First, read this post.
A couple of my close friends, Mark Solon and Roger Ehrenberg, have tweeted this article with the endorsement MUST READ. I’m as much (or more) of a fanboy of Steve Blank as anyone, and I think the world needs more straight talk and demystification of the VC/entrepreneur relationship. Having said that, this seems like such an obvious point that to make it feels more like sloppy demonization than analysis. By these lights, customers are not your friends, partners are not your friends, employees are not your friends and your lawyer isn’t your friend (even if it’s Ed Zimmerman and he’s gotten you drunk on $350 bottles of wine.) If you are expecting someone, in a business context, to do something against their own fiduciary duty and self-interest, then you are in for a rough ride in this world, whether you raise venture capital or not.
Mark and Roger, you are both colleagues and friends. If I have a company in trouble (which I never do, of course), can I count on you to lead their next round at an uptick, based on our friendship? NO? Well, hot damn, I thought we were friends.