Just imagine all the New York Post articles somebody would be sued for. This is one of the most honest and cathartic emails I've read. This means the next CEO who runs up against this investor is mostly completely unaware of their past actions. You call it erratic. Curiously, a 2015 article lists the Canaan board memeber as Daniel Ciporin. This kind of stuff bothers me to my bones, and while I definitely support this guy being honest, so much, because I do care about mental health, I can't get past the "here's my hero story, forget about the consequences for the small guys" aspect of it. He is sitting at work right in front of you on a basket with $$$, you listen to him as you think you need it for food and if you are priviledged for "dreams".. maybe just look in a mirror ? It seems like if many people don’t know, then it actually makes a difference that they don’t know. Yes, the priest's activity were criminal so it's NOT 1:1 of a comparison. I also tried to figure this out and couldn't narrow it down to a single person. By outing the guy, you are presuming him guilty and inflicting steep punishment when he could be innocent. If starting a high growth company is this demanding and obnoxious, what’s the point? Online shaming often gets out of hand and goes too far. Then you can give yourself breathing room to take time between jobs, or perhaps move to a lower-paying job you actually enjoy. Money brings so much suffering and our entire society is built on it. Monday, August 18, 2014. As far as I can tell, these seem to be mutually exclusive: the leads of all the rounds seem to be veteran (or at the least very seasoned)VC investors. The company has raised $30 million in series C funding led by Collaborative Fund. But otherwise, I've found that you simply acclimate over time. Twitter is the worst for long form messaging. It doesn't matter if it's an actually sustainable business or even really a business at all. Here's the blog post that goes along with that tweet stream: Holy cow that feedback. I'd find myself getting dizzy and lightheaded out of the blue while doing nothing more than sitting. It promotes a concise writing style which wouldn't be as acceptable if it were on a blog without character limits. Given that he posted the e-mail contents online and wrote it in a way to narrate the board member's own bad actions, I'm assuming the real intent to was to warn others against working with this person. Given that the accusations are based on unsubstantiated claims, outing the investor is wrong. Please, you need to take a sabbatical — at least six weeks”. Anger, frustration, fear, confusion — there were so many feelings to contend with. I was also in a new relationship that I was trying very hard to maintain. It's an uphill battle to make major changes to your style of management. That's the kind of stuff I want to know. Collaborative Fund Raises $33 Million Second Fund, Adds Nexon Founder Jay Kim As Venture Partner (Feb-2014) The email doesn't include the name of the bad guy, and even if it did, if the statements are true, then there is no lawsuit to be had. VCs invest in the businesses that don't fit those molds. At the time, I told a teammate that it felt like I was playing seven-dimensional chess because of the complexity of the negotiations combined with so many conflicting challenges at work. > By outing the guy, you are presuming him guilty and inflicting steep punishment when he could be innocent. Embarrassing frankly. Collaborative Fund led the Series C round. Well. Imagine if the CEO was a sociopath who is both adept at manipulating public opinion and out to destroy the investor's reputation. Every day I put my curiousness aside to code some stuff to make my managers look good. Ask about the men whose names are known by heart, and you will see that these are the marks that distinguish them: A cultivates B and B cultivates C; no one is his own master.". One of the funds mentioned in the wikipedia article and that also matches the description from the email removed CircleUp from their portfolio website in 2019. That’s terrible news and I’m very sorry for you. I’m incredibly appreciative of OPs transparency here. You're the person YC points to and says - See him, you could be like him one day! How does. Persistence was my superpower. Overview of CircleUp Growth Capital Fund I. CircleUp Growth Capital Fund I is a closed private equity fund managed by CircleUp. Serious ? Specifically, a vet was "grumpy", and charged 3x markup for some medication, which apparently was true but hand waved away in the hearing with the excuse around delivery and overheads. Seriously. https://en.m.wikipedia.org/wiki/Missing_stair. There's also virality on Twitter from sharing specific parts of a thread in the form of retweeting and liking. How do you substantiate an accusation like "you insisted on talking to me at 3AM local time after I just stepped off a plane after a 18 hour flight" (or whatever the deets are)? Eyeopening. Jay Kim was a fairly fresh venture investor at the time; the model and operation of NXC/Nexon's investment arm was quite different to the traditional VC. Aren’t Google Docs unindexed unless published to the web not shared as viewable links? Especially since Series B and