Sunday, November 18, 2007

Ted's nemesis is Ted

Here's an article about a entrepreneur who turned his attention on fighting the VCs.

And he's former disorient campmate Super Duck Man aka Adeo. It was his girlfriend at the time who accidentally gave me k instead of e, thus launching a million k-hole jokes against me.

He and our friend and campmate had a huge falling out a few years ago. I like the irony.

From Wired

The Man Behind the VC Slagfest at Reveals Himself to Wired
By Carlye Adler Email 11.15.07 | 9:00 PM
Photo: Rainer Hosch

The door swings open before I have a chance to knock, and I get my first glimpse of the man known to thousands only as Ted. At 6'5" in socks, he is squeezed into the door frame of his midtown Manhattan loft. He's got a shaved head, thick-rimmed black Prada glasses, and a small bag of Chips Ahoy! cookies. "Come in," he says, grinning toothily.

It has taken four weeks to arrange this meeting. Four weeks during which I spoke with Ted, the pseudonymous founder of, nearly every day. He refused to give me his phone number, calling me — almost always late at night — whenever he decided it was time to talk. If I needed to reach him, I sent a note to his Gmail account. He usually called back from a blocked number within an hour or two. Until now he had rebuffed my suggestions of a face-to-face meeting. First he said he was too busy overseeing the sale of his technology company. Then an unexpected family crisis took all his time and energy. Finally, just as I began to think Ted was avoiding me, I received another email: "4:40 pm, OK?" And about an hour later, here I am, staring at the most mysterious Web celebrity since Fake Steve Jobs.

I get the sense that Ted enjoys this cloak-and-dagger routine. After all, he's been playing it since the beginning of the year, when he launched, a community site for startups to anonymously review and rank venture capital firms. In effect, it has given entrepreneurs a peek into the secretive VC industry and a chance to dish about some of the unseemly behavior they've witnessed there. "We have seen distinctive pieces of our business plan end up in marketing materials of a competitor," reads one testimony. "The senior guy was arrogant, rude, and dismissive," reads another. "He had his feet up on the table the whole time he was telling us how bad our business is." Visitors to TheFunded can pore over tales of VCs who overwhelm a founder's influence, who change deal terms at the last minute, and who find out what other VCs offered a company to weaken its bargaining position. TheFunded has also become something of a support group for its 3,150 members; when one recent poster asked whether he should accept a deal that would give a VC the sole right to sell his company, he received 19 responses, including "AVOID" and "Run!"


The group, wary of retribution from funders, posted anonymously and pledged never to identify one another. They even voted on Ressi's pseudonym, the first name of a nemesis. ("They did it to spite me," Ressi chuckles.)


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