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> In that round, the two founders each wanted to take $3 million off the table for themselves, a practice that is commonplace for more mature companies, but les
by jpatokal 12y ago
> In that round, the two founders each wanted to take $3 million off the table for themselves, a practice that is commonplace for more mature companies, but less so for very young start-ups.
> “It’s like a bank heist,” Mr. Maris said. “That’s not how you do a start-up.”
As they say in Finnish, it's not the fool who sells, it's the fool who buys. My sympathy for VCs who signed this deal with the founders is pretty darn limited.