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$1M in cash, and you decided to return the money instead of pivot and try something different? Why? I might be totally wrong, but I guess those investors inves
by taytus 10y ago
$1M in cash, and you decided to return the money instead of pivot and try something different?
Why? I might be totally wrong, but I guess those investors invested in you, more than your original idea.
Good for you for not burning the money in something you know eventually won't work, but why not try a different idea?
Man, I wish I had just a portion of that capital to at least validate my own startup.
- jdmichal 10y agoLooks like he is retaining at least some of the investors for his next attempt. [0] I'm sure giving them some of their money back made that discussion a lot easier. [0] https://news.ycombinator.com/item?id=13648162 https://news.ycombinator.com/item?id=13648162
- pc86 10y agoBecause the investors gave money to StaffJoy, not the idea one founder had when it because apparent SJ wasn't working out. And it sounds like either the other cofounder(s) either aren't interested in the new idea or aren't welcome to the new team as he says there will be a new founding team. That makes it very complicated especially if it's the same corporate structure moving forward with a different idea, you don't want un-involved prior cofounders sitting on equity. So they're giving the money back, wiping out the corporate structure and starting fresh with one of the cofounders and what sounds like some but not all of the investors.
- throwawaydbdksn 10y agoSounds like the founders didn't get along and they're trying to exit without losing individual marketability