Mixed Feelings About “The Funded”
Am interested to hear what people think about this website (www.thefunded.com) where entrepreneurs rank venture funds. I like the concept of shifting the power dynamic and keeping venture funds on their toes but I have a few issues with the execution. My biggest problem is that there doesn’t appear to be any objective quality-control mechanism. There’s an anonymous individual who runs it and there’s no way to check if he has issues with specific funds or if the thousands of entrepreneur-members even exist. He could also choose to selectively post comments/scores or delete others and nobody would be the wiser.
On the other hand, assuming that these are all real individual entrepreneurs and that this guy is above board, the concept is intriguing and has the potential to be powerful. I found it interesting to read some of the comments while others were so biased (to one side or the other) that their value was limited. There’s a clear delineation between the endorsements that are coming from funded companies at the urging of their backers and the comments from disgruntled entrepreneurs who were poorly treated (mostly during the pitch/diligence process). The most interesting potential comments would be those that can serve as due diligence for entrepreneurs. For example the post-term-sheet and post-funding interactions with specific funds. I didn’t see too many of those yet.