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It sounds like your friends collectively invested $100k and now whats left is 1% of that. Maybe spend the $1000 on a pity party - I'm being serious - throw a di
by mattbrewsbytes 3y ago
It sounds like your friends collectively invested $100k and now whats left is 1% of that. Maybe spend the $1000 on a pity party - I'm being serious - throw a dinner party inviting your investors, explain what happened and that all that's left is the meal and celebrate what you learned along the way. Maybe to soften the news have an agreement drawn up that the code/product would be in "escrow" for you and your co-founder and if you spin it back up again/pivot they're still "in".
Curious what business sector your SaaS was in that it was impacted by the pandemic.
- badthingshappen 3y agoHi Matt, it's an internal communication tool for team alignement. We used to sell to HR deps of companies w/ more than 150 employees with distributed workforce and/or multiple offices/HQ. We lost our customers due to massive COVID layoffs and budget cuts. HR usually is the first dep affected by budget cuts when a company goes into "survival mode". Since this is the first time we skipped the "100% bootstrapped" path to go to the fund/angel/vc one, we have to deal with these convertible notes. So the question is: how can we close it quickly and cheaply?
- jklein11 3y agoI know this is completely unrelated to you post but I'm surprised that COVID impacted you so hard. I would have thought that the trend toward hybrid work would have boosted demand. Any insight as to what didn't work?