Here’s a debate many of those entrepreneurial journalists out there might be interested in. Yesterday, during a conference about start-up investing in Silicon Valley, angel investor Ron Conway made a comment that would make many entrepreneurs heart’s flutter.
Conway argued that if someone has “the guts” to start a company than s/he should gets funds. His argument was that angel investing was a “spray and pray” business so any company should get funds to get going, just to see if it can make money. This doesn’t mean it would go funded forever, but just enough to get the idea off the ground.
Some investors agree, but not Michael Arrington of TechCrunch. He came out later in the day to say that all the investors in the start-up world are creating “an entire generation of entrepreneurs who are building dipshit companies.” That’s not exactly high-praise for the state of new businesses.
In a post on CNNMoney.com, Fred Wilson, a principal at Union Square Ventures agreed with Conway.
“I don’t know what a dipshit company is,” wrote Wilson. “I haven’t seen one. If you listen to the chatter on Techcrunch’s comment threads, you will see that people think Twitter and Foursquare are dipshit companies. Fine. Many great companies have been built on a wall of derision, and I personally think those two are going to join that list of laughed-at great companies (and maybe already have).
My point is you just don’t know what is a crazy idea and what is a brilliant idea. And you don’t know what is a great team and what is a weak team.”
Maybe this idea could help save journalism. With as many entrepreneurial journalists popping up, some have got to have great ideas, they only need the funds. That reminds me, I’ve got an idea in the back of my mind… can I get some money for that?
Photo by borman818