5 ms·
Ask HN: What Should I Do?
I have been working in a 2-year-old SaaS startup related to smart water management for 1 year.
Now, at this startup, where I have been working since June 2022, I have not been paid in any way. Instead, they would give me an equity in June 2023.
We expected to receive investment until December, but that did not happen. As devs, we have constantly pivoted the product. We have constantly replaced the technologies with better ones.
Why did we do these? Because companies wanted demos. Instead, I think we could have shown a Figma drawing and presentation until the sale took place.
After struggling for so long, there really is a sale this month. Now they say I have to work harder. I'm tired of working for nothing for a year.
Yes, they told me they would give me an equity in 2023 June, at the end of the first year after joining.
They call the company valuation $2.5m. How can a company with a turnover of $0. have a valuation of $2.5m?
I noticed this now. We are in a 3rd world country, so according to this, the equity they gave was enough, but I realized later.
From here, what would you recommend I do?
I'd appreciate it if anyone with experience could give advice.
- gregjor 4y agoFind another job. Don’t work for free.
- kacovvv 4y agoThanks for the answer :)
- jstx1 4y ago> Now, at this startup, where I have been working since June 2022, I have not been paid in any way This isn’t normal, you should have stopped working there after the first month of not being paid. So stop now. I don’t know which country you’re in but don’t you have a contract which stipulates your salary and aren’t there any legal protections against not being paid?
- kacovvv 4y agoI already knew they weren't going to pay, but I guessed they'd be fine in a few months and they'd pay. I was believing the startup. But now, they want more from me + not giving any salary.
- sarcasmatwork 4y ago>I have not been paid in any way. Instead, they would give me an equity in June 2023. Is that in writing? Signed any contracts, operating agreements etc? >expected to receive investment until December, but that did not happen. Do you know why? Do you have a working MVP? > They call the company valuation $2.5m. How can a company with a turnover of $0. have a valuation of $2.5m? Exactly, another red flag. https://www.investopedia.com/terms/b/business-valuation.asp https://www.investopedia.com/terms/b/business-valuation.asp If you have skills, and have nothing in contract to keep you there, walk away, find a new job that pays etc. Good luck.
- kacovvv 4y agoWe signed a contact, but they was unable to pay me either way. Yes, we had a working MVP. Thanks for the answer :)
- throwawaysalome 4y agoI'm tired of working for nothing for a year. That was your first mistake.
- kacovvv 4y agoI learned my lesson.