Just received an offer from a startup, I think it's not great and I am leaning towards declining, but wanted to get the Blind wisdom - I am spoiled in an existing FAANG job (leaving because I hate my manager and the direction) Company info: ~ 50 people, $10M in revenue, been around 4 years, CEO had an IPO with his previous startup - very successful one Title: VP of Product (team size I will manage is TBD, but starting small, a lot has been done by the CEO + VP of ENG only for the product so far) Last company valuation $60M Salary: 185k Bonus 20% Equity: 0.1% in options Location: Seattle No 401k, "unlimited vacation, but it's a startup so everyone actually works" Health insurance is OK, but still a bit more expensive compared to what I got right now. I am 40, 2 kids, wife does not work... Currently Sr. Director with TC of 500k (excluding stock appreciation). Salary is about 30% higher today, but it will be hard to match elsewhere. Bonus is 30%. What do you think?
Depending on your savings and kids’ stage, Keep FAANG job and get a new manager internally or go to another faang. These types of offers will be available to you down the line. Odds of success are very low and that’s a massive pay cut. If it’s not about $ then could be a good option but don’t forget you won’t get promoted or a raise for years and your stock probably dilutes
Need at least 1% equity, maybe more. Otherwise easy pass
0.1% in options for a VP? Tell them to GTFO.
I don’t know what you do in your current company, but I’d say stay where you are and switch to a different team if you have to. 0.1% isn’t gonna get you rich. I can see the potential of working at this startup, but with that compensation and 0.1%, it’s just ridiculous. If you’re willing to take this offer, what is stopping you from building your own startup if you can afford to live on that salary? I wouldn’t take that offer even for an engineering position at that startup.
To be honest, insecurity about my ideas and lack of a partner. I have been thinking about that in the past and I have seen some of my ideas to eventually come from others and make it. I can go without a salary for a year or two, no problem but I need to believe I have very unique idea - so far that has not happened.
Too low. I was a VP of product with 0.25% equity and thought that was low
What series of funding? Equity is low for sure. There are some public info on startup comp with equity etc to compare.
Thanks, they have done A series, ready to raise B. A lot money has been put up by the CEO/Founder who had a huge (100's of M) exit in his previous company
No
Way low for the stage. 0.25 to 1 percent would be normal range. To lure somebody with your YOE, experience and comp, should be on the high end there, so figure 1% plus.
Hell no lol.