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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 1 Nov 2015
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      An angel investor who owns 1% of a company and an employee who is offered 1% of the company are not not not in materially similar positions.

      3 replies 19 retweets 52 likes
    2. Patrick McKenzie‏ @patio11 1 Nov 2015
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      Replying to @patio11

      This feels to me like something you engineers might not understand so I guess I have to shout it from the rooftop.

      1 reply 3 retweets 12 likes
    3. Patrick McKenzie‏ @patio11 1 Nov 2015
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      Replying to @patio11

      First example: vesting. The thing represented to the employee as "ownership" is actually "ownership contingent on you being here in 4 years"

      1 reply 4 retweets 18 likes
    4. Patrick McKenzie‏ @patio11 1 Nov 2015
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      Replying to @patio11

      An employee can be fired at will (typically), loses 100% of equity of that happens in first 12 months. There is no way to remove an angel.

      2 replies 6 retweets 14 likes
    5. Patrick McKenzie‏ @patio11 1 Nov 2015
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      Replying to @patio11

      Investors have a variety of rights w/r/t firm, including information rights. 1% angel prob knows cap table, revenue, impending biz sale, etc

      1 reply 5 retweets 13 likes
    6. Patrick McKenzie‏ @patio11 1 Nov 2015
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      Replying to @patio11

      Angels get preferred stock, often with minor preference. Workers get common. Common worthless in a variety of failure-case liquidity events.

      4 replies 3 retweets 11 likes
      Patrick McKenzie‏ @patio11 1 Nov 2015
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      Investors have a portfolio because they know most companies will fail. Employees very rarely have 10 equity grants active at once.

      3:02 PM - 1 Nov 2015
      • 5 Retweets
      • 22 Likes
      • Jake Schmidt 🥑🚲 Guillaume Ceccarelli Chris Marin David Foltz David Molina Tikhon Bernstam Diego Henrique Jeremy Morrell Joachim Schipper
      4 replies 5 retweets 22 likes
        1. New conversation
        2. Patrick McKenzie‏ @patio11 1 Nov 2015
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          Replying to @patio11

          An angel who hits jackpot and invests in e.g. Twitter has many early options for getting liquid. Employees often golden-handcuffed to firm.

          1 reply 3 retweets 14 likes
        3. Patrick McKenzie‏ @patio11 1 Nov 2015
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          Replying to @patio11

          This was an actual thing with Twitter pre-IPO: early employees couldn't afford tax bill if they left and exercised options, had to wait yrs.

          3 replies 8 retweets 22 likes
        4. 3 more replies
        1. Jane Roberts‏ @redjane 1 Nov 2015
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          Replying to @patio11

          @patio11 Was always my argument against investing in a voluntary stock option. Esp if company is high-risk. It's anti-diversification.

          0 replies 0 retweets 0 likes
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        1. Dave Ambrose‏ @daveambrose 1 Nov 2015
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          Replying to @patio11

          Dave Ambrose Retweeted Dave Ambrose

          @patio11 @sstrudeau and another reason why venture incentives are often misaligned for the companyhttps://twitter.com/daveambrose/status/547508322635907072 …

          Dave Ambrose added,

          Dave Ambrose @daveambrose
          a 10+ year old classic from @spolsky on venture capital: http://www.joelonsoftware.com/articles/VC.html … pic.twitter.com/38VZeyIDiI
          Show this thread
          0 replies 0 retweets 0 likes
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        1. Ryan Florence‏ @ryanflorence 1 Nov 2015
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          Replying to @patio11

          @patio11 @locn I've had this thought before, concluded its (rightfully or wrongfully) justified by the idea you can influence success.

          0 replies 0 retweets 0 likes
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