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The guys running these type of burn $100M plays are, in my opinion, basically crooks. Often if you go back through these burn money like crazy doing nothing typ
by tempnow987 5y ago
The guys running these type of burn $100M plays are, in my opinion, basically crooks. Often if you go back through these burn money like crazy doing nothing type companies you find out the founders have a pretty checkered history.
If you dig under the hood perhaps they took money out, their friends / family got money out, favored vendor deals, related party transactions?
I mean seriously, how do you evaporate $100M in a YEAR with only $600K of revenue to show for it!
- josephd79 5y agohttps://twitter.com/Jack_Raines/status/1511737489190494208 https://twitter.com/Jack_Raines/status/1511737489190494208
- tempnow987 4y agoGood lord! Why am I totally unsurprised.
- Lightbody 5y agoI mean… aren’t their investors also guilty of some incredible malfeasance? It was pretty obvious from the outside Fast was kind of a joke: you couldn’t find their product in the wild even if you tried. What did those investors think was going on?
- tempnow987 5y agoActually, SV has been such a success because you can raise $10M, and sometimes more, basically over a lunch. No one else has that. So yes, money goes to waste, this isn't always considered a "bad" thing given how many startups go under even with well intended founders. SV has made a repeated bet that getting rid of almost all normal "red tape" (think audited financials, regulatory disclosures etc etc) is a net positive. Startup after startup has found this a successful place to start massive globe spanning companies (and smaller ones).