Not quite that simple, all depends on the firm. Associates can be a great ally to a entrepreneur.

Umair takes time to understand, but it's worth it: he's not giving answers but asking questions. It's up to all of us to figure out the answers for our own situations with a broader, questioning mind.

Agreed. Recessions flatten the mediocre but reward the great.

yep, that's not a problem with web-apps, that's a problem with traditional VCs...

That's how I read the article. The model is sound and has been used outside of the web for years: where we go wrong is how we tactically apply the model.

It's a pretty fine line between passion & obsession: kind of like crazy & genius, success & failure, etc.

I agree, and I actually think it's the people who are very close to that line that are the most successful. I see the connection with crazy and genius but not so much with success and failure, as being too successful can't really lead to failure.. or can it?

I wonder if investors are proclaiming tough times simply because it's in their incentives to push down valuations :)

Seriously though,once "everybody" starts proclaiming the truth, it's usually a counter-sign that "everybody" is wrong.

It's harder to ride the bubble in a recession, but it's still possible to create great companies in downturns.

Exactly, see startups focusing on new energy, frugal living and international markets.

It's not just the "control content from one bad seed" issue. Wikis are great to solve some problems, deliver some content, etc, but they're not the answer for everyone. There are different levels of transparency for us to explore...