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biphasic

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CTO / cofounder exit deal after 1.5y at 600k revenue without SHA

46 points·by biphasic·2 years ago·69 comments

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biphasic
·2 years ago·discuss
I agree that he wants to rush it before the grant comes in.
biphasic
·2 years ago·discuss
Would be great to chat, how can I contact you?
biphasic
·2 years ago·discuss
Understood! What do you think of the deal? Is it a fair offer?
biphasic
·2 years ago·discuss
Would agree if it wasn't for employee stock pool and first founding round this year which is already going to make the 1% more like 0.65
biphasic
·2 years ago·discuss
Agree with that
biphasic
·2 years ago·discuss
Agree that 1% is too small. Would be happy with 2-3% plus the cash
biphasic
·2 years ago·discuss
> You have already realised the biggest value of that company; lessons about what to look for in a future co-founder, how to run a company and build a product.

Agree with that, I now know what to look for if I started a new venture. Thanks a lot for sharing your story!
biphasic
·2 years ago·discuss
I'm interested in coming to an agreement, I have not much to gain in holding on to all my shares.
biphasic
·2 years ago·discuss
because he has a 2/3 majority, he can lift my rights for preferential subscription, which means I don't get the chance to buy them. He could issue new shares at a really low price and buy them himself.
biphasic
·2 years ago·discuss
I'm trying to push up the stock, but my co-founder is a tough negotiator and adamant
biphasic
·2 years ago·discuss
that is correct. The company needs to build a product more or less from scratch at this point
biphasic
·2 years ago·discuss
Because he had started to develop contacts one year before and argued that the CEO needs more power, and I was naïve and went with it.