avi
Keymaster
http://www.livemint.com/Companies/7...-the-real-Ritesh-Agarwal-please-stand-up.html
Interesting article.
Interesting article.
Will the real Ritesh Agarwal please stand up?
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avi
Keymaster
A 16-17 kid made venture investors chu*** by false numbers and info and also to Peter Thiel*, secured funding and built a company. And it seems to be doing well.
*http://en.m.wikipedia.org/wiki/Peter_Thiel (this guy is shit famous)
*http://en.m.wikipedia.org/wiki/Peter_Thiel (this guy is shit famous)
avi
Keymaster
Yeah and also he duped the Peter Thiel, not an easy task. It's like meeting Torvalds and saying you wrote a mini kernel
^I wouldn't go that far. For one, Thiel will not be managing day to day operations. Secondly, his underlings would have been desperate for a "developing country" business.
Problem nowadays with many VCs is they don't want to miss out on the boat. What happens if you thought Airbnb's business plan will allow breaking the law (which it did) or Uber's idea in many countries tantamount to actually breaking the law (which they did. In fact in India they started out without understanding the FEMA violation. ) or Handy's work idea meant they were massively under billing (charging 500 for $2k worth of work) or Cinkle, the "payments" company setting up a "cash vending" machine which gives out $20 bills on signing up to be supremely stupid (which it is, what good is a "payment" business if it means I get tons of freeloaders). The answer is $10 billion - airbnb (last round of 450 million), $17 billion - Uber (last round of $1.2 billion), 30 million in round B - handy and 30 million in round 1 for Cinkle.
There are many other more stupid ideas like $5 cheese sandwich, yes two pieces of bread with a cheese in between for that much. Still gets 10 million in VC (from Sequioa - one of the moron VCs mentioned in the story).
Many seem to forget what happened to pets.com, one of the darlings pre-bubble era. Its no more, the high it reached was 300 million which was considered a lot. It went bust just like that. Its just the greed of not missing the next big one which drives this.
Frankly though his "partners" will like to say "that’s how it is done" they were as big part of the scam as they guy himself. Believe me when I say this, we (me and a friend) had a good "business" plan but never went through with it. The reason was we would run afoul the FEMA law which we understood and tried to find ways around. There were none and we gave up. Never thinking "that's how it is done".
If the guy would have paid them their salaries (or till the time they though they were getting something) , they would/were gladly taking part in the scam themselves.
Problem nowadays with many VCs is they don't want to miss out on the boat. What happens if you thought Airbnb's business plan will allow breaking the law (which it did) or Uber's idea in many countries tantamount to actually breaking the law (which they did. In fact in India they started out without understanding the FEMA violation. ) or Handy's work idea meant they were massively under billing (charging 500 for $2k worth of work) or Cinkle, the "payments" company setting up a "cash vending" machine which gives out $20 bills on signing up to be supremely stupid (which it is, what good is a "payment" business if it means I get tons of freeloaders). The answer is $10 billion - airbnb (last round of 450 million), $17 billion - Uber (last round of $1.2 billion), 30 million in round B - handy and 30 million in round 1 for Cinkle.
There are many other more stupid ideas like $5 cheese sandwich, yes two pieces of bread with a cheese in between for that much. Still gets 10 million in VC (from Sequioa - one of the moron VCs mentioned in the story).
Many seem to forget what happened to pets.com, one of the darlings pre-bubble era. Its no more, the high it reached was 300 million which was considered a lot. It went bust just like that. Its just the greed of not missing the next big one which drives this.
Frankly though his "partners" will like to say "that’s how it is done" they were as big part of the scam as they guy himself. Believe me when I say this, we (me and a friend) had a good "business" plan but never went through with it. The reason was we would run afoul the FEMA law which we understood and tried to find ways around. There were none and we gave up. Never thinking "that's how it is done".
If the guy would have paid them their salaries (or till the time they though they were getting something) , they would/were gladly taking part in the scam themselves.
Seems like this guy was totally following Steve Jobs foot steps. Duping and taking advantage of his partners and employees in various ways was something that Steve Jobs has done during Apple's Initial days and later on as well.
In any case, this is apparently how many start ups seem to think they should operate. Every thing is fair game, be it duping partners, employees or customers.
In any case, this is apparently how many start ups seem to think they should operate. Every thing is fair game, be it duping partners, employees or customers.
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