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We're hiring! Product + Design: https://www.flexport.com/careers/department/design Engineering: https://www.flexport.com/careers/department/engineering
Any chance that you'd be willing to hire a remote product designer?
"And while investors were happily offering it a valuation of $1 billion or more, Petersen didn’t want to get in over his head and risk a down-round later if the market stumbled." This is straight out of Silicon Valley (the show)... why wouldn't you take the best valuation for your company?
"And while investors were happily offering it a valuation of $1 billion or more, Petersen didn’t want to get in over his head and risk a down-round later if the market stumbled." This is straight out of Silicon Valley (the show)... why wouldn't you take the best valuation for your company?
IE, if the company does a down round, certain investors are privileged and get their money back first, without taking any of the loss.
Imagine if you own half of a billion dollar company, and an investor owns the other half, but has full guarantees on their 500 million dollars that they invested in your company.
That means that if the company's valuation goes down to 500 million and you sell, the investor loses 0$ and gets their full investment back, whereas you are left with nothing.
The problem is Container ships leave on weekends. If you don't get your shipment to the dock by early Friday it isn't going. You have to wait until next week for it to leave.
On another note he did found import genius which presented everyone's customs / shipping information for anyone else to see in a nice format. I would bet he leveraged the data to figure out how to approach the logistics industry. It gave him an advantage over his competitors that were old school. Probably mined the customs database he fed into Import Genius. It has all shipping records for almost every country in the world.
Glad to see someone shaking up the industry. Smart guy...
Much needed publicity for the whole "unsexy" supply chain startup industry. We're in that space too, and we're hiring in Seattle. Ask away, or contact through my profile
"And while investors were happily offering it a valuation of $1 billion or more, Petersen didn’t want to get in over his head and risk a down-round later if the market stumbled." This is straight out of Silicon Valley (the show)... why wouldn't you take the best valuation for your company?
Sometimes it gets it so close I kind of cringe because I've been through similar things in real life.
The tabs vs spaces argument comes to mind.
Edit: to stay on topic. As other people said, I would take a lower valuation in a heartbeat if it gives away less equity and it is enough money to get me to another round (or exit) at a higher valuation owning more of the company.
Much needed publicity for the whole "unsexy" supply chain startup industry. We're in that space too, and we're hiring in Seattle. Ask away, or contact through my profile
What kind of experience are you looking for a software developing position? Any internships opportunities for a CS indergrad with a statistics minor?
We will take aptitude over experience. In particular, a commitment to master the craft. Mastery