Comments on: Real VCs Aren’t Afraid to Cry: The Anti-Portfolio http://www.xconomy.com/boston/2007/07/27/real-vcs-arent-afraid-to-cry-the-anti-portfolio/ Business + Technology in the Exponential Economy Sat, 11 Feb 2012 03:54:18 +0000 hourly 1 http://wordpress.org/?v=3.0.4 By: Chris Gabrieli http://www.xconomy.com/boston/2007/07/27/real-vcs-arent-afraid-to-cry-the-anti-portfolio/comment-page-1/#comment-260 Chris Gabrieli Mon, 30 Jul 2007 22:07:44 +0000 http://www.xconomy.com/2007/07/27/real-vcs-arent-afraid-to-cry-the-anti-portfolio/#comment-260 We take some pride at BVP at what we believe to be humility and humor. We are often forced to make quick judgments on entrepreneurs - that’s our job. But it is so important to remember that while our judgment counts when it comes to our wallets, it is far from decisive with regard to the fate of the investment. I like to close my turn down notes to entrepreneurs saying, “I look forward to your proving me wrong.” My personal biggest contribution to the anti-portfolio would be my pass on the opportunity to pursue Millennium Pharmaceuticals. I just could not see how their brilliant genetic and genomic capabilities could lead to drugs in any quick way. I was right, I think, in my concern and dead wrong on the investment decision. Lesson learned - when the best team pursues the most exciting new enabling field, don’t worry too much about how you can answer all of the questions or clear all of the hurdles. Lesson taken - invested in Sirtris Pharmaceuticals and now it is public at a very nice premium to our price. We take some pride at BVP at what we believe to be humility and humor. We are often forced to make quick judgments on entrepreneurs – that’s our job. But it is so important to remember that while our judgment counts when it comes to our wallets, it is far from decisive with regard to the fate of the investment. I like to close my turn down notes to entrepreneurs saying, “I look forward to your proving me wrong.”

My personal biggest contribution to the anti-portfolio would be my pass on the opportunity to pursue Millennium Pharmaceuticals. I just could not see how their brilliant genetic and genomic capabilities could lead to drugs in any quick way. I was right, I think, in my concern and dead wrong on the investment decision. Lesson learned – when the best team pursues the most exciting new enabling field, don’t worry too much about how you can answer all of the questions or clear all of the hurdles. Lesson taken – invested in Sirtris Pharmaceuticals and now it is public at a very nice premium to our price.

]]> By: Scott Kirsner http://www.xconomy.com/boston/2007/07/27/real-vcs-arent-afraid-to-cry-the-anti-portfolio/comment-page-1/#comment-244 Scott Kirsner Sat, 28 Jul 2007 14:56:24 +0000 http://www.xconomy.com/2007/07/27/real-vcs-arent-afraid-to-cry-the-anti-portfolio/#comment-244 This is a really fun topic, and great anecodtes from Geshwiler and Seelig. I wrung confessions out of some other VCs and entrepreneurs and deals they passed on in <a href="http://www.boston.com/business/articles/2004/11/08/nothing_ventured_nothing_at_all_gained/" rel="nofollow">this Globe column from 2004.</a> This is a really fun topic, and great anecodtes from Geshwiler and Seelig.

I wrung confessions out of some other VCs and entrepreneurs and deals they passed on in this Globe column from 2004.

]]> By: Steve Woit http://www.xconomy.com/boston/2007/07/27/real-vcs-arent-afraid-to-cry-the-anti-portfolio/comment-page-1/#comment-233 Steve Woit Fri, 27 Jul 2007 18:14:55 +0000 http://www.xconomy.com/2007/07/27/real-vcs-arent-afraid-to-cry-the-anti-portfolio/#comment-233 I remember meeting with a company at the COMDEX show in 1996 with someone from my venture firm. The conversation went something like this: "We would like to meet your CEO." From one of the two bearded guys in sandals in the booth: "Well, we don't really have a CEO or anyone like that..." "OK.....Well how do much to you charge for your software?" "It's free." When he heard the word "free", my partner literally walked away from the booth. Oh, that company? It was Red Hat. (RHT), current market cap. over $4 billion. I remember meeting with a company at the COMDEX show in 1996 with someone from my venture firm. The conversation went something like this:

“We would like to meet your CEO.”

From one of the two bearded guys in sandals in the booth:

“Well, we don’t really have a CEO or anyone like that…”

“OK…..Well how do much to you charge for your software?”

“It’s free.”

When he heard the word “free”, my partner literally walked away from the booth.

Oh, that company? It was Red Hat. (RHT), current market cap. over $4 billion.

]]> By: Anonymous Xconomist http://www.xconomy.com/boston/2007/07/27/real-vcs-arent-afraid-to-cry-the-anti-portfolio/comment-page-1/#comment-227 Anonymous Xconomist Fri, 27 Jul 2007 13:45:57 +0000 http://www.xconomy.com/2007/07/27/real-vcs-arent-afraid-to-cry-the-anti-portfolio/#comment-227 They do have some great ones in their list of top exits (Staples, Skype) but there are more well known and interesting companies in their anti-portfolio than in their top 50 exits, let alone their whole portfolio. I have a feeling that it would be the same at any top venture fund listing their anti-portfolio. Encouraging for entrepreneurs who hear the phrase "We're going to pass..." They do have some great ones in their list of top exits (Staples, Skype) but there are more well known and interesting companies in their anti-portfolio than in their top 50 exits, let alone their whole portfolio. I have a feeling that it would be the same at any top venture fund listing their anti-portfolio. Encouraging for entrepreneurs who hear the phrase “We’re going to pass…”

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