A Startup Entrepreneur Wrote A Brutal Open Letter To 'Dumb' VCs

Andy Dunn, founder and CEO at clothing startup Bonobos, recently wrote and posted a pretty harsh letter to "dumb" venture capitalists. 

Dunn argues that "dumb" VCs are going out of business. He compares them to retail stores, saying that many of them won't be there in the long-term. 

Here's the criteria of what makes a "dumb" VC, according to Dunn:

• "You don't realize you are going out of business." Dunn admits he doesn't know the exact math, but from what he's heard, roughly 2% of VC firms generate 98% of returns in venture capital. 
• "You think you can help entrepreneurs." Dunn says investors from the top 2% of VC firms never sit down and strategize with their entrepreneurs. 
• "You spend a ton of an entrepreneur's time before deciding." Dunn argues that VCs should be able to quickly decide whether or not they want to invest. 
• "You have lots of advice about what entrepreneurs should do." Dunn claims that the top 2% of VC firms never talk to their entrepreneurs once they have already invested. 
• "You never tried the product." If VCs want to get the deal, Dunn says, they need to show that they care about the mission.
• "Your portfolio sucks." If at least two companies in a VC's portfolio haven't reached $1 billion in enterprise value, Dunn says, it's not very good. 
• "You are late." Only top-notch investors can be late to meetings, Dunn says.