We have a very strong engineering team, closed many customers, product ready for launch, competitive space, and a great vision / roadmap.
Despite the ex-Facebook and Stanford PhDs on the team, we are not getting love from the VCs.
Name your favorite cliche and we have heard it as an execuse.
We can get acquired by FB anytime if needed and seed investors will make 2x so not too bad. What would you do?
Getting acquired only 16 months in is not what we want but we ran out of money already.
- Obviously your $100K/mo revenue is not enough to justify whatever valuation you are seeking. You don’t have product market fit. So pivot or sell the team.
BTW 2X is a big failure to your seed investors.
- Obviously sell. Better 2x than nothing. I don't think you can raise money in an ICO, can you? Easy money is gone
- I was in startup 1 year ago. Oracle offered to buy, CEO said no. We were not able to raise more money with investors and company broke letting 150 ppl to unemployment. As previous comment says, the investors maybe didn't see a reason to invest. All the nights of work and infrastructure to the trash
- Expedia anon_420Were you previously in a PM or technical role?
Also if you don't mind me asking, what's your ethnic background, and how good would you say your people skills / presentation skills are?
- New DvVM00hiring 20 engineers in palo alto with seed money is your first mistake. that will be a crazy burn. my guess without further knowledge is that you built way way more than an MVP. fine if it’s your own money but you have to raise it.
i’m guessing none of the founders / CEO have done a startup before.
cut your burn immediately. lay off 75% keeping only a skeleton. skip out on your lease and all other accounts you can. in a desperate attempt to keep looking for money.
speaking as a person who has also never founded a startup.
- Oracle / SalesSafraCashmoreI’ve seeded over 10 companies and will take 2X over 0. What is the primary reason people won’t participate in the A round? Sounds like FB thinks your company has a certain valuation. If you came to me and said the valuation was 5X what FB thinks it is, I’d decline as well