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patio11's profile
Patrick McKenzie
Patrick McKenzie
Patrick McKenzie
@patio11

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Patrick McKenzie

@patio11

I work for the Internet, at @stripe, mostly on accelerating startups. Opinions here are my own.

東京都 Tokyo
kalzumeus.com
Joined February 2009

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    1. Patrick McKenzie‏ @patio11 28 Mar 2019
      • Report Tweet
      • Report NetzDG Violation

      Patrick McKenzie Retweeted Jackie Luo

      This is a thread that I would encourage employees at startups to read; it is under appreciated how much of the value of equity compensation is contingent on the company being a breakout success. (Also underappreciated how many folks end up getting grants at breakout successes.)https://twitter.com/jackiehluo/status/1110961230083022849 …

      Patrick McKenzie added,

      Jackie Luo @jackiehluo
      my dms are open if anyone wants to share! what was the value of the exit, how much equity did you have, and how much money did you make in the end? what was the size/stage of the company when you joined? https://twitter.com/rothgar/status/1110960544842805248 …
      Show this thread
      3 replies 22 retweets 127 likes
      Show this thread
    2. Patrick McKenzie‏ @patio11 28 Mar 2019
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      Many people believe, and I think I once believed, that equity rounds to zero. I think this rounds to true at the seed stage, but the vast majority of equity grants (by count) are at companies which have been materially derisked. It is a really bad idea to value those grants at 0

      4 replies 3 retweets 37 likes
      Show this thread
      Patrick McKenzie‏ @patio11 28 Mar 2019
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      Also to tiptoe up to a line here: remember every time you hear numbers discussed publicly that you’re hearing the numbers that people are comfortable discussing publicly. You are not hearing the top of the range. (Same for basically every Glassdoor article, HN thread, etc.)

      2:24 PM - 28 Mar 2019
      • 4 Retweets
      • 60 Likes
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      2 replies 4 retweets 60 likes
        1. New conversation
        2. Mike Bestvina‏ @mbesto 28 Mar 2019
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          Replying to @patio11

          But you're also not hearing the bottom of the range. The original thread is informative but anecdotal at best. The reason employees should be skeptical (and hence equity = 0) is because mgmt isn't open with numbers. Cap tables get screwed all the time and you have no control

          2 replies 0 retweets 5 likes
        3. Jackie Luo‏ @jackiehluo 28 Mar 2019
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          Replying to @mbesto @patio11

          yes, the dms i'm getting are skewed super high (i think a lot of people feel like getting zero is expected and thus not notable to mention?)

          0 replies 0 retweets 5 likes
        4. End of conversation
        1. New conversation
        2. Josh Doody‏ @JoshDoody 29 Mar 2019
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          Replying to @patio11

          This is very material to my interests and I would love to talk about it more next time you and I chat. For Big Co offers, valuing and negotiating equity is trivial (and often my primary vector for increasing offer value). But for Private/Small Co offers, equity is very tricky.

          1 reply 0 retweets 1 like
        3. Jake Douglas‏ @jakedouglas 29 Mar 2019
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          Replying to @JoshDoody @patio11

          It seems like average employee grants at private companies that exit for less than billions result in a nice bonus, at best. Would really like to see grant sizes increase to reflect realistic exit values, so employees get materially paid when the company succeeds. Possible?

          0 replies 0 retweets 0 likes
        4. End of conversation

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