C were 5-6 years ago. People value different things, and it's very possible he will proudly look back on his time spent on CircleUp. He'll be fine. I'd never heard of CircleUp before this, and their slogan "Creating a transparent and efficient market to drive innovation for consumer brands" still doesn't tell me what exactly it is that they do. It seems like the people who work the least reap all the benefits.. Maybe covid's just got me being cynical though. You may see it as just 'discussing some random topic on a forum'. "A great board member, Dan, called me to say, “Ryan, I’ve never in my career seen a CEO as worn out as you. Collaborative Fund Raises $33 Million Second Fund, Adds Nexon Founder Jay Kim As Venture Partner Ryan Lawler @ ryanlawler / 8:30 AM PST • February 26, 2014 It’s been three … sounds like Craig Shapiro is the likely culprit here. The fact that the VC isn't named, makes it difficult for them to reply in a public way and respond to some of those points. Do these threads just lend themselves well to starting and typing until it’s all off your chest? There are so many things in life that I am curious about like singing, drawing, gardening, bird watching, etc. Spend hours processing, spend no more than 15 min giving this jack off feedback. However, while the lead investor companies are established, the "partners" of the lead investors listed on crunchbase do seem to fit the fresh investor note. Board members don't know about or care about traditional business needs. All these accept … I also tried to figure this out and couldn't narrow it down to a single person. You should keep in mind that the investor may actually be innocent here. I don’t know the details but it seems possibly important, not just for show? She was five. CircleUp’s Classifier compiles and … They, after all, have the money and influence to pay for much more professional attacks than the weak can scrounge together. I've read through the transcript of a court case in Australia where the defendant lost 50k for some really borderline comments. That’s messed up. That was the biggest mistake of my career. What on earth was the co-founder doing? If the CEO arrives with only a few months of runway, their first tasks will be to cut burn rate by laying off many of the employees. Some are built to flip. When I went to the doctor, all tests showed I was fine, which stressed me out more. To this day, I cry every time I go to the cancer center at Stanford. There is little relationship between the alternate reality that is the startup world and the more mundane, sedate, and less interesting traditional business world. Given the above, I really don't see how it's fair to out the investor before substantiating the accusations or giving the investor time to respond. It didn't take me long to figure out who the seeming douche bag of an ex-board member is, despite being half a world away from the US and Valley intrigue. It's an uphill battle to make major changes to your style of management. That said, I have one question. FINALLY HIS FIRST EMAIL(feedback to the board member) IS AN EXCELLENT READ. I read through the whole thing, including the emails he shared. Awful as in it was too long and he clearly put too much time in to it relative to how much the other guy valued him. CircleUp said Monday that it teamed up with Collaborative Fund to finance more consumer-product startups. But, doing so could be ruining an innocent person's life. I wasn't considering the series C because the timelines didn't really add up, but I took a second look and it actually fits the points in the letter. Any advice for us?". It is also relevant to the story. There's more to life than trying to improve the human condition. And you're telling readers - it's GRIT! There are a few seemingly conflicting bits of info in the letter, like the person is a novice VC investor ("I recognize ---- is your first experience in venture, or as a professional investor") with the fact that they are also the lead investor in one of their rounds ("I still can't believe that is true for the lead of our Series ---"). "-situation and nothing ever happens, because "It could have been true, right?". He even admits to taking this investment and giving up a board seat without ever meeting in person. CEOs who believe that their title means they deserve respect. What is involved in this process that takes 2 years? There are degrees of dirty laundry airing that could end up burning bridges with people you've never even met before. Jay Kim was a fairly fresh venture investor at the time; the model and operation of NXC/Nexon's investment arm was quite different to the traditional VC. Eg encouraging the author to take time off etc. What I can't believe, in hindsight, was when I asked my doctor if this could be stress related. You may think I'm overstating the potential damage, but I think people generally underestimate the damage the internet mob can inflict on a person. I'm sure she was an adult when she joined, fully capable of making her own decisions and weighting up pros and cons. https://en.m.wikipedia.org/wiki/Missing_stair. Mind blowing right? I genuinely think he should keep it up. By giving him the opportunity to defend himself, you get a more balanced