Re:My $0->$100M->$0 in 5 years story
by kcsavvy on Saturday August 12, 2023 @03:11PM
(#37103261)
Elements of this story indicate a founder who simply lost control of their company, which is their job as a founder. I don’t think the VC is the villain here.
They raised at an inflated valuation and seemingly received a favorable multiple (100-10x “7-figure” revenue). The fact that they rode out the company to 0 means they had board control and were never fired. So they are ultimately responsible for every decision they made. Including over-hiring and not firing their clueless VPs.
I say this as a founder of a yc-backed company that was acquired. I know the pressures of short-sided VCs. I also know that the job of a founder is to pick which advice you follow.
Re:My $0->$100M->$0 in 5 years story
by jacquesm on Saturday August 12, 2023 @03:19PM
(#37103334)
Exactly that's the big takeaway: he didn't learn what he should have learned: that it was his horse to lead. A CEO that slavishly follows the VCs has abdicated.
They raised at an inflated valuation and seemingly received a favorable multiple (100-10x “7-figure” revenue). The fact that they rode out the company to 0 means they had board control and were never fired. So they are ultimately responsible for every decision they made. Including over-hiring and not firing their clueless VPs.
I say this as a founder of a yc-backed company that was acquired. I know the pressures of short-sided VCs. I also know that the job of a founder is to pick which advice you follow.