How VCs Turned My Startup Into A Nightmare

The author, who co-founded the dot-com company Popula, recounts a year spent raising venture money that ended with a term sheet for $8 million that was lost when the April 2001 crash blew the deal off the table. They describe VCs who prioritized spending and control over the company, including consultant fees of about $200,000 and an interim CTO paid $40,000 a month. Citing an angel investor's remark and Ron Conway's leaked 2010 email, the author argues that the pursuit of wealth is a poor guide for technology investment and asks whether the future is being shaped for society's benefit or for investors' exits.