I read another round of comments that said that we should be commenting in public at all. I kind of know how to use these tools, and engaging where the discussion is taking place seems to be the right thing to do. Our instinctive response is not to call in the lawyers [emphasis mine]… because, you know, we're actually entrepreneurs / startup guys ourselves." BootupLabs definitely brings the class.
If he and his partner had just been up front and said, you know, one of our investors failed to show up with cash as promised and the whole situation is a nightmare that we feel awful about, it would have put a very different spin on events. Along with, say, giving the startups they left hanging in the wind some support to get home and restart / transition their lives to the next thing. Instead, giving them a couple days to find a job in Canada? Fucking awesome. Entrepreneurs would do well to note how these people treat folks; I've never heard stories of YC acting like this.
If he and his partner had just been up front and said, you know, one of our investors failed to show up with cash as promised and the whole situation is a nightmare that we feel awful about, it would have put a very different spin on events. Along with, say, giving the startups they left hanging in the wind some support to get home and restart / transition their lives to the next thing. Instead, giving them a couple days to find a job in Canada? Fucking awesome. Entrepreneurs would do well to note how these people treat folks; I've never heard stories of YC acting like this.
I do really like Boris' little legal threats
I'm sure you're misinterpreting what Boris wrote. I read that line as saying that their instinctive response is to engage in a dialogue with their critics (even if IMHO their initial response was very poor) rather than running to a lawyer who would almost certainly advise them to say nothing.
I'm sure you're misinterpreting what Boris wrote. I read that line as saying that their instinctive response is to engage in a dialogue with their critics (even if IMHO their initial response was very poor) rather than running to a lawyer who would almost certainly advise them to say nothing.
Quoth Danny Robinson, in a comment on Jamie Martin's blog: "After everything that we did for you and Steven, I'm shocked at how you have twisted the truth for PR reasons. [...] in the end, I made sure that you got the better end (sic) the deal."
I can't think of two more opposite approaches to communicating about this matter... and I definitely know which one I prefer.