TechCrunch posted an article yesterday about Kleiner Perkins accidentally publishing 588 entrepreneur applications to the open web. Kleiner Perkins has a home brewed online submission form for entrepreneurs to submit through. According to the TechCrunch post:

That data was accidentally published on the web by Kleiner Perkins’ former hosting provider, Meteora Technologies Group, in a SQL file, which is easily readable in a text editor or other application. The file was then indexed by Google and found in a query on one of the companies (the guys from Fruux found it). Applications from 588 companies are in the file (Google has cached an incomplete version of the file here). A quick perusal shows very detailed information from each of these companies.

This “oops moment” at Kleiner Perkins’ is exactly why funds trust Angelsoft to manage all of their deal-flow. VC funds are in the business of finding and funding the best new companies - not in managing a software database or application.

When entrepreneurs apply through Angelsoft the data is encrypted and secure. Our database itself exceeds the most stringent security standards. We have a dedicated staff of engineers that works every day to ensure the integrity and the security of the data held within Angelsoft. These are full-time employees, not interns or associates who spend a portion of their time maintaining an in-house system.

The blame is really not on Kleiner Perkins. Until Angelsoft, there was no choice for proper deal-flow management software. Many firms just need to find a moment in their hectic schedules to move their data over to Angelsoft. Over 50 VC funds have entrusted us with their deal-flow management, and we are signing up more each day. The funds that have moved over tell us that they feel better knowing that their most valuable asset, their deal flow, is in a safe place with a team of professionals watching over it. Even better, they spend more time looking at DEALS - which is where they want to focus their time anyway.

Mark I LaRosa :: Dec.04.2008
Entrepreneur, Investors, Technology, Uncategorized, VC