Entrepreneurs: Do NOT pay to present to VCs

I was recently “invited” to present at the New York Venture Summit (run by youngstartup.com) as I’d been “recognized as a Top 50 Innovator”. I asked for more info, and then was I told that I’d need to pay $1500 to present. It didn’t look like a complete scam (SAP seems to back it somehow) so I took the time to tell them that, on principle, I will not support any organization that tries to solicit money from entrepreneurs for the “privilege” of giving VCs an opportunity to invest.??

Expecting that they may reply with a special gratis VIP invite, I made sure to tell them that I would only engage with them further if they changed their business model for ALL entrepreneurs.??

This morning I received this gem of a reply:??

———- Forwarded message ———-
From: Adam Negnewitzky <adamn@youngstartup.com>
Date: Fri, Apr 30, 2010 at 1:06 AM
Subject: RE: Confirm
To: Henk Kleynhans <henk@skyrove.com>

Hi Henk,

??

You will really be missing out. We’re bringing together over 80 VCs and for a company seeking funding something like this can be of tremendous value. It would take years to setup meetings with all of these investors and we are bringing them all together for one day. We’ve had many success stories and it’s truly a shame that you aren’t able to recognize that we are running a business which is providing tremendous value to both entrepreneurs and investors.

??

The fact that you won’t be joining us will not have a negative affect on the summit – we will sell out and have a waiting list….it’s completely your lose!

??

Adam

??

Adam Negnewitzky??

Senior Associate??

youngStartup Ventures??

Phone: (212) 202-1002??

Email: adamn@youngstartup.com

URL: www.youngstartup.com

14 thoughts on “Entrepreneurs: Do NOT pay to present to VCs

  1. Paying to present to a VC??? Seriously??? If there is a waiting list, we need to figure out to reach those people BEFORE they pay.–Cory

  2. "The fact that you won’t be joining us will not have a negative affect on the summit – we will sell out and have a waiting list….it’s completely your lose!"Tells you everything you need to know, doesn’t it … you’re NOT really really a "Top 50 Innovator" after all, at least not to these guys. OAF rules are coming and folk like these need to get on the train or they’re going to get flattened.

  3. paying to present to a vc is bogus, but this is more like a conference, someone is organizing it, space needs to be rented, this does not seem horrible to me.

  4. Scam. They probably charge the ‘ Top 50 VC’s ‘ to attend as well.Nice that you got to him though, sounds like it’s not going as well as he’d hoped

  5. I got solicited for this "opportunity" 1 1/2 months ago, and respectfully declined. That they are still soliciting tells you all you need to know about stated of the alleged wait list.Their Top 50 Innovator is an blatant rip-off of the old "Who’s Who" scam.

  6. yea – this is a "who’s who" deal. But it is still something nice to put on your companies resume. It is like all industry groups it "self promoting".it is my feeling that if some start-up is stupid enough to pay $1500 – let them.

  7. I have received countless emails from these idiots. I do not own a business or any product i am trying to market etc… last week they said the summit starts tomorrow and it was my last chance to join and then today i got another invite with a new date. then i searched for VENTURE SUMMIT scam NYC and i found this site. Yes this is an obvious scam.

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