7 ms·

Shutting down 3 months earlier, but everyone getting severance is an option. Let's not pretend it had to happen this way because it's a startup. They made the d

by ctvo 3y ago

Shutting down 3 months earlier, but everyone getting severance is an option. Let's not pretend it had to happen this way because it's a startup. They made the decision, if true, to use up every cent clinging on trying to find an exit or more runway.

pxx 3y ago
The very nature of a startup, especially one funded like this, means that your whole existence is predicated on the hopes that you make it big. As such, spending your last cent to try to find a lifeline makes far more sense than calling it quits early. It's also certainly not in the interests of investors to just call things off.
- mrguyorama 3y ago
  >It's also certainly not in the interests of investors to just call things off. And of course, we should prioritize a class of people who BY DEFINITION have significantly more resources available to keep themselves alive and safe and happy over the well being of 500 normal people.
- ctvo 3y ago
  > The very nature of a startup, especially one funded like this, means that your whole existence is predicated on the hopes that you make it big. Convoy knows their situation very well, and it hasn't changed for 6 months. As investors and founders you can make the call and be responsible to your employees, maintaining a good reputation for yourself (as founders), and enabling future deal flow (as investors) or this situation where they get 0 help transitioning. This wasn't an early stage company. They're a late stage (series D iirc?) company that was valued at 1 billion+ with 5000 employees. It's not fair to characterize this with the same risk profile as an early stage co., and the expectations here should be higher in terms of severance and help.
  - ako 3y ago
    As an employee you also know what situation you’re in, they already downsized from 1500 to 500. That in itself should be warning enough that you’re working at a very risky company.
paulddraper 3y ago
> They made the decision, if true, to use up every cent clinging on trying to find an exit or more runway. Indeed. "We hoped this day would never come. We spent over 4 months exhausting all viable strategic options for the business."

by ctvo 3y ago

pxx 3y ago

The very nature of a startup, especially one funded like this, means that your whole existence is predicated on the hopes that you make it big. As such, spending your last cent to try to find a lifeline makes far more sense than calling it quits early. It's also certainly not in the interests of investors to just call things off.

mrguyorama 3y ago
>It's also certainly not in the interests of investors to just call things off. And of course, we should prioritize a class of people who BY DEFINITION have significantly more resources available to keep themselves alive and safe and happy over the well being of 500 normal people.
ctvo 3y ago
> The very nature of a startup, especially one funded like this, means that your whole existence is predicated on the hopes that you make it big. Convoy knows their situation very well, and it hasn't changed for 6 months. As investors and founders you can make the call and be responsible to your employees, maintaining a good reputation for yourself (as founders), and enabling future deal flow (as investors) or this situation where they get 0 help transitioning. This wasn't an early stage company. They're a late stage (series D iirc?) company that was valued at 1 billion+ with 5000 employees. It's not fair to characterize this with the same risk profile as an early stage co., and the expectations here should be higher in terms of severance and help.
- ako 3y ago
  As an employee you also know what situation you’re in, they already downsized from 1500 to 500. That in itself should be warning enough that you’re working at a very risky company.

paulddraper 3y ago

> They made the decision, if true, to use up every cent clinging on trying to find an exit or more runway. Indeed. "We hoped this day would never come. We spent over 4 months exhausting all viable strategic options for the business."