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> But this looks like a way too big jump for me. What if I fail? What if the startup fails because of me? Yes accept! Use that fear of failure to tap into your drive, creativity, and bring your A game. Business/Tech Management/Leadership are ALL learned and practiced things. Money should NOT be an issue-- go to back to your boss. Share with him your bare bones monthly budget. Tell him you need $X just to eat beans &…
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Do you aspire to the be the boss of of unpaid employees?
I don't think anybody aspires to that. That's why our main focus would be to get funded so that everybody can get a salary as soon as possible.
Good luck.
I wasn't in the exact same boat as you, but I did take a CTO role without much experience under my belt. I'm actually only a year older than you. And yeah, we failed, like most startups do, and I had to quickly scuttle to find another source of income. That sucked. Truth be told, I'm still paying off a lot of debts I made from trying to survive sans-salary. But I have no regrets whatsoever about what I did. It didn't…
Most useful reply so far. Thank you. I really needed a story of someone who lived kind of the same experience. I know there are risks, and contrary to what people here seem to think, I am not easy to rip off. We haven't even started to negotiate with my boss, of course I will try to avoid loans and all that, I am not stupid. I haven't taken a decision yet, I need to think about it and talk to my boss and team for a c…
BUT... if you become a Founder, a proper one, reflected in serious equity, not a BS job title, then it is very different. According to YC, less than 10% (before any funding) they don't even consider you a founder. So I would negotiate participation between a minimum of 10% and a maximum of being equal any other founder.
My opinion would be: founder or nothing. But I don't think it is irrational if the decision is: accepting the CTO role, gambling with the funding and considering experience a worthy outcome in the worst case.
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Focusing on "real job" compensation is myopic thinking. The promise of any startup is the potential reward on the Back-End (not to mention incomparable experience). Any bootstapper understands the beans & rice context, especially in the pre-revenue/pre-funding stage. It's never a permanent condition.
You can use the stock and salary you get working for a megacorp to invest in a startup if you want. That seems like a smarter way to gamble on startup success than with your time. https://michaelochurch.wordpress.com/2012/07/08/dont-waste-y...
you: 0 $us until we get funded... save some money and eventually become an entrepreneur.
If you accept a major role in a society, conscious of losing money and time, and you're willing to use your savings in the hope that your work will bring results within a specific time ...
Wiktionary->entrepreneur: A person who organizes and operates a business venture and assumes much of the associated risk..
you: And apparently, they saw my "enthusiasm" me: if you're willing to work for free between now and May, the enthusiasm is not the first thing that they noticed.
Should I accept a CTO position without much experience?
my answer is Yes! but prepare yourself to an experience that will make you grow up in many different ways ...
That being said these are the considerations that were in my mind when I was in a similar position.
1. Just like an investor or even more so, how much do I believe in the founder. 2. How confident are you in your abilities. Are you able to cope with stress/uncertainty and preserver in the face of daunting tasks. 3. How much do you believe that there is a business somewhere in there?
If you are enthusiastic about all 3 the risk is worth it. Feat and doubt are poor reasons to not do something. Fear is a good sign to pause and evaluate the situation. There is only one way to find out if you have what it takes. Also if you think taking a low income (or no income) is a big issue now. It only gets harder as you get older. Wife, kids, mortgage and general lifestyle inflation.
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No. I try not to be so absolute online, but, No. The contract can be ignored. How's he going to fight it? He's been working for free and he's broke. He has more important things to worry about like eating. So a crappy lawyer takes his case on a 30% contingency. It's still an uphill road until he might somehow get something. Never work for free.
My last interns had a salary of 13€/hr gross (I´m based in Munich). Working 20 hrs a week is enough to pay the rent and buy beer. In the remaining 20 hrs you could still be the unpaid CTO/CFO/CEO of any startup.
To the OP: choose the startup if it is your life, your mission, and you can directly build value. If you do not believe in the value-proposition, then find something else. There are plenty of startups, plenty of growing companies all over the planet. Find one solving a problem you personally care about that also has a requisite amount of upside for your personal risk preference.
Are you really willing to toil away without any income while he sits there comfortably, scheming away, trying to figure out the next best way to rip you off?
Please, don't be afraid to say no to this terrible offer.
As usual, if you have to ask, the answer is no.
If you cannot learn from others and apply that to your own life and decisions, then you will gonna have a bad time...