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This sounds to me like two people who sweet talked their way into a large amount of money from rich people, spent it all on an idea that had little basis in rea
by markessien 17y ago
This sounds to me like two people who sweet talked their way into a large amount of money from rich people, spent it all on an idea that had little basis in reality (market research was newspaper articles?!), and then wrote an article to make the people whom they lost money happy.
There were many losers in their story, but they sure as hell were not any of them. They had fat salaries, spent a lot of money and then folded the "idea".
- brett1211 17y agoWell, all I'll say is that one of the most prestigious venture firms in the world saw fit to invest in their seed round. Also, they took considerably less (half) of what is considered standard salary. In any case, it certainly wasn't an example of wily entrepreneurs ripping off dumb money. Everyone took risk because they felt that there was significant upside.
- trevelyan 17y agoWhat is considered standard salary? I'm actually genuinely curious. Kudos to them for returning the money rather than trying to ride it out. That said, I somewhat agree with the post below about things taking time. You need to be around a while before people start to trust you. That has to be an especially problematic hurdle if you're managing people's joint ownership of physically indivisible objects.