While there has been a lot of attention on the VCs that hit the jackpot
with Skype (Draper Fisher Jurvetson, etc.), there are likely dozens of
VCs that took a pass when the company was seeking capital. At a VON
panel today on VC investment in VOIP, David McCarthy, managing director with BCE Capital,
said he didn't jump on Skype because he couldn't figure out their
business model. “Shame on me but I generally pass on things without a
business model and will likely do so again in the future.” Kudos to
McCarthy for being honest about what coulda/shoulda/mighta been but
truth be told, there are hundreds of intriguing technology companies
like Skype looking for private equity. If they're really, really lucky,
it all works out for everyone but the vast majority never
go anywhere.
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