Original link: (Cardinal sins of crypto VCs)
Written by: Mike Silagadze, Founder of Ether fi
Compiled by: Grapefruit, ChainCatcher
Today, Ether.Fi founder Mike Silagadze posted a post on social media: Crypto VC Chaos Encountered in Seed Rounds and Series A Rounds. ChainCatcher compiled it as follows:
1. See the strange circle many times
You meet with a partner or an associate and the meeting goes well, but they schedule another meeting with another partner, and in the next meeting, that partner has no idea who you are, hasnât received the briefing, and hasnât read the notes, so you have another first meeting. If this happens three or more times, itâs even more âexciting.â
2. Sudden change of mind
A partner takes the initiative to contact you, hears that you are raising funds, and asks for a meeting. But at the meeting, the partner does not show up, but sends a colleague instead. If this happens during multiple financing processes, it will be more "interesting".
3. Anonymous
You get introduced to a VC, they seem interested, and you schedule a meeting, but the VC is anonymous on video and uses a fucking Wassie pfp.
Love seeing anonymous investors on the shareholder list, Iâve heard these are the saner and most helpful investors.
4. Disappear without a trace
Itâs weird that you have multiple meetings with VCs and they ask lots of follow-up questions: more data, financials, and roadmaps, but suddenly, nothing happens.
5. Options Game
You spend two weeks meeting with a fund, answering questions and doing due diligence, and then you donât hear anything for a while and you think youâve been left out.
Suddenly, you received another message: "How is the financing progress? Let's make another phone call." After the call, there was no news again.
This situation repeated several times, did it "disappear"? No, it was just testing a free "option".
6. Bragging
A call with one partner lasted 30 minutes, 25 of which was spent listening to him talk about himself.
7. Other peopleâs âwedding dressâ
One fund agreed to meet with them and discussed strategy, technology stack and analysis in depth. Then there was no follow-up, as if it disappeared.
A week later, they announce an investment round in your competitor.
You have been used and become someone else's "wedding dress"!
8. Mental Disorder
Just 30 seconds into the meeting youâre convinced this VC is doping, and things start to deteriorate as they become more and more aggressive and counter your every word.
At the end of the meeting, they would also say, "Let me know how I can help."
9. Going off topic
The partner knows nothing about what you are building. The entire meeting is spent trying to convince you to build a completely different business. If they actually convince you, thatâs a plus.
10. Pseudo-wise
Youâre on the phone with a 22-year-old assistant whose experience is limited to a 3-month internship at Goldman Sachs and losing his winnings gambling on meme coins. Heâs spouting off advice in the meeting.