We filmed this week's Ask a VC on Tuesday, and I started out by asking Bijan Sabet of Spark Capital about the danger of venture capitalists investing in competitors. There was no ulterior motive on my part. It's just a question I've seen coming up increasingly as dealmaking heats up and VCs invest across a bigger variety of company stages than ever before. And, I'd recently seen that Sabet did write a blog post on the topic. Little did I know then the big drama that had been brewing between Spark and two competitive companies behind for months. Not investing in competitors of existing portfolio companies is great. Even better? Not offering one a term sheet after months of due�diligence�before you decide that they're competitive. TechCrunch has learned from three sources that Spark Capital reneged on a termsheet offered to a New York-based startup called Bnter,�throwing the company into tumult and reportedly enraging its well-known angel investors who we've heard include Chris Dixon and Ron Conway.
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