Posted by The Founding Member on 2008-09-03
Moments ago, a Member of TheFunded.com allowed a venture capitalist to use their login credentials and post this Open Letter on TheFunded.com. Such unauthorized access is considered a serious violation of the terms of service, so the Member account in question has been suspended. The specific terms violated are:
- Members agree not to share their username and password with anyone. Any employee, member, partner, director in a venture capital fund or other sources of capital for companies is strictly forbidden under these Terms and Conditions from entering TheFunded.com with a username and password or viewing Member-only "Private" information from the TheFunded, and any violation is considered extremely damaging to TheFunded.com, making said party liable for any damages that face TheFunded.com in any matter under the fullest extent of the law in any applicable jurisdiction.
TheFunded.com takes extensive measures to (1) screen all Membership applications to ensure that every Member is qualified as NOT working in venture capital or as a full-time investor and (2) protect the anonymity of the Membership to ensure that each Member can speak freely. This is a commitment that TheFunded.com makes to the Membership, and the hope is that each Member understands and respects the importance of anonymity and secure access.
Nonetheless, with over 9,000 Members, there have been documented cases where Members have copied and pasted feedback and snippets of Private comments in emails to venture capitalists. There have also been documented cases of Member CEOs becoming EIRs (see the feedback on this post).
In response, TheFunded.com has just introduced the ability for any Member that may be in violation of the terms of service to WITHDRAW their Membership account. After you login as a Member, there is now a WITHDRAW option next to the LOGOUT option. We ask that any Member who has (1) shared their login credentials, (2) works as a full-time investor, or (3) started working or works in venture capital immediately WITHDRAW their Membership account.
Based on the reasonable nature of the post in question, TheFunded.com will introduce functionality to allow venture capitalists and full-time investors to post Discussion items for Membership commentary. Obtaining the login credentials of a portfolio CEO is not the way to accomplish this goal. Any further ideas are welcomed by submitting feedback or by adding feedback to this post below. Thank you, and enjoy!
[UPDATE at 4:00 PM PST] TheFunded.com has introduced functionality that now allows any professional investor with a Certified Profile to post an Open Letter under the "Letters" section and see all replies in the Feedback by the Membership. The original post has been designated as a public sample to see how this new openness works.PRIVATE: Members Only (253 Characters)