CEO Supper Club: East Coast entrepreneurs smack talk West Coast VCs
In an earlier segment of our sit down dinner with Thrillist/Jack Threads' Ben Lerer, Birchbox's Katia Beauchamp, Warby Parker's Neil Blumenthal, and One Kings Lane's Doug Mack, we talked about why more of the ecommerce 2.0 movement isn't emanating from Silicon Valley. In this segment, we talk about why some Valley VCs are starting to sour on it as well.
Lerer-- who is also a partner at Lerer Ventures-- kicked things off by explaining why he isn't afraid of ecommerce and what he's looking for. Oddly enough, it's similar to what he looks for in a content entrepreneur. That's certainly not every VC's view. Particularly considering many of them don't invest in content businesses at all.
Mack offered another reason VCs are hot and cold on ecommerce when he asked: "How much of the problem is that most VCs are guys?" Read: They just don't get this wave. It's not about logistics; it's all about brand.
Not to be outdone by Mack playing the gender card, Blumenthal invokes yet another (perhaps deserved) cliche: West Coast VCs are just lemmings. "You use a buzzword and your valuation goes up 10 percent," says Blumenthal (or as some might say, the guy with a mighty high valuation...)
I think part of the issue in the Valley is there are just so many VCs, you see a lot of the bad behavior with the good. Some of these gripes are cliches for a reason.