Important to understand what a startup career is like. Founding one and working at one are two different animals.https://twitter.com/jordantsack/status/1050816344420016128?s=21 …
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Replying to @JordanTSack
At last half of those are completely incorrect.
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Replying to @benedictevans
Simply pointing out that many often think the grass is greener, but are unaware of what a startup career is actually like. Which ones do you disagree with? These are generalizations. A good VC would help to avoid these pitfalls. What % of startups are funded by a competent vc?
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Replying to @JordanTSack @benedictevans
The way you describe employees being treated and the cynicism about VC influence are outliers, not the norm. And it’s not like enterprises give equity or treat employees well on average.
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Replying to @JoeEmison @benedictevans
I view it as emergent corporate behaviors due to the structural position the startup finds itself inside of global capitalism. It's not that there are bad actors intentionally trying to exploit the employees. It's just a fxn of the market pressures facing a startup.
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Replying to @JordanTSack @benedictevans
Joe Emison Retweeted Jordan Sack
Um... quite a few are definitely bad/unethical; here’s one:https://twitter.com/jordantsack/status/1050816351982342144?s=21 …
Joe Emison added,
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Replying to @JoeEmison @benedictevans
Both the VC and the startup are incentivized to dole out as little equity as possible. Additionally, when you have middle managers who don't understand anything about option execution explaining comp to lower level employees, you get a large % of employees who are ignorant of it.
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Replying to @JordanTSack @benedictevans
That’s really not true. VCs force founders to allocate employee equity pools. (I know; it’s been a requirement of every term sheet I’ve gotten). And that pool gets allocated—there’s very little incentive not to allocate it, and it’s critical in recruiting employees.
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Replying to @JoeEmison @benedictevans
Allocation is critical in recruiting high level employees. But high level employees are not the majority of employees. All you have to do is a quick search on angelist and you will see that the vast majority of positions do not offer equity or option grants.
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Replying to @JordanTSack @benedictevans
The vast majority of positions are not high-skill, so this makes sense. But positions that get profit-sharing and high variable bonuses in enterprises get equity in startups. Given that that’s the primary choice, there’s no real disadvantage to the startup here.
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I'm attempting to dispel the myth that startup life is this grass is greener situation. For the vast majority of employees, it isn't. They miss out on key structural benefits of big company corporate development. If you're a high skill employee, it could be a great situation.
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