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Kyle Bean for Fortune

Dave McClure on bubbles and getting YC’s ‘sloppy seconds’

Jul 02, 2014

Dave McClure's 500 Startups last week became one of very few venture capital firms to begin generally soliciting capital for a new fund, based on rules established via the 2012 JOBS Act.  The plan is to raise up to $100 million, which would be used to back seed-stage companies around the globe (despite its name, 500 Startups already has invested in around 800 companies).

McClure also hosted his second-annual PreMoney Conference in San Francisco last week, which mostly consisted of him firing questions at venture capitalists and institutional investors. But he also allowed the tables to be turned a bit, with me doing the asking. Below is our conversation, which touched on everything from the so-called accelerator bubble to YCombinator envy to if groups like 500 Startups should return equity to startups if the founders are dissatisfied with the 'value-add.' Don't worry, the frenetic pace over the first few minutes settles down a bit...

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