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
151–160 of 170 posts
Re: Booted out of Bootup Labs
#152Danny, 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…
This is a common tactic of a con-artist and or sociopath. They try to deflect back onto the one drawing attention for two purposes. One to discredit the one lodging complaint and two to try and strong arm the more passive party into silence.
Humans, as a general rule of thumb, dislike conflict. You can see it in Jamie's responses where he is still apologetic to these guys, when logic would dictate that he should want their head on a platter.
Sociopaths see human responses such as this, like an artist sees a completed painting on a blank canvas, and they will use it against you. When I read that line quoted above, I realized right then that Dan is most-likely a sociopath and a person to be avoided.
Re: Booted out of Bootup Labs
#153Re: Booted out of Bootup Labs
#154Earlier quoted context omitted.
As a Canadian, I'm sure you realize that we apologize for everything, whether it's our fault or not. :-) But aside from that -- even from what Bootup Labs is saying, this situation is very unfortunate for the status.ly founders and something I hope nobody else has to go through.
As a Canadian, I'm sure you realize that we apologize for everything, whether it's our fault or not. And this is a hang over from your British heritage. Sorry about that. :-)
Re: Booted out of Bootup Labs
#155Earlier quoted context omitted.
> $50k/startup management fee What?!
Bootup Labs is structured as an investment plus a services contract. They give you $50k in exchange for 5% equity, then you immediately pay the $50k back to them in exchange for the office space, accounting services, legal services, mentoring, et cetera. Then they give you a $100k line of credit which converts (at their option) at 1% equity per $10k. It's a very effective way of protecting themselves from downside ri…
My impression from reading all of this is that Bootup Labs is a scam. At best, they have a significant conflict of interest at the heart of their business model.
Re: Booted out of Bootup Labs
#156Earlier quoted context omitted.
I second this, Vancouver is really sorry and we hope you will come back and visit.
Vancouver is not sorry. There are plenty in Vancouver who predicted something like this would happen as a result of doing business with Bootup Labs. If anything, Vancouver has benefited from this because it is now more likely that Bootup Labs will be booted out of Vancouver. Bootup labs has been hurting the startup community in Vancouver for quite some time and it will help the environment there if this kind of sour…
Let me be clear, I'm not sorry this happened to Bootup. I'm sorry because I don't want anyone to think bad of our city because of an event like this.
Bootup can close down tomorrow for all I care. I take it personally when a fellow entrepreneur (and HN user) gets screwed over, and especially when it happened in my city.
Re: Booted out of Bootup Labs
#157Earlier quoted context omitted.
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.
You shouldn't have accepted companies that you couldn't afford to pay. You shouldn't have asked them to move to a different country. Very reckless and irresponsible and to then attack the poster as "twisting the truth" about tiny details seems even worse to me. You should be sorry. You should show some humility.
Re: Booted out of Bootup Labs
#158From http://blog.bootuplabs.com/2010/04/14/wertz-joins-board-firs... "We supplied a great deal of support and value to the 7 companies over the first 2 months of our 2010 cohort, and we received nothing in return for the 4 companies that were cut" It seems like they are implying that the 4 companies somehow owe them something.
The more of these kinds of comments I read, the more I feel sick. The first time I met one of the founders of Bootup Labs, this was when I was fairly new to Vancouver, I got a deep upsetting feeling in my stomach. I felt the same kind of energy from others involved in meetups they put together. They used to hang around workspace as well. Someone introduced me to a bootup labs person and within just a few sentences I…
I was involved years ago with a group of individuals in a different industry. We were working on some advanced machine learning stuff. It was really cool, and the tech was going somewhere. We were getting market interest too from some big players.
I ended up cutting and walking away. Basically I burned several years of work in the process (I designed almost all the tech), and was left with debts that I'm just now getting rid of.
Getting away from the folks I was working with was worth more to me than any of the possibilities that were on the horizon. I also had a strong feeling that if it was a success that I would see none of it, so there was a bit of plain old self-interest too.
"All hat and no cattle" is pretty good. The one guy running the whole thing was, I think, a pure psychopath. I was actually afraid of him for a while, thinking that he might come some night and kill me and my family.
He was charismatic as hell and really, really good at projecting an aura of limitless success and at getting people interested, but nothing ever panned out. He was surrounded by slimy opportunists and clueless followers. I was one of the latter for a while. He had a way of stroking your ego and making you feel powerful, when really you were just being used.
Since then, I now have a real sense for such people and such arrangements and can sort of smell them. Like you, I can't really describe it. It's a bit of too-good-to-be-true and a bit of too-slick and a bit of... some ancient animal threat response.
I've never been to Vancouver or met any of the principals involved in this story, so I really can't comment directly. But your "sense" may indeed be accurate. I sure know that smell now.
Unfortunately, the startup world and the larger tech industry is absolutely crawling with these reptiles.
My advice? Just steer clear. You can't really do much else. You can't go around badmouthing people, as it just makes you sound like a jerk and could also attract legal harassment. Surround yourself with people who aren't slimy, and avoid even those who are unfortunate enough to be in the orbit of slimeballs. All you can really do for people like them (and like I was years ago!) is to wait and hope they come to their senses. If they are your friends, you might be able to tell them or hint at them... but it's really just as bad as when someone you know is dating someone awful.
Re: Booted out of Bootup Labs
#159Earlier quoted context omitted.
Tax credits are one of the reasons I didn't start my business in Canada. (I'm Canadian and I know the workings of some Canadian tech companies, but my current projects are all in Silicon Valley.) The way it works is that you get 50% of your R&D expenses back from the gov't, in cash, several months later. To claim it, you have to write reports explaining the R&D value of each project. Besides the obvious bureaucratic…
What constitutes R&D expenses if I may ask? I used to work at a startup that makes no money at all. They asked me to sign some sort of "fake" stock options as part of the SR&ED requirements. Of course the numbers were meaningless (pennies or whatnot). So I'm very interested on how this works.
Re: Booted out of Bootup Labs
#160Earlier quoted context omitted.
Hey Brad, I'm just in survival mode at the moment, living on my parent's couch at the moment with negative money in my bank account. I need to sell some things to try to get back on my feet again - that's why I'm seeing if I can sell these domains.
That doesn't make sense. Did you just spend two months working on the startup full time? You should have made some headway. Put it on the back burner or something. I mean to sell the domains for $500? Is that all 2-3 months of 2 man full time work is worth?
I don't find it too useful to think this way. In the end, our time ain't worth jack. Solving customers' problems is where value comes from. If 4-6 man-months was put toward something that didn't solve anyone's problem, then it's worth $0.