Incubator exec calls advances inappropriate
A founding partner of incubator 500 Startups apologized in a blog post Saturday for making advances toward women in workrelated situations and making them feel uncomfortable.
In a blog post titled, “I’m a Creep. I’m Sorry,” Dave McClure called his behavior “inexcusable and wrong.” Several women told the New York Times of instances where McClure and other investors hit on them as they tried to raise money for their companies or seek employment. After he was confronted by senior management at 500 Startups, McClure said he has undergone counseling and gave up day-to-day control of 500 Startups to co-found-
er Christine Tsai. He will remain on as a general partner.
“I put people in compromising and inappropriate situations, and I selfishly took advantage of those situations where I should have known better,” McClure wrote.
Tsai said in a blog post Friday that 500 Startups found out about his actions in recent months and decided to change the leadership structure.
The company invests in startups and runs a four-month program that provides space, funding and access to experts for entrepreneurs. The firm has invested in companies including personal finance company Credit Karma and communications software company Twilio.
McClure has served in a variety of roles in Silicon Valley, including as an investment manager for venture firm Founders Fund and a director of marketing for PayPal.
In recent months, more women are coming forward and speaking up about sexual harassment in the venture capital and tech industries. A blog post by a former Uber employee detailing the sexism and harassment in the workplace resulted in an internal investigation that later led to the CEO’s resignation. After a report by online tech news website the Information detailing times when Justin Caldbeck allegedly behaved inappropriately toward female entrepreneurs, he took a leave of absence from his venture capital firm. Some analysts believe the results could cause more women to come forward.