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by Iftheshoefits
4439 days ago
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That $120k has to buy incorporation and legal fees, business operating expenses, and living expenses for at least 2 founders for three months. It's significantly better than $17k plus a note, but it's still a small enough amount that the program effectively selects for founding teams who either don't need the money (e.g. already have substantial financial means from other sources) or haven't got anything to lose (e.g. 20-somethings fresh out of school, or still in it). That excludes a huge talent pool. |
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We are in a crazy scenario where we are seeking a Series A with a good product in a validated market fit.
The investors have essentially said unless you are eating ramen noodles and scraping by we are not interested.
^^ That attitude essentially rules out anyone with a family, prior commitments or debts from college/life.
Why would a funding round not earmark a portion for a fair (albeit lower than market) salary?