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    Startups just got stabbed in the back by my founder. what would you do?

    July 08, 2021

    Startups just got stabbed in the back by my founder. what would you do?

    just got stabbed in the back by my founder. what would you do?

    Posted: 07 Jul 2021 01:08 PM PDT

    I am the first employee in a startup founded by two of my long time friends (or ex-friends, you could say)

    They courted me for months to join them. Over the years, I have worked in several startups as a research scientist. In the last few of years, I had the opportunity to start and then lead a new research team in one of the FAANG companies. I hired everyone on the team myself and was really proud of our accomplishments. Leaving all of this was a big deal for me, besides leaving my team, I had to also give up extremely good benefits, compensation, future promotions - to join them, but since they were 2 of my best friends I decided to seriously consider this option.

    We spent about a month negotiating the terms. I asked for 8% stock options. eventually, we agreed on 5% which will be given - 3 upon signup (with 1 yr cliff) and 2 after the next investment round.

    The salary was less of an issue - even though my salary was 20% lower than my big corporate pay check, I really believed in the team and the product and was hopeful the risk would pay off in the future when we exit/IPO.

    From the start of my employment, I could sense that both of my friends felt like I was granted too much equity, which they kept reminding me almost on a daily basis (mostly as a joke, but to me, it was a sign they think I pushed them too far)

    7 months into the startup, we're close to nailing a seed round ($3m). I have been working my ass off, trying to meet insane deadlines as my CEO friend called me to his office and told me that he can't grant me the additional 2% (which I'm supposed to get upon closing the funding round). Just like that - he took 40% of my options away, after I committed to the company leaving behind a promising career in one of the best companies in the world.

    He explained that the new investor requires the company to issue a new ESOP, since there is very little left for future employees. The 2% he won't grant me, would constitute part of the new ESOP, so that they won't need to issue new shares and dilute everyone.

    He also started talking about the issue of me missing deadlines made him think that the 5% we have agreed upon are too much, given my output as a scientist/employee.

    Curious to hear your take on this... anyone experienced something similar? Is there anything I could have done to avoid it?

    submitted by /u/LiorZim
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    Should I give up and get a job?

    Posted: 07 Jul 2021 04:38 PM PDT

    Hey guys! Currently not in a good place and would like some advice on what to do next.

    Background:

    • Worked for 5 years in product and marketing capacities, entirely for a large corporation
    • Decided to 'upskill' - Completed a coding bootcamp, and recently completed an MBA
    • Decided I didn't want to reenter the corporate world, and begin working on a marketplace idea in the dog/pet niche. Received great feedback and the idea was well received on both the supply/demand sides
    • Initially started with a co-founder, but that person has since pulled away and I'm now flying solo. The partner was in charge of the technical side (product design/development) and I was in charge of the business side. I proceeded to take on all of his responsibilities while retaining my own

    Current state:

    • Feeling overworked and overwhelmed, with little confidence in what I'm doing. I work 70 hour weeks and do everything outside of the actual development of the product. The quality of my work has suffered, and as a result I'm starting to question my own abilities. Even areas that I consider my strength (e.g. Product building) have suffered
    • The business is still pre-launch. I completely underestimated the extra effort required to build and manage a marketplace in a fairly granular niche. It's been hurdle after hurdle, which I understand is a part of the startup life, but...
    • Honestly, feeling a bit lonely. I work sporadically with a SME in the dog space and a software developer, but those interactions are sporadic
    • Recently tried looking for a new co-founder, but so far no one has demonstrated any real commitment. Fair enough, the lack of funding/traction probably isn't a great selling point

    I'm at the point where I'm seriously questioning why I'm doing this to begin with. It's been nearly 4 months and I don't even have a tangible product to show for it. Financially, I've got some runway, but the allure of a salary and working with people is growing. Problem is, I still believe in our vision, and believe the problem we're solving genuinely exists. Not to mention, I feel embarrassed by the lack of progress, especially since F&F have consistently supported me and urged me on.

    How do you guys push forward? Would you do so in my shoes?

    submitted by /u/jtang257
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    Internship roles at niche startups for economics/finance majors?

    Posted: 07 Jul 2021 08:10 AM PDT

    Hi everyone! I'm in dire need of some advice...

    I'm currently in the final year of undergrad and am looking to intern in a biotech startup, particularly in cellular agriculture (think cell-based meat). I've grown to be really passionate about this industry as it aligns with a lot of my values, and I'm really keen to learn more about it from the point of view of a startup. As most startups in this space are very small, my plan was to just cold email a bunch of them. I've seen on LinkedIn a few 'Research Interns', but haven't seen any management related internship roles. The problem is that I'm majoring in economics and finance. Because of this, I'm not sure what role I can bring the most value through as a startup intern or what role I should put in my cover letters.

    I have previously interned in a bulge bracket investment bank as an investment banking summer analyst, but I've never interned in a startup before. I'm just finding it a bit difficult to navigate the application process as it's not as structured as in IB.

    My question is: what management related intern roles for business majors (particularly economics/finance) are generally required in niche spaces like this?

    If it's relevant, I'm primarily looking at APAC opportunities (Singapore/Australia). Any guidance would be very much appreciated. Thank you very much for reading and I hope you have a great day :)

    submitted by /u/LatePickle
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