500 Strong
Dave McClure fucked up.
He admitted to it and many of us are shocked and disappointed.
He was 500's captain and he should have known better, there was no excuse.
This post is not about Dave, it’s about the tribe he created.
#500strong
500 startups is bigger than Dave.
There are now over 1600 startups, 3000 founders, 50000+ employees, and probably hundreds of millions of users.
500 is in all corners of the earth as well, with funds in US, China, India, SEA (of which 99.co is proud to be a portfolio), MENA, LATAM, and it even has specific initiatives to fund minority founders like African American and Latinos, and yes, women. SEA partner Khailee’s F8 presentation can give you a sense.
All in all, 500 startups has inspired, empowered, educated and helped millions of founders, employees and users.
500 started with Dave, but it has become much more than one person. To the many of us in the 500 family, it is about entrepreneurship, it’s about empowerment, it’s about giving the under dogs a chance, its about going to far corners of earth where the returns are unknown to spread the gospel of creation, it’s about braving a venture model that has no precedence, its about a tribe that bands together, and yes it is even about empowering women.
Going back to work
When Donald trump was elected president, my favourite reaction from the tech community came from Sam Altman -
“Tonight we cry, we despair, and we fear. Tomorrow we get back to work trying to build the world we want.” ~ Sam Altman
Tomorrow I am going back to work, and I believe all 500 founders and partners would do the same. Certainly this weeks’ events has shed light on a toxic culture that needed fixing urgently and many of us would take this wake up call to be vigilant and to take action looking forward.
Am not suggesting that this is an issue that is to be slighted or glossed over, but let’s not let one man’s mistake detract a whole tribe. The 500 flag will continue to fly high, founders will go back to their garages and continue to create value for customers, employees and shareholders; and the team at 500 will continue to evangelise, educate and empower.
We urge LPs, partners and community network of 500 to look beyond one man’s mistakes to see the bigger picture — there are founders in Indonesia and Libya and Bolivia innovating and creating a better world for their community, sometimes even in life-changing ways, who needs your help, your experience and your resources - and that’s what this tribe is about.
Let’s get back to work.
Darius
Co-Founder and CEO
99.co
99.co is a real estate tech company in Southeast Asia, their investors include Sequoia Capital India, Eduardo Saverin, 500 Startups, East Ventures and Golden Gate Ventures. CEO Darius Cheung is at @rius.
