I shouldn't have said that Bootup Labs had "no money" - I should have put "no money for us."
I'm not trying to suggest that Bootup Labs is bankrupt or anything, I apologize.
Booted out of Bootup Labs
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Re: Booted out of Bootup Labs
#22everything happens for a reason, I am sure you will create something create after this.
Not really. Sometime in life shit just happens for no good reason.
Re: Booted out of Bootup Labs
#23I shouldn't have said that Bootup Labs had "no money" - I should have put "no money for us." I'm not trying to suggest that Bootup Labs is bankrupt or anything, I apologize.
I shouldn't have said that Bootup Labs had "no money" - I should have put "no money for us."
I think we all understood that, given that your post mentioned that 3 of the 7 companies in the cohort were not being cut loose.
Re: Booted out of Bootup Labs
#24What a horror story. What sort of program offers $100k to that many groups and doesn't follow through? "Whoops, we were $500k short." That goes beyond just being embarrassing.
What sort of program offers $100k to that many groups and doesn't follow through? Not to be facetious, but: A program which doesn't have as much money as they're offering people. The founders of Bootup Labs put some of their own money in, but they're raising money (or trying, at least) from VCs for the rest. They're paying themselves [EDIT: or not -- see reply from dannyrobinson below] from the $50k/startup managemen…
As a manager of Bootup, I can assure you that we haven't been personally paid anything. The $50k is funnelled through the company to maximize canadian tax credits, which can amount to a meaningful amount of money. And it's used to pay for rent, legal, accounting, and other services that are for the benefit of the startup.
Re: Booted out of Bootup Labs
#25Danny, one of the bootuplabs founders just posted this comment on the post. ///////////// This is not how it went down Jamie. After everything that we did for you and Steven, I'm shocked at how you have twisted the truth for PR reasons. - you were in our office for 2 months, not 3. - you program is 5%-15% for $150k over 8 months - you received $6k over that 2 months - we received nothing in return. - we paid your leg…
My response which I posted:
Hey Danny.
I apologize that you feel like I'm twisting the truth.
It was the last week in January until the end of last Month. While we were there 3 months of the year, you are correct 2 months would be more accurate,
I was just getting the $100k off of the Bootup website, I understood that we got $150k, but that $50k went back to Bootup, is that not what the original terms were?
You did pay our rent and our legal fees to get incorporated. I mentioned the rent, but I didn't mention the legal fees. I apologize.
I didn't suggest that Bootup was closing down or was out of money.
I wouldn't suggest that I got the better end of the deal as it was extremely expensive to move to and live in Vancouver.
I wish you all well.
Re: Booted out of Bootup Labs
#26Earlier quoted context omitted.
What sort of program offers $100k to that many groups and doesn't follow through? Not to be facetious, but: A program which doesn't have as much money as they're offering people. The founders of Bootup Labs put some of their own money in, but they're raising money (or trying, at least) from VCs for the rest. They're paying themselves [EDIT: or not -- see reply from dannyrobinson below] from the $50k/startup managemen…
As a manager of Bootup, I can assure you that we haven't been personally paid anything. The $50k is funnelled through the company to maximize canadian tax credits, which can amount to a meaningful amount of money. And it's used to pay for rent, legal, accounting, and other services that are for the benefit of the startup.
As a manager of Bootup, I can assure you that we haven't been personally paid anything.
My apologies. I had understood that you were drawing a salary from Bootup Labs based on a conversation I had with Boris a few months ago, but I can't remember exactly what he said, and it's quite possible that I misinterpreted him.
Even if you're not personally getting paid anything, I think $50k is a rather generous fee given that other startup accelerators don't seem to need any such fee at all.
Re: Booted out of Bootup Labs
#27Danny, one of the bootuplabs founders just posted this comment on the post. ///////////// This is not how it went down Jamie. After everything that we did for you and Steven, I'm shocked at how you have twisted the truth for PR reasons. - you were in our office for 2 months, not 3. - you program is 5%-15% for $150k over 8 months - you received $6k over that 2 months - we received nothing in return. - we paid your leg…
My response which I posted: Hey Danny. I apologize that you feel like I'm twisting the truth. It was the last week in January until the end of last Month. While we were there 3 months of the year, you are correct 2 months would be more accurate, I was just getting the $100k off of the Bootup website, I understood that we got $150k, but that $50k went back to Bootup, is that not what the original terms were? You did p…
>I didn't suggest that Bootup was closing down or was out of money.
The title of this posting is "Moved to Canada to participate in a startup incubator that had no money"...
Re: Booted out of Bootup Labs
#28everything happens for a reason, I am sure you will create something create after this.
Suggested reading: http://www.amazon.com/Candide-Optimism-Classics-Francois-Vol...
Re: Booted out of Bootup Labs
#29Danny, one of the bootuplabs founders just posted this comment on the post. ///////////// This is not how it went down Jamie. After everything that we did for you and Steven, I'm shocked at how you have twisted the truth for PR reasons. - you were in our office for 2 months, not 3. - you program is 5%-15% for $150k over 8 months - you received $6k over that 2 months - we received nothing in return. - we paid your leg…
Wow, they're really clutching at straws. The legal fees were presumably spent setting up a Canadian corporation. What use is that to the founders now? Similarly, the rent being paid - the cost of throwing all your stuff out (and presumably having to buy it again later) will be for most people way higher than a few months worth of rent.
It's often too easy to jump to the wrong conclusion... but I'm struggling to see a decent explanation for this. And anything less than a full apology is a huge red flag.
Re: Booted out of Bootup Labs
#30everything happens for a reason, I am sure you will create something create after this.
Not sure why this was downvoted. It's a little negative, but I do agree from this experience and you blogging about Jamie something better will come along!
Good luck and is the weather in Phoenix still "100 and above it's a scorcher out there" :) ? You emailed me this summer re: my start-up. Good luck!