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DiggEtsy Inc. founder Rob Kalin responded over e-mail to my questions about how he went from turning down venture capitalists a few years ago to accepting $27 million from Accel Partners, Union Square Ventures and others this week:
"You ask many of the same questions I ask myself," writes the CEO of the Brooklyn e-marketplace for handmade goods. "I think there's one fundamental flaw in how you pose them though: There's no such thing as 'VC money' as an universal entity. It's people and terms much more than it's money. When the people and the terms click, that's that."
For Kalin, perhaps it's the angel -- not the devil -- that's in the details. - Mary Kathleen Flynn
See Jan. 31 post from Tech Confidential
Hi Watson,
Are you saying that Etsy "buys factory products made in the third world to fund a site for handmade products?"
What products are you talking about? I'm a little confused by your post.
Thanks, Mary Kathleen Flynn
Senior Editor, The Deal & Tech Confidential
No, I'm not saying that at all.
I meant Walmart, where Mr. Breyer sits on the board buys third world goods and sells them cheaply. That puts Mom and Pop businesses under.
Now, Breyer is taking that money to fund etsy, which is supposed to be the opposite of that. Samll people in business for themselves. Kalin loathed the Walmart approach. Why would he indirectly now take money from them?
Gotcha, Watson, thanks for explaining.
Yours is an interesting question.
Thanks,
Mary Kathleen Flynn
Senior Editor, The Deal & Tech Confidential
So, how good are the terms for Mr. Kailin to take money from the company who buys factory products made in the third world to fund a site for hand made products?
Are the terms good for Mr. Kalin or his company?