Super-angels must be "making a buck"

September 24, 2010: 1:04 PM ET

Just when AngelGate looked to be cooling off, Ron Conway dumped a few gallons of lighter fluid on the Bin 38 crowd. In an email sent to attendees -- which included Conway partner David Lee -- Conway wrote, in part:

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...

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". [sic]

In other words, Conway is saying that the primary job of super-angels is to help their entrepreneurs. He is wrong. More

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