Some excerpts from the Conway email that MG Siegler got his hands on:
I want to clarify once and for all my total disagreement with your values and motives for being investors.
I have stated consistently for year that I invest because I love helping entrepenuers and watching them learn and succeed.
I am honored that entrepenuers share their crystal ball views of the future of innovation and technology with us and respect the guts it takes to start a company.
At SV Angel we try to reciprocate by adding value any way we can.
I think that actions speak louder than words and SV Angel has always been a friend of entrepenuers and we focus our business to help entrepenuers achieve success.
The world of startups would be a better place if you spent less time complaining about deal structures, terms, vc’s, and valuations etc and the cars you drive, and just helped entrepenuers build their companies.
In my opinion your motives are driven by self serving factors around ego satisfaction and “making a buck”.
My motives and values are very different.
They are so different I want to be up front with you and recognize this and disengage from any involvement with you. I will not be a hypocrite.
I wish the Angel community could have the same integrity and values of the entrepenuer community, but unfortunately I now believe that is hopeless and your actions prove that.
Dave McCLure…pls try not to blog about this and cause silicon valley more embarrassment with your unprofessional classless writings.
I have nothing more to say, since Ron sums it up so well.
Update 2:25pm: Umair Haque adds some probing comments, wondering why super angels have the role in the ‘ventureconomy’ that they do:
A 21st century ventureconomy, just like other 21s century industries, will be built markets, networks, and communities. Ask yourself: why aren’t there transparent markets for venture finance? Liquid networks to let resources be shared, pooled, and remixed amongst aspiring entrepreneurs and seasoned investors? Transparent, self-organizing communities to pool, aggregate, and filter knowledge, access, and even investment ideas?
Imagine a Kickstarter writ large, that could harness the collective will of millions of participants, and undercut the super angels.