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What I found particularly illuminating was this: 'Some investors said Mr. Dalgaard was as instrumental as Mr. Conrad in pushing for steep revenue targets, and
by Fede_V 11y ago
What I found particularly illuminating was this:
'Some investors said Mr. Dalgaard was as instrumental as Mr. Conrad in pushing for steep revenue targets, and that both men’s ambition pointed in the same direction — toward hypergrowth.'
(in fairness, later on, the article says this:
Another person familiar with the board disputed this, saying Mr. Dalgaard, who formerly ran the cloud software company SuccessFactors, was among those asking Mr. Conrad to restrain Zenefits’ growth plans and fix the culture. )
This is the same person that had a glowing profile written about them in the NYT:
http://www.nytimes.com/2015/10/18/business/lars-dalgaard-build-trust-by-daring-to-show-that-youre-human.html http://www.nytimes.com/2015/10/18/business/lars-dalgaard-bui...
With this beautiful paragraph:
'I learned so many things from my dad, but in particular he taught me about ethics and that there is no easy way to get to your goal. You’ve got to be like Lambeau Field in Green Bay and build for bad weather. That’s basically the only way to achieve any type of success.
But you often see with some companies, particularly start-ups, that they’re telling themselves and others a bit of a story, and not being honest about what the real issues are. Instead of taking all that energy and focusing on the core outcomes, they’re just glazing over it and hoping it will be O.K. There is no such thing as a quick fix.'
There's no way to know what the real truth actually is - but, wow, that's quite a contrast between the two articles.
- poof131 11y agoThe most telling quote for me was “The two men also differed over whether to address employee morale by re-pricing stock options to the new lower valuation, according to people familiar with the matter. Mr. Conrad favored the move, but Mr. Dalgaard believed it would train employees to expect a re-pricing any time the company’s fortunes changed.” So the “we support founders” mantra may also mean we support founders and ourselves at the expense of employees. Despite all Conrad’s miss-steps, such as the ill-mannered Quora response, I now have a new respect for him. At least he was trying to fight for the employees. Sad to see a16z in this light. With fantasy valuations crashing to reality, repricing options should become the standard. Or you can follow the current SV playbook and hope employees don’t really understand what’s going on with equity.
- JoeAltmaier 11y agoOk, so I have a new interview question for any startup job: "Will you reprice options should valuations decrease?" They say No, I walk.