204 karma · joined October 24, 2020
This will protect the buyer against misrepresentations.
There are often also targets that have to be met to achieve the full purchase price but not always disclosed
there are no government engineering positions in Canada paying anywhere close to this
The biggest enterprise users are doing thousand+ of pages a minute and also turn document extraction into a scaling distributed systems problem
But it highlights the reality that something has seriously changed since the pandemic. I have multiple employees that insist on staying home due to their dogs. The amount of discussion around employees' dogs is on another level now, partially due to the anxiety these dogs have when their owners go into the office.
It's all very different than prepandemic, I for one never heard "i need to work from home to stay with my dog" as something people used to say
The banks have corporate customers sign a number of complicated forms to put limits on things like who can wire, who can sign, who can weite cheques etc.
There are further controls in the online corporate banking
In the matter of hours every major VC on my cap table was texting/emailing me about the situation on thursday. Half saying no reason to panic the other half screaming bloody murder. The asymmetric outcome here of keeping vs moving was obvious, assuming you already had another bank account open and the ability to quickly move payroll/ap over. This gets much harder the larger you are.
I will miss the SVB sponsored events
The big banks refused to even open an account for my startup. Our business model is incredibly common but due to it being "fintech" we could not open an account.
SVB still had a decent amount if KYC stuff and paperwork but would allow us to operate.
Another banking platform we used literally reversed the incoming wire from our lead seed investor, even though i called the bank before telling them to expect a large deposit.
SVB was great to work with. The people are fantastic. The big banks on the other hand...
Every VC is talking to their portfolio companies right now about this. Text/slacks/emails. Half of them screaming panic telling founders to pull money out, the other half holding the line to stay strong
Most founders i know arent taking the risk and moving money...
No different than a b2b SaaS salesperson saying they need to close a deal by x date to receive a "special" discount. It's all made up, it's just part of the game
If you don't people will gossip and hurt employee moral.
As for effect on cap table, theres no issues with a former employee having some common shares. If you raise money it will likely be in the form of preferred shares.
Find a better way to indentify under performers earlier so it doesn't drag out to this point
Apple uses both