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I thorny issue for sure. One suggestion is update the current investors that you will be leaving and you will create a succession plan that includes finding a
by freddealmeida 3y ago
I thorny issue for sure. One suggestion is update the current investors that you will be leaving and you will create a succession plan that includes finding a new CTO (co-founder) to take on your role. For new investors, tell them clearly what that plan is, that you believe in the firm and you are willing to provide some of your shares to the new CTO. Accept that you will stay on until you and your co-founder can find this person. Be open to paying a headhunter. speed is important. Hope this helps.
- IngWoden 3y agoGenuinely curious -- why would OP give away shares to someone else? Those shares were vested in the past as a reward for their contributions so far, and commensurate with the risk OP took in a venture that could pivot into something else. So shouldn't they keep those shares as a reward but cease further vesting? I thought this was the whole point of why founders vest their own ownership. If they want to bring on a CTO they will have to dilute everyone, but this is the consequence of pivoting into a new space that no longer has founder-market fit (i.e. the original idea was risky as it led to a pivot away from a founder's competency, therefore everyone should dilute equally as a consequence).