Venture capital funding can help startups scale but also limits freedom and control. The document discusses how VC funding led to the sale of Zappos as the board of directors, which included VC representatives, had different priorities than the founder who was committed to Zappos's culture. It also notes the differences between funding from angels versus VCs versus strategic investors and how the nature of the funders matters more than funding itself.

1. VCs are for Scaling
and, then only maybe.

2. @rafer, rafer.tumblr.com &
rafer@handroll.tv

4. Why I Sold Zappos

5. Why are you here?

6. Freedom and Control

7. Funding can Matter

8. Nature of Funders
Matters More

9. Mortgage Houses not Startups

10. Angels vs VCs
vs Strategics

11. “Super Angels,” aren’t

12. Portfolio Theory

13. On the 5-person board, only two of us were
completely committed to Zappos's culture.

14. Pro Forma
Right to Invest

15. All or nothing

16. Freedom and Control

17. “But our board of directors had other ideas.”