????我熱愛初創企業，我喜歡跟創業者一道為萌芽階段的公司共同努力。我享受那種將新穎而獨特的商業理念轉變為現實的興奮感。我十分樂見用辛勤工作換來的成功。在我的整個職業生涯中，我從沒見過哪個時期像現在這樣富有創造力和創新精神。我在我們的風投公司方得力集團（Foundry Group）看到的商業方案比以往任何時候都要多。不僅如此，很多商業方案非常有趣，也很有投資前景。

????我熱愛風投事業，這點不用多說。我樂于幫助創業者們實現他們的理念；我樂于為他們提供咨詢和指導，協助他們獲得最大的成就；我樂于接受尋找最佳投資項目的挑戰。和充滿創造力的杰出人才共事，讓我充滿活力。

????但同時，我也有些擔心，有些問題我實在是不吐不快。

????我擔心形形色色的公司成立慶典、公司新名稱啟用大會、新網站上線儀式，以及初創企業平臺音樂嘉年華等等聲勢浩大的活動甚至讓我們忽略了一個基本的事實：公司的發展壯大最終靠的是勤奮工作而不是浮夸宣傳。

????我擔心風險投資者與創業者只交談了短短一個小時，就倉促簽署投資協議條款；我擔心風險投資者在對創業者進行審核的初期階段就確定了投資額度，好像一切已經胸有成竹；我擔心風險投資者馬不停蹄地四處宣傳、自吹自擂，只顧自己出風頭。如此一來，風險資本儼然就成了個人崇拜的犧牲品，風投已將“幫助初創企業獲得成功”這項本職工作拋到了腦后。在我看來，風投行業最基本的原則是：排在第一位的是創業者第一，而不是風投本身。但據我所知，同意這一看法的人并不多。

????千萬別誤解我的意思，我當然也喜歡那些慶祝派對。我認可為了公司重大的里程碑事件而舉辦派對，或者參加CES、SXSW等行業性活動；我也認可攜現有客戶、潛在客戶和合作伙伴共同參加社交活動。但我感覺很少有人問“你看到某某公司的新產品了嗎？真的很棒！”，而越來越多的人在談論“你會去某科技公司的某某派對嗎？”一點沒夸張，我已經收到了30份SXSW派對的邀請函，但從未收到參加專題討論會的邀請。常常有人跟我說“某某干得真漂亮”（最近我聽過不下十次），十有八九他們的意思只是“中規中矩”而已。

????我聽到了越來越多這樣的事：初創企業向風險投資者推銷創業點子，結果當場就拿到了投資意向。（創業者們請注意，如果某個風投對自己的投資過程如此草率，你真的愿意與他們合作嗎？）風投聊起合作公司的方式也跟過去明顯不同，現在風投更加以自我為中心（大量使用“我”這個字眼，將公司成績據為己有，而不是把自己放在參與者或者協助者的位置上）。

????當然，很多文章都已經討論過估值上漲及其給剛剛起步的初創公司所帶來的潛在風險。再加上派對風愈演愈烈，很多風險投資家都會出席，但沒有人會真心投入（依我所見，這對創業者來說并不是什么好事）。

????I love the start-up world. I love working with founders and young companies. I love the excitement of working on business ideas that are new and different. I love seeing the success that often comes from this hard work. I've never before in my professional life seen a time of such innovation and creativity. At Foundry we see more business plans now than we ever have. And, what's more, more of those business plans are really interesting (and fundable).

????It goes without saying that I love the business of venture capital. I love helping entrepreneurs work on their ideas. And I love helping companies figure out how to become as successful as possible. I love the challenge of trying to figure out the next great investment and the energy that comes from working with amazing and creative people.

????But I'm worried and I wanted to get it out there.

????I'm worried that in all the hype, in all the "we launched our company" events, and "we changed our name again" parties, and "we redid our website – come celebrate!" shindigs, and the SXSW parties, and the hoodies, that we're losing sight a bit of the really hard work that is creating and building a business.

????I'm worried that in offering term sheets after a single 60 minute meeting, and in pricing early stage deals like they were already late-stage successes and most egregiously by constantly running around self promoting and self aggrandizing, VCs are falling prey to a cult of personality about themselves and forgetting that their jobs are to help companies be successful. And as far as I can tell, very few seem to believe what I hold as a fundamental tenet of the venture industry, which is that entrepreneurs come first, not VCs.

????Don't get me wrong. I enjoy a good party (not to mention a good hoodie!). And I recognize the reasons to celebrate important company milestones and for industry events like CES and SXSW. And in bringing a bunch of customers, prospects and partners together at a social event. But I feel like I'm hearing less of "did you see XYX company's great new product" and more "are you going to so and so's party at ad:tech?" I'm not exaggerating when I tell you that I've received 30 invites to SXSW parties but not a single invite to a panel session at the conference. And when someone tells me that someone is "killing it" (a phrase I think I hear 10 times a day these days), more often than not they mean "doing the job they were hired for."

????I hear more and more stories about companies making a pitch to a VC and having an offer before they walk out of the room (entrepreneurs: do you really want to work with someone who puts so little thought into their investment process that they would do this?). And the way VCs talk about the companies they work with has clearly shifted to be substantially more VC-centric (lots of use of "I" and taking credit for company success as something they themselves created rather than participated in or helped with).

????And, of course, much has been written about rising valuations and the potential risk this poses to early-stage companies. Not to mention the increasing popularity of the "party round," where many VCs participate but no one actually takes ownership (also not good for entrepreneurs, in my opinion).