In early 2007 a new website was founded by someone only known as Ted. The website was simply called The Funded. Simply put, The Funded allows entrepreneurs to rate and review venture capital firms and angel investor groups. While the site, and its founder, has been highly criticized, The Funded took off. For the first time ever, entrepreneurs had a place to go and rate and review investors, and for those searching for potential financing, a place to read those ratings and reviews. The Funded has, in it’s own small way, leveled the playing field and has served the entrepreneurial and VC communities well. For the first time ever, VCs were publicly being held accountable. For example, see here for the most loved VCs of 2009. Some say it’s a one-sided forum, and many just don’t care. Most entrepreneurs agree though – The Funded is a good thing.

The whole idea of The Funded really intrigued me, and had something in common with this little side project of mine (The Founder’s Quandary). But I had no idea who was behind The Funded, so I had no idea who to contact about getting involved or at least offering a virtual high-five.

For it’s first six months it was unknown who “Ted” really was. That is, until Ted unveiled himself as Adeo Ressi, a well known, somewhat controversial, entrepreneur. In the past couple of years Adeo and I have exchanged a number of emails, mostly about how I might help The Funded and perhaps even help with something here in Boston. Well, the good news is that The Funded has announced Founder Institute, and it’s arrived in Boston!

The Funded Founder Institute, a four month program to help founders build the next generation of world-class technology companies, is launching a new semester in Boston from July, 2010, until October, 2010. The program is run by founders for founders, providing a structure for successful entrepreneurs to share their experiences and to provide guidance. Everyone that graduates from the program is invited to join a pool to share in the equity upside generated from the success of their peers. This adds a unique camaraderie to the program and creates a long-term peer support group with a vested interest in your success. If you have a new company or if you are thinking to start a company, take a moment and apply to the program. The program has an early acceptance deadline of May 23rd. Apply here.

If you’re an entrepreneur in Boston I hope you’ll take a look at this opportunity and get involved! I’m just thrilled to see this happen, and I’m eager to see Founder Institute nurture and provide fertile ground for entrepreneurs!

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• The Founder Institute Launches In Boston, Now Incubating Startups In 10 Cities (techcrunch.com)
• The Trouble With Venture, Through Adeo Ressi’s Eyes (blogs.wsj.com)
• The Founder Institute goes global (venturebeat.com)
• Born in Silicon Valley, Founder Institute Expands to Boston (xconomy.com)

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I’m looking for other entrepreneurs and founders who are either actively running their own companies, in any stage, or entrepreneurs and founders who’ve exited.

For those of you who are interested in helping build The Founder’s Quandary, please either comment below or send me an email at ben at yoursuspect dot com.

Nearly a year ago I was having a couple drinks with my co-founder, Bob, and a couple other entrepreneurs. We were venting some frustrations that only founders and entrepreneurs can understand. As you surely know, most people don’t understand what it is to be an entrepreneur and it was somewhat enlightening to be able to relate to one-another. The conversation quickly spawned an idea; a website and online community for entrepreneurs only. A resource, if you will, to learn and to share insights.

This country has a profound and very unique spirit for entrepreneurship, and it’s a spirit that has resulted in a thriving entrepreneurial system that can easily be considered a foundation for the American economic systems. Yet aside from local entrepreneurial meetups and networking events, there is no place for them to meet and learn from one-another at a larger scale. The only good online community that I can think of that even comes remotely close to what seems to be lacking is The Funded, run by Adeo Ressi.

So, I took it upon myself to start a new website called, appropriately, The Founder’s Quandary. The site is very nascent and has the potential to be something that I think we all need – a resource for us to go, to discuss ideas, to work through challenges that we all face every day – be they working with investors and directors and shareholders, to understanding term sheets, to links to other resources, to simply be a part of a like-minded community, to hiring, firing, day-to-day operations, exit strategies and opportunities, liquidations, etc etc etc. The potential is limitless, I think. I’d imagine this site being a few things:

• a free and public resource
• a private resource for members only who’d need to qualify for membership
• a forum for discussion
• a place for budding entrepreneurs to learn from those who’ve been there and done that
• a place for those who’ve been there and done that to share their wisdom
• an opt-in newsletter for anyone
• a social network leveraging all the available resources
  and much more

But right now, it’s just me and perhaps a couple of other entrepreneurs who’ve loosely committed to getting involved and helping to build this.

Anyway, the purpose of this post (and the email I sent to some fellow entrepreneurs) is to recruit you, for your help in building this with me and with others, and to ask you to help recruit others.

I welcome your feedback, your advice, your participation. I’m not asking for you do do anything you don’t want to do, and I’m not asking for a big commitment. If you are passionate about entrepreneurship, you’re likely passionate about helping other entrepreneurs.

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This community is the result of a few company founders realizing that there isn’t a good place for founders to get together and talk about our experiences and perspectives as company founders.  As any company founder can relate, these perspectives and experiences are intense. They include passion, dedication, sacrifice, hopefulness, as well as the converse of these emotions.

But this is not a support group. It’s not a 12 step program. It’s a community – a community made up exclusively of company founders. And we want you to join.

• There is no mission statement, yet.
• There is no board of directors, nor should there be.
• There are no bylaws, no incorporation papers, no tax filings, no revenues, no expenses.
• There are no investors, no advisors, no vendors.
• This is a community of goodwill, of founders who want to help founders.

If you’re a company founder, you’re eligible. The size of the company doesn’t matter, nor the revenue, the state of incorporation, the amount of outstanding shares, the industry or anything else. There are few requirements, though, too.

• You have to be either a founder of an active company, or a company that’s had an exit.
• You have to be a founder that’s raised angel and/or venture financing.
• You have to be a founder that serves/served on a board of directors.
• Lastly, you have to truly be a founder – that is, on the founding team of the venture, and one who owns/owned founders equity.

If you’re a founder, this criteria make perfect sense to you. If you’re not a founder, this criteria is vague.

There’s much more coming to The Founder’s Quandary, so stay tuned. First up, is you – you’re next!

If you are a company founder, and you meet the basic parameters described above, than we want you! We want your input, your perspective, your involvement. We want you to start a local meetup in your town or city, we want your comments on this blog, we want you to contribute to this blog, and we want you to get involved in our Ning community. We want you, our fellow founders, to help build The Founder’s Quandary.

Email me The Founder’s Quandary founder, Ben Saren. Contact info is below.

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