view and decrease the likelihood of cruel & unusual punishment. Collaborative Fund led the Series C round. It's driven many good people away from companies they've founded. Meh. Given the timeline, that he was lead investor, the name length, the experience of the VC, the current and past board members, it’s easy to figure out the missing name. I’m doing a Reforge program now and hungry to keep doing similar. The VC firm in question is trivial to figure out. Which, I don't doubt he went through all this, but just can't help the bad taste in my mouth given the "I'm just selflessly saying things to help others" tone. That’s what I’m trying to diff against but I can’t find good sources. What did you think of that class? As an avid philanthropist, Jay … EDIT: left out the keyword NOT in the 1:1 comparison. Taylor Greene | Greater New York City Area | General Partner at Outing the investor here will cause significant, irreparable reputational damage to the investor. The people we let go had joined because they believed in our product and mission. I was thinking more along the lines of his name not appearing in this discussion's title means people searching his name might not find this discussion. The company's in good shape - everyone's a winner. Gods this is CEOs have become now. He, and other board members, tried so hard to do the right thing and convince me to take care of myself.". No one knows what the rock means to me, to everyone else it’s just a paperweight. (assuming its done with respect to the person's family and friends, who never asked to be thrust in this weird limelight). > Keeping information in a quiet private forum makes it inaccessible to people at large. I had gotten to a place where I only focused on the losses and couldn’t accept positive things. I read this as a bunch of whining that reflects poorly on the CEO. I quite like it. I hope his prognosis is good. He clearly values their respect so one of them (or better all of them) needed to sit him down for a talk. Collaborative Fund is a leading source of capital for entrepreneurs pushing the world forward. I have not worked with Dan but I have worked with Canaan. The investor isn't here to defend himself, and outing him will cause him irreparable (and perhaps undue) reputational damage. Jay Kim was a fairly fresh venture investor at the time; the model and operation of NXC/Nexon's investment arm was quite different to the traditional … I love taking pictures of people playing sports at all levels. But hey, maybe I've just grown to be overly cynical after spending too much time around growth marketers. My work has been great through all this, but I can't imagine the additional stress of being a CEO whilst dealing with all that. CircleUp is comprised of internally-managed equity funds, a credit program, and an Insights & Connections team - all powered by Helio, CircleUp… This investor sold right during or after the series C. might be Brendan Dickinson from Canaan for the Series B. Doxxing on HN feels like it should have an extremely good reason to do so, IMHO. Except the powerful will simply use those tools to baselessly attack the weak especially those that pose problems to them. But, the alternative is a world where someone's reputation can be irreparably damaged by unsubstantiated claims made by one person. Banks can loan to traditional businesses they understand. February 26, 2014 at 11:30 AM EST. Given the timeline, that he was lead investor, the name length, the experience of the VC, the current and past board members, it’s easy to figure out the missing name. Huh. Overall it's just very hard in the US to sue someone for telling the truth about how awful you are. But you also are careful when they trashed their. Craig isn't the one who was sitting on the board. How do you handle this type of issue? YC and many other founder networks have investor databases for this purpose. I suppose so. The former CEO should take down the feedback email, as he is exposing himself and others to legal liability. My neighbors are suffering more because they are not in tech. I would rather live in a world where the powerful can be baselessly attacked compared to a world where the weak are unable to fairly attack them - if we need to err on one side or the other I prefer to put up with trolls and scammers. The Presence of Jay Kim's profile does not indicate a business or promotional relationship of any kind between RelSci and Jay Kim. Naming the investor is counterproductive. I don't see how my accomplishments, or lack thereof, have any bearing on my moral beliefs and expressing them. Mmm, yeah. Meanwhile the next CEO knows there's a rat, and can work out for themselves who that might be before their first 100 days are up, by which point most managers have been typecast. And, that draws eyeballs. Theoretically this would be easy to figure out if you had a yearly listing of board members which I imagine should be public, but that doesn't appear available publicly. Everything in nature must eventually be owned my someone. I liked someone's comment about preferring to let the focus be on Ryan's journey, and I suppose that many others here must be feeling a sense of kinship with a fellow entrepreneur as he described candidly and