Reid Hoffman to VCs: Seriously, People, Use LinkedIn
Reid Hoffman, founder and chairman of LinkedIn, thinks VCs need to get with the social media program -- as users. “We live in a networked world now, whether or not we like it,” he told a crowd of VCs earlier today at the annual National Venture Capital Association conference, where Hoffman -- who also became a general partner at Greylock Partners last November -- was welcomed as a peer for the first time. Recounting various conversations he’s had with investors, Hoffman told the audience, “Some VCs say, ‘I don’t use it; it’s for job seekers.” Others have told Hoffman that they use it, but he’s later discovered that they use it to accept invitations and little else. “Maybe going into the system to do that is entertaining, but it doesn’t help you get your job done,” he said. Managing not to sound like an advertorial for LinkedIn, Hoffman encouraged VCs to use the service for what it’s designed to be, including one of most efficient diligence tools available. “You can find which companies are like each other, get references -- find senior people who’ve left a company and go talk with them. Maybe you won’t get anything useful; maybe you’ll find something critical.”
