A fun fact about startups, if you've never worked for one, is that employees don't typically get equity in the company. They're granted options, meaning they have the option to buy equity when they leave, usually within 90 days. This can cost tens or hundreds of thousands of dollars, paid out of pocket – even if the chance of an exit is still uncertain or years away – if they want to participate in the startup’s potential financial upside.
Deeply agree with you. It was kind of the valleys own finance institution and svb had a lot of trust from the ecosystem. I remember working with them through Perkins years ago to get a startup off the ground and I couldn’t believe how much support I got and how well glued together everything was.
Your words are deeply moving and spot on. Thank you for writing this.
ty for the very personal story and speaking absolute truth here
"I don't want to live in a world where people can't do interesting things because they're told they're not rich enough to qualify for those dreams"
"The real world is not kind towards people who don't have money or pedigrees that want to start, fund, or work at early stage companies."
Truth, even before "pedigrees"
The issue here is this: if you have money and wish to be an angel investor in a startup, have at it, and bless you. BUT if you are using other people's money, you have different responsibilities. All the players should be engaging in informed risk management.
ah, what a lovely post, thanks for this
This is the absolute best read and take I've seen. 👏🏼
I'm late to this but appreciated it none the less.