Interesting, but not sure how groundbreaking these guys truly were. Beyond all the talk of different values and a focus away from the “scale at all costs” mentality of traditional VCs, ultimately they were playing the same game as everyone else - invest in companies and try to make your money back.
They seem to have taken moving away from the “blitzscaling” approach taken by VCs as a badge of honor, and at least between the lines I read some frustration with their inventors for not being on board with this approach, however I’m not sure if their investors really were in the wrong.
Investors are spending hundreds of thousands or millions of dollars to back what’s often nothing more than a power point presentation. Telling them you’re not going to try to scale all that hard is basically telling them their risk is the same as with other startups, but they get none of the reward. I wouldn’t blame them for putting their money somewhere else.
At the risk of being labeled some kind of cumudgeon, I think the problem with IndieVC was just a failed business model, not some kind of implied moral failing by the investor community.