Comment by realsarm
1 day ago
You can call it a bait but where is VCs due diligence for this. Most VCs where out there defending their infra layers investment. Just look at YC batches and see the inflated number of infra startups.
1 day ago
You can call it a bait but where is VCs due diligence for this. Most VCs where out there defending their infra layers investment. Just look at YC batches and see the inflated number of infra startups.
Right? I’ve been through due diligence and it’s neither a quick nor simple process, even for seed.
A great way to launder money then?
Which step of “VC firm with millions to invest” and “fresh grads blow millions on AWS bills, sushi delivery and ketamine” is dirty money being washed?
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Only if the CEO is the first man to step foot on mars. He gets to be immortalized, we get to watch him die living his best life.
Please follow the HN guidelines.
Please follow the HN guidelines.
Follow them uself
"Failure" is the expected median though. You can't due-diligence your way out of "startup ran out of runway"!
The discussion here isn't about funding, it's that there's a presumptively useful community tool which got abandoned because its owners took their toys and went home when the money ran out (instead of making a sincere effort at transitioning to community governance). That's on the IP owners being selfish jerks and/or grifting losers. It's not the VC's fault.
It's not on anyone to set up your favourite "governance" system. If anyone honestly wants to keep maintaining or using it the code is still there.
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While most startups fail eventually, failure in less than a year with over 7 million dollars is not the expected median. It’s the exact sort of thing that due diligence is supposed to prevent.
Also the whole project is open source. If you want, you could take it over.
That's why either VCs confused moat with bot farms and farmed stars over solving genuine problems or they just blindly invested based on founders track record no matter what. To me both are really by product vibe coding hype and chatgpt killing wrappers.
Are there cases when VC investors actually went after founders for fraud or embezzlement or misrepresenting the business or something like that?
At least the repo is still available. Anyone can fork and carry on, create a community, etc.
If the creators could not do anything with it after raising funds, then why is it expected that somebody will fix it for free?
Forking only makes sense if the creators are also monetising it successfully.
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Which toys exactly were taken? The repo seems open source, is any component missing?
In response to sibling: > It's still open source because you can fork it if you really want
Yes, that's exactly what it means!
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