Investors Cough Up $1.6 Million To Dine With Grubwithus
techcrunch.com
techcrunch.com
It's an article about raising $1.6 million.
The contest must cost what, $350? Is this a legal thing?
The tone of it just came off as absurd in an article about raising so much money.
I think I like the charity auction route much more than the raffle with that in mind. The auction is simple and familiar but the raffle version needs to have this mechanic where you win and then you pay. It just feels weird, especially at first glance: "You won! Here's the bill."
I'd rather not pay $25 for a meal that has 0 protein.
From last week's TechCrunch article: "A lot of people have suggested he have the “commoners” bid for lunch spots with the more well-known investors and Valley personalities on the site. [...] I want to lunch with people who are interesting, not people who can pay the most money. That’s just weird."
http://techcrunch.com/2011/04/27/letslunch-launches-in-new-y...
Disclaimer: of course I have a horse in this race. But I find the differing approaches fascinating.
I came across an old comment of yours here regarding no vesting cliff for co founders.
I'm a young entrepreneur and I have a question about vesting ciffs and would really appreciate a response or a link to some relevant reading.
My team and I consisting of three total co-founders have just received offers from three separate incubators (NYC Seedstart, Alphalabs, and Betaspring).
All three of them require vesting/cliffs for cofounders. I'm just reading up on that now and am appalled that if my co-founders (who are best friends with each other), elevan months from now, wanted to dismiss me and replace me with a good friend of theirs or family member, they would be legally allowed to send me on my way with 0% equity for all my hard work, ideas, and connections. How is this normal practice?
The core of this business model and much of its evolution came from my ideas and although I trust my partners, I can't take the risk of losing everything at their very whim. Is there anything I can do to protect myself going into this, so that I can at least insure some amount of guaranteed equity?
Thanks for any advice you can offer.
Best,
Jason