Reminds me of something DHH said in his talk Unlearn Your MBA. He said "I have been talking to a lot of people in the Web 2.0 space and a lot of them have taken venture capital. I have not met one who said he wouldn't do it different if he were to do it again." His entire rant on spending other people's money is excellent.

Sad to read this founder's story. Even sadder that it by far the rule, rather than the exception. Good advice, learned the hard way.