The decision to partner with Ignition Partners

Date: 7/13/04
Got a phone call from Ignition partner John Ludwig. He called to give me a status report and to say they needed another week in order to get the term sheet finalized. I had spoke with Rich Tong (another ignition partner) on Saturday and gave him some feedback on the term sheet -- he indicated that we were in the same zone to proceed with doing a deal. So when John called me after returning from a 1 month vacation in Europe to say they needed more time – I got frustrated. Was this a case of venture capitalist jerking me around? Was Ignition Ventures waffling or back tracking? These are questions that come up in every deal. They are questions that are important to ask– and while I wasn’t sure of the answers – in my gut, I was sure. As I talked with John Ludwig and he accepted responsibility for the hiccupped process and for not reconnecting with Rich earlier – it became clear to me – in my gut I believe these guys are honest good guys and I know I’m supposed to do this deal with them. I’m not sure why I feel this way – I have other funding alternatives – but the chemistry is just right with these guys and I feel like my company will be bigger with them than without them. And even if it’s not bigger with them – I’m ready to have John Ludwig and Rich Tong as my partners. We’ll see if they feel the same way -- I’m writing in my journal today that we’ll get a deal done Ignition– and it will be done before Aug 11.