If you've made good money and already have a "nest egg", what would make you quit your job and go to a startup?
If you had $250k + tucked away in a savings account and were offered a technical cofounder position at a pre-seed startup... What would make you quit your current job and go work at the startup? What wouldn't make you leave?
Nothing, because backing a startup is one of the riskiest investments ever; most fail. Plus if I had that much money saved, and I had a novel idea with valid consumer demand. I'd make my own startup for something I'm truly passionate about.
Never said financially back it, but work at it.
Been there, done that. No desire to do it ever again.
So the things that would make me leave are: • passion for the new venture’s mission • confidence in the lasting power and competence level of the founding team • a large enough ownership stake in the new venture Any one of those three missing would be a deal breaker. The three are necessary but also not sufficient - when they’re all met, I’d need to do some soul searching to figure out if I have it in me to go back to working 14 hour days 7 days a week for years.
Yeah. I'm from North Florida. $250k could live nice for a few years here. Probably a few months in sf.
Is that k supposed to be an M?
250k and moving out of a high COL area
High COL areas are usually HCOL because people want to live there. There is zero chance I would want to move to a low COL area in Florida! I care a lot more about the services around me than the size of my house. But spend a while as a high performer in tech, and you can afford even a nice house in a HCOLA - and buy a vacation house somewhere cheap on the side if you want, though I prefer vacations in new places.
10k a year isn't much of a nest egg. Regardless I'd do it if it was fun and the people were awesome.
Great answer. Thanks
I'll have to evaluate the potential of this startup. I would also need equity.
Equity would be implied. Nothing in life is free.
Think most people would consider it if they hit FU money, 5M+ if staying HCOLA. High pay right now comes in cycles. Makes junior people want to keep climbing, and senior folks been through crashes knows to keep hording money enough to retire. After retirement money made. Better be something I'm really passionate about. Otherwise it's a decision to do startup vs anything I want to do for fun instead.
Yes
That’s nothing. As a L7 Amazonian it’s easy to make 3x that per year. Provided that I had a good chunk saved away, it would take a really interesting and impactful problem, a decent ongoing salary plus equity, and decent hours.
100% this.