Siminoff: VC Overfunding Harmed Entrepreneurs by Pushing Them Toward Wrong Goals
Jamie Siminoff · Ring CEO Jamie Siminoff: The $1BN Amazon Acquisition; How Richard Branson Invested | 20VC #984 · 20VC with Harry Stebbings · Mar 3, 2023 · at 1:09:58
Jamie Siminoff, founder of Ring (acquired by Amazon for $1 billion), criticizes the venture capital industry for overfunding startups and creating perverse incentives that harmed founders.
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“It over watered the grapes and that was an unfair thing to do to entrepreneurs. It actually hurt the entrepreneurs. It gave too much money to too many people too fast and the wrong goals. And it led people who are great people into the wrong places that it really hurt them. And so I think venture has to be more disciplined because it, what it does can also hurt others.”
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