I thought the entire spirit behind applying without an idea was to invest in the team? If that's the case, and the original team is no longer there, wouldn't that team be disqualified?
My points exactly. But there is no way to carry this out due to the current composition of the board. So at the very least, I believe that the ethical outcome is that they do not get the public acknowledgment of being a YC funded startup.
I don't know whether they will for sure, or what the outcome will be. Only that YC strongly suggested, along with me and neutral parties, that the correct outcome would be the dissolution of the company and return of the funds to investors.
That's the composition of the board of that (rogue?) company. But YC partners decide who presents at YC demo day and who doesn't, so it's not a decision for the board to make.
Hey I replied to you above. I am not 100% sure how this will play out wrt demo day. I was convinced in August by Alex and Rosanna to delay presenting until the next demo day, obviously because they knew something I didn't. This was offered by YC as an option for the first time, I believe due to the volume of companies in the batch.
As callmevlad said, demo day itself would be a slightly different situation than whether the money is returned. My guess is that since if the money is not returned, YC remain active (if reluctant) investors, and the $150k convertible note offer was made with the tacit understanding that demo day would happen, they will be allowed to participate.
If you were the CEO and had the majority shares, why did you allow your co-foundres (employees?) to take a controlling interest? The story sounds vague, so it is very hard to say who is right or wrong in this case. Perhaps the best course of action is to learn what you need to learn from this, and to go build a successful company on your own?
Simply put, I was an idiot. I did not understand the power of the board. I also thought we were friends, until the very day they called the emergency board meeting.
I agree that's the best course of action, and have been trying to get to that point. But the principles of the company have been unwilling to repay the personal debt I put into the company, unwilling to stop a vicious smear campaign amongst other things.
It's been over 40 days since the board meeting and this is still not resolved, because they had a lawyer the entire time while I did not.
Move on. Making sure they don't get recognition as a 'YC company' or preventing them from presenting on demo day...none of this helps you. Anymore time spent on this is time wasted. Make a clean break, take the lessons learned and go work on your next company.
I am trying to move on. I offered a clean break with terms suggested by YC the very first day of my termination, this was 40 days ago. I am building my own things, in fact will release a pretty nifty chrome extension for hacker news in the next couple days.
It is the company that is refusing to make a clean break. The situation is quite complicated, as I currently live in a house leased by the company and I am the only one affiliated with the company that lives here. I also spent over $20k on company expenses early in the summer before the convertible note, this needs to be repaid. I did not take a salary, while everyone else in the company did. I could go on, but this isn't the place.
I'm not trying to prevent them from presenting, as I have already accepted that they will likely present. I am trying to help my batchmates and other yc companies, who know only of me, understand how and why this happened.
Is this the same company with the Hacker Fortress and the eight interns? Sounds like the Hacker Fortress is leased by the C-Corp?
Sounds like an interesting ride, but it might be time to let go and move on - if you have no control, no shares, and no operational role at the company, for better or worse, it doesn't involve you anymore, and given this blog post, you're not going to rejoin the company.
Yes, I signed the lease as CEO of the company. I live here, and the community I've created here is important to me. The company needs to agree to terms to ensure this can continue, that I am repaid for expenses I put into the company etc.
Obviously I have no intention of rejoining the company now or anytime, or ever working with or speaking to them.
Just a heads up on why the article was taken down:
1. Friends, family and advisors
2. I've already paid multiple times over for making rash decisions.. this was a rash decision.
3. Though everything written in the article is demonstrably true, perhaps a public blog is not the place for it.
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[ 3.1 ms ] story [ 54.8 ms ] thread> Please note that I (with the support of Y-Combinator) asked for the dissolution of the company and return of all funds to our investors
If you have YC's support on this, then why will they be presenting at the March demo day?
I agree that's the best course of action, and have been trying to get to that point. But the principles of the company have been unwilling to repay the personal debt I put into the company, unwilling to stop a vicious smear campaign amongst other things.
It's been over 40 days since the board meeting and this is still not resolved, because they had a lawyer the entire time while I did not.
It is the company that is refusing to make a clean break. The situation is quite complicated, as I currently live in a house leased by the company and I am the only one affiliated with the company that lives here. I also spent over $20k on company expenses early in the summer before the convertible note, this needs to be repaid. I did not take a salary, while everyone else in the company did. I could go on, but this isn't the place.
I'm not trying to prevent them from presenting, as I have already accepted that they will likely present. I am trying to help my batchmates and other yc companies, who know only of me, understand how and why this happened.
Sounds like an interesting ride, but it might be time to let go and move on - if you have no control, no shares, and no operational role at the company, for better or worse, it doesn't involve you anymore, and given this blog post, you're not going to rejoin the company.
Obviously I have no intention of rejoining the company now or anytime, or ever working with or speaking to them.