Evaluate Series A startup offer
Current package 500k+ Working at Uber ATG. If I switch I will be leaving about 15,000 Uber stocks which are not vested yet. In Bay Area. Yoe 12+. Currently IC. Offer to evaluate: They just did ~20m for series A. Toyota Ventures AI is one of the investor. 15-20 employees. They claim they have enough cash to last till end of 2020. They are offering me manager position. Full loop passed. Recruiter called and asked my expectation: For base salary I asked for 250k and he said it should be fine. That got me surprised and I said I need some time about my expectation for stock options which they offer. How can they be ok for 250k base? (startups try to save as much cash as they can) Do you guys feel something fishy here? In terms of stock option what should I ask? Given current compensation what would you have asked in terms of base and stock options?
“I need $250k” “Ok” “They gave me what I asked for — something’s fishy here”
I was expecting they will try to negotiate. I felt I asked less. Now I feel bad to ask more then 250k.
What's surprising here? You make 500k in real dollars. If you are willing to take 250k in real dollars and some options worth maybe-something, who is winning that deal? Make sure you are getting at least half a percent and are confident as hell in the team and product.
Co founder has one failed and one successful startup before this one. I see people from Google and Apple among the ones who interviews me. What else you will look for in team?
1) Somebody laser focused on product and product-market fit. 2) Somebody laser focused on technology and technical tradeoffs with the clout to bring in top managers and ICs. 3) Ability to work hard but also work smart. 4) Obsession with product market fit and a clear business plan. 5) Willingness to hire to fill gaps in their own knowledge and to delegate where appropriate. 6) Experience in early stage startups, hypergrowth and big tech phases. 7) Connections in relevant companies for exit strategies - hiring key people from the companies that would want to buy you 8) Connections with investors and VC community.
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How big is the company (engineering/ total)? How old is the company? Do they have a product that is out and tested? Depending on these, you could ask for 0.2% to 0.5% of equity.
They need you. That is why they pay.