YC and YC partners was throwing their valley knowhow and marketing heft into "selling" a framework in a very early stage -- and very successfully, given the wide interest it has sparked and the $11M they've just raised.
Gah. No. Raising $11M is not success. Raising $11M is putting yourself $11M in debt to investors. They will be successful when enough people are using, and paying for, Meteor that they turn a healthy profit. They are far from success right now. Arguably, further than before they took the money.
As the guy that raised the $11M, I agree completely. It is terrifying and a huge risk.
IMO, the biggest downside to raising a lot of money is that you are no longer accountable to anyone. You can run around saying "We're rockstars! We're winners! Catered dinners! Aeron chairs!" for years, even if you make no progress and produce nothing of value. At least if you stick to the "right" cocktail parties.
untog, I'm counting on people like you to call us out if we get slow, fat, stupid, lazy, and arrogant. Ultimately, we will be measured by what we ship, or better, what other people ship on top of Meteor.
> IMO, the biggest downside to raising a lot of money is that you are no longer accountable to anyone. You can run around saying "We're rockstars! We're winners! Catered dinners! Aeron chairs!" for years, even if you make no progress and produce nothing of value.
Aren't you accountable to those you've raised money from?
Oh, please. Fundraising is a point of success. Equity is not debt. As is more than clear, "healthy profits" are not necessary for an acquirer to find value in a property. It is easier to argue that they are closer to more success.
Gah. No. Raising $11M is not success. Raising $11M is putting yourself $11M in debt to investors. They will be successful when enough people are using, and paying for, Meteor that they turn a healthy profit. They are far from success right now. Arguably, further than before they took the money.