High-tech venture capitalists to Congress: The PROTECT IP Act is bad for America

A reader writes: "Fifty-four venture capitalists from forty firms sent a letter to one hundred Senators and a number of Congressman expressing concern about S. 968, the PROTECT IP Act ('PIPA'), which would allow rights-holders to require third-parties to block access to and take away revenues sources for online services, with limited oversight and due process.

The signatories to this letter work for firms that manage over $13B. We are early investors in services like Facebook, Twitter, Zynga, Skype, Groupon, LinkedIn, Tumblr, Foursquare, and a host of other important web services. The services they have backed now reach over a billion users."

The PROTECT IP Act Will Slow Start-up Innovation