37 ms·

Doing serious due diligence when joining a startup is always a good advise.

by efoto 11y ago

alex_anglin 11y ago
From the fine article: "The data scientist said she vetted Norse’s founders prior to joining the firm, but that it wasn’t until she was fired at the beginning of 2016 that she started doing deeper research into the company’s founders. “I realized that, oh crap, I think this is a scam,” Landesman said. “They’re trying to draw this out and tap into whatever the buzzwords du jour there are, and have a product that’s going to meet that and suck in new investors.”" I guess the lesson is that even serious due diligence isn't a guarantee.
- jonesb6 11y ago
  For many people "serious due diligence" is a Google search. Relationships between people, even business ones, are based on trust. You'll rarely know if someone deserves your trust by the time you have to give it to them, so it's more important to realize whats actually going on then to be lulled into a false sense of security for how you think someone is. It amazes me that in so many of these stories the people who got hurt, usually employees or investors, will just stand around afterwards with their hands in their pockets saying how smart the perpetrators are and how they were fooled. It isn't that this particular situation has no guarantees, it's that their are few to no guarantees in life (especially when money is changing hands).
  - efoto 11y ago
    When I mentioned "serious due diligence" I didn't mean Google search. I should have spelled it out. When a founder is neither a well-known person nor someone you know personally very well, the answer is a background check done by a professional. Of course there is no guarantee, I'm talking about being prudent and improving your odds. Finally, I personally know how it feels being employed by a startup founded by a con artist.

37 ms·

Doing serious due diligence when joining a startup is always a good advise.

by efoto 11y ago

Doing serious due diligence when joining a startup is always a good advise.

alex_anglin 11y ago
From the fine article: "The data scientist said she vetted Norse’s founders prior to joining the firm, but that it wasn’t until she was fired at the beginning of 2016 that she started doing deeper research into the company’s founders. “I realized that, oh crap, I think this is a scam,” Landesman said. “They’re trying to draw this out and tap into whatever the buzzwords du jour there are, and have a product that’s going to meet that and suck in new investors.”" I guess the lesson is that even serious due diligence isn't a guarantee.
- jonesb6 11y ago
  For many people "serious due diligence" is a Google search. Relationships between people, even business ones, are based on trust. You'll rarely know if someone deserves your trust by the time you have to give it to them, so it's more important to realize whats actually going on then to be lulled into a false sense of security for how you think someone is. It amazes me that in so many of these stories the people who got hurt, usually employees or investors, will just stand around afterwards with their hands in their pockets saying how smart the perpetrators are and how they were fooled. It isn't that this particular situation has no guarantees, it's that their are few to no guarantees in life (especially when money is changing hands).
  - efoto 11y ago
    When I mentioned "serious due diligence" I didn't mean Google search. I should have spelled it out. When a founder is neither a well-known person nor someone you know personally very well, the answer is a background check done by a professional. Of course there is no guarantee, I'm talking about being prudent and improving your odds. Finally, I personally know how it feels being employed by a startup founded by a con artist.