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Exactly. Having to split your money among multiple banks should be a mature/medium-sized company problem, not a mom-and-pop or 30 person startup.
by jnwatson 4y ago
Exactly. Having to split your money among multiple banks should be a mature/medium-sized company problem, not a mom-and-pop or 30 person startup.
- laboratorymice 4y agoThis is setting a very low bar for entrepreneurs. What else should be only a "mature company" problem? Should startups also not have to care about doing a good job in other fields orthogonal to the product itself like recruiting, marketing, governance, accounting, security? These are all things that come with the territory of starting your own company. Managing your own finances is just one of them, and it absolutely should be the startup's responsibility. It can delegate if it wants to, but "I'm too small to address it at all" is just naivete or incompetence.
- eropple 4y agoFew "mom-and-pop" companies get to the point where they have $250K in liquid business cash without hiring an accountant. A "30 person startup" is waving around the cash supplies of a much, much larger actual-business and if those very sage VCs cannot guide them to safeguard that investment I am at a loss as to why every other depositor should do so for them.