New Republic article on Amicus
This New Republic article ( http://www.newrepublic.com/article/119350/amicus-app-how-tech-investors-are-failing-due-diligence ) is the truth of what happened at Amicus and makes for a response, in a way, to Seth Bannon’s previous post: ( http://sethbannon.com/mistakes-you-should-never-make ).
As Amicus was unraveling, I had a chance to spend more time talking to the investors than ever before. One point that kept coming up in our discussions was: “stuff like this happens more than you think, just no one talks about it.” It’s my, perhaps wishful, hope that if real stories are heard then there will be moments of pause in the current frenzy that is our exciting tech world.
Invariably, I find all of the Amicus investors to be wonderful people and strong business leaders. YC was a life changing experience that I would recommend for nearly all young companies. Advice from YC has been very personally helpful and changed Amicus’ direction more than once for the better.
The bigger problems at Amicus came from one bad actor and a currently accepted system of large party-round seed investment that gives no one any oversight.
It would probably be good to keep discussion of this post on Hacker News ( https://news.ycombinator.com/item?id=8284370 )
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