Excellent description of Venture Capital

Via ReadWriteWeb comes this excellent post by Denny K. Miu about what it is to be an entrepreneur and the entrepreneur’s relationship with the VC community. Lots of counter intuitive advice in here, some you (the entrepreneur) won’t like, and some the VC’s won’t like, but its all good stuff, imho.

A typical snippet,

Remind myself that VC’s know that while they occupy a Board seat, their primary objective is not to fulfill their fiduciary duty. VC does not sit on Board to protect the interest of ALL shareholders. VC is there strictly as a portfolio manager and their job is to protect the interest of their investment.

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