Mea Culpa? Me-a bummed out.
It’s a bummer that Mark Suster was bullied into this:
http://www.bothsidesofthetable.com/2011/08/24/mea-culpa
It’s a bummer because his original post (here) was brilliant. It was even-tempered, rational, and necessary. The dozens of FNAC corporations that get bought each year and get plastered all over TechCrunch are poisoning the minds of current, past, and future entrepreneurs - mine included.
I’m not saying there is no value in FNACs like group messaging services GroupMe & Beluga. There clearly is value; it’s apparent in their acquisition. But that does not make them a business. They are a cool set of features with some cool tech, great vision, and a talented team. Everyone on those teams deserves what they got in terms of cash and equity.
It’s admirable to take a chance on some cool new technology (I’ve done it twice) but to do it under the guise that you’re building a real business like everyone else is a tragedy (only did that the first time :) ).
I think we all could benefit from the wake up call that Mark gave in his original post. There is a difference between a Feature and a Company. Make sure you know which you’re getting into.
Required reading: http://www.bothsidesofthetable.com/2011/08/22/fnac-feature-not-a-company/
