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Two points: first, when comparing his managment year against the VC's, Philip needs to acknowledge the change in economic conditions between 1999 and 2000. I'm sure he still did a good job, and the VCs still did a lousy job, but the comparison he gives is not valid. Second, VCs have a different vision than founders. Founders are like parents, saying "keep my baby alive!" VCs swing for the fences, and hit alot of outs along with the homers. To the VC it's not a baby, it's just another baseball. The reason for a successful $20 million a year company to hire a VC is to position itself to grow to $20 billion a year. So my guess is the reason Philip went to the VCs was because his ambitions included growth on that scale. Those who know Philip know he has an enormous ego, so it wouldn't surprise me if he wanted to join the ranks of Steve Jobs and Larry Ellison. Now I'm not arguing Philip's facts or his evaluation of the management they put in place - my guess is he's right abou...