courageously his version of "The Struggle.". What legal liability? And ofc you might have extenuating circumstances that prevent it. I think just publishing the event without posting the email leaves enough of a trail for another CEO to reach out and ask "Hey, we're going to work with XYZ and know he used to be on your board. I'd wake up in the middle of the night nauseated. Name the board member. Looks like the medium is down. I wasn't considering the series C because the timelines didn't really add up, but I took a second look and it actually fits the points in the letter. Naming this 1 investor focuses the discussion on that single investor, rather than bringing awareness to the situation itself, and how commonly these things happen (yet how rarely anyone talks about it). Very revealing at the board level. The audience is on Twitter. Plausible. It's clear that people in the industry will be able to figure out who the letter is addressed to - and I would be surprised if the CircleUp CEO didn't realise this. https://fclawyers.com.au/checking-facts-before-you-write-rev... Or am I mistaken about US law? They are trying so hard to have my life and I try my best to help them get into an industry I don't even like. FWIW, I was deeply curious about who the investor was and spent some time investigating who lead the fundraising rounds on Crunchbase, but I couldn't narrow it down sufficiently. > Keeping information in a quiet private forum makes it inaccessible to people at large. I think it is even worse over there, you can basically write what you want, as long as nobody can prove it outright wrong. I was diagnosed with cancer. But, doing so could be ruining an innocent person's life.  Is giving the accused a platform to defend himself that unpopular of an opinion? It didn’t used to exist in tech. The CEO went out of his way to make the board member as easy to identify as he could, short of spelling his name out. The entrepreneurship ecosystem is full of narcissists, blowhards, and self-important people who believe that since they are managing other people's money they therefore have more wisdom and insight than anyone else. And the answer is fairly obvious: audience, and forceful conciseness thanks to the platform constraints. None of these persisted. By the end of it he's got his health back, his kids, an easy job, lots of money. When I write a blog post I naturally end up optimising for writing quality, and what could have been 5 tweets ends up as 1,500 words. It's amazing how childish and unprofessional the board member had behaved. You don't realise you're in the thick of it until it's too late. Yet, if Ryan Caldbeck chose not to name and shame, it is not my business to out someone. In general, yes, but in this case the most convincing candidate is a billionaire. > When at a board meeting at USV you stopped the meeting and said “guys we just aren’t focused on the right issues, this company has less than 6 months left.” One of the other board members said “ What are you looking at?” (You later realized you weren’t doing the math correctly). That’s what I’m trying to diff against but I can’t find good sources. I was leading engineering for three separate products and dealing with some very difficult stakeholders. Wow, this really struck home with me. But is it a chicken / egg question? That said, I was in a bad mood, and in hindsight I shouldn't have judged based on so little information; I don't know what /actually/ happened. I think you misunderstood the tweet; the person who posted that tweet is asking the founder and leader of Collaborative Fund to be responsible for the actions of his partners. This would be an immediate red flag in my book. I don’t think there’s anything particularly wrong about it, but it’s sad for his kids. Note that, per his LinkedIn, Jay became a VC at Collaborative in 2014. https://en.wikipedia.org/wiki/Kim_Jung-ju. Even without outing the investors, many founders are currently doing the necessary research to identify the investor and will blacklist him. It seems unlikely they would tolerate the sort of behavior Ryan described. Indeed. Name the board member. Helio can scan about 1.2 million companies, identifying … Lora Kolodny. The feedback is simply not attributable for outsiders. It’s both great and awful at the same time. It’s his choice. Heck, you could be giving away grilled cheese and putting advertisements on the bread and if it fits the VC model then VCs will invest in it. I don't think there is a legal argument here. That's definitely adding positive value in my book. I hope he can find back to a more satisfying life with lots of lifetime, enjoying doing fun things with his family! I think just publishing the event without posting the email leaves enough of a trail for another CEO to reach out and ask "Hey, we're going to work with XYZ and know he used to be on your board. If you read the email it states that the investor was a lead. Bad investors, bad board members, and even bad incubators are a dime a dozen. The only listing of the board I can find is this news article  from 2015, but again, none of the people listed there can be definitively identified as the one being referenced. 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