And You Thought MeVC Was Dumb

Yet another piece of evidence that the venture business is another bubble: Bang Ventures — a VC firm no one has ever heard of — got airtime on CNBC (video after jump) to pitch It’s asking anyone with a Web 2.0 business plan to post it on the site, then the general public will decide which three plans should get funded. Bang founder Mark Modzelewski describes it as “a bizarre amalgamation of American Idol and the VC process.” I’ll say. This idea is 10 times worse than MeVC, which launched in the previous bubble. 

For those who are dying to know more about Modzelewski, his bio says he is “a seasoned technology entrepreneur, executive, investor and visionary.[youtube=]