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If you pose a general question to a startup crowd "Are you interested in joining a startup" you get everyone and their grandmother responding. The "completed an

If you pose a general question to a startup crowd "Are you interested in joining a startup" you get everyone and their grandmother responding. The "completed an exit" requirement acts as a filter. We're hoping it will improve the signal to noise ratio.

pwnstigator 17y ago
"Are you interested enough in a startup to be willing to work for X months for mostly equity, knowing full well that the project has a risk of failure?" There's your filter.
- iiijjjiii 17y ago
  Yeah, I know what you're saying. However, we often fool ourselves about what we're capable of. If someone has developed a startup and completed an exit and they're prepared to go at it again, that speaks much louder than someone who claims they are willing but has never done it.
  - pwnstigator 17y ago
    Of course. What's obnoxious about "completed an exit" is that talented people can fail to meet this for reasons that aren't their fault. Possibly the VC wanted to aim for an IPO, they failed because of the downturn, and now they haven't "completed an exit". I know of stories like this. I wouldn't bat an eye if you said you were looking for people with substantial entrepreneurial experience. I just think the specific criterion of "completed an exit" is obnoxious. It sounds like you think you're too good to talk to people who are talented but haven't had their break yet.
    - webwright 17y ago
      It's not just about talent. It's about (among other things, I assume): - Wealth (exit = cash = ability to work for equity for an indeterminate period) - Availability (recent exit = not currently engaged with another project) The first is the biggie. I'd say 99.9% of people on HN can't say "I will eschew all paying work for up to 2 years and can toss a few hundred grand of my own money in if we need a cash infusion". Of course, the recent exit thing is a problem, too. Most buyers lock in the founders for 1-2 years, so recent exiteers will have golden handcuffs.
      - steve___ 17y ago
        We had a six month earn out. It ended on July 15, 2009. We took slightly less money to get out sooner.
        webwright 17y ago
        That's a great deal (makes sense for an ISP)! But if you're looking for software entrepreneurs who are coming free, it might mean people who sold 2 or 3 years ago, depending on the business.
deleted 17y ago
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pwnstigator 17y ago

"Are you interested enough in a startup to be willing to work for X months for mostly equity, knowing full well that the project has a risk of failure?" There's your filter.

iiijjjiii 17y ago
Yeah, I know what you're saying. However, we often fool ourselves about what we're capable of. If someone has developed a startup and completed an exit and they're prepared to go at it again, that speaks much louder than someone who claims they are willing but has never done it.
- pwnstigator 17y ago
  Of course. What's obnoxious about "completed an exit" is that talented people can fail to meet this for reasons that aren't their fault. Possibly the VC wanted to aim for an IPO, they failed because of the downturn, and now they haven't "completed an exit". I know of stories like this. I wouldn't bat an eye if you said you were looking for people with substantial entrepreneurial experience. I just think the specific criterion of "completed an exit" is obnoxious. It sounds like you think you're too good to talk to people who are talented but haven't had their break yet.
  - webwright 17y ago
    It's not just about talent. It's about (among other things, I assume): - Wealth (exit = cash = ability to work for equity for an indeterminate period) - Availability (recent exit = not currently engaged with another project) The first is the biggie. I'd say 99.9% of people on HN can't say "I will eschew all paying work for up to 2 years and can toss a few hundred grand of my own money in if we need a cash infusion". Of course, the recent exit thing is a problem, too. Most buyers lock in the founders for 1-2 years, so recent exiteers will have golden handcuffs.
    - steve___ 17y ago
      We had a six month earn out. It ended on July 15, 2009. We took slightly less money to get out sooner.
      - webwright 17y ago
        That's a great deal (makes sense for an ISP)! But if you're looking for software entrepreneurs who are coming free, it might mean people who sold 2 or 3 years ago, depending on the business.

deleted 17y ago

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