I’ve been reading Fred Wilson’s blog for as long as I can remember… it’s been one of the mainstays in my feed reader over many years now. But recently, I’ve found myself getting more than a little frustrated with the way he talks about his positions on things; mostly his almost-but-not-quite-maximalist position on crypto, but also just how detached he seems to have become from the realities that actually impact the humans that work at the companies his firm funds (I would say that this is likely true of the majority of VCs and their portfolio companies). Today’s post is a case in point:
Yes, it is our collective fault for getting out over our skis during the good times and not seeing tougher times ahead. Yes, we could have and should have been more conservative with our growth plans and hiring. Yes, it is our fault for putting our companies in the position where they have to let go of so many people.
If you knew you were getting out over your skis, and could and should have been more conservative, and you knew you were putting your portfolio companies in an unsupportable position, why didn’t you do something about it? (The answer of course, is money… exceeding the numbers in the short term always seems to trump, you know, actually building a sustainable going concern.)
That being said, I am going to keep reading — he’s a super smart person, after all, and it’s always good to keep up with stuff with which you don’t necessarily agree. But it still pisses me off a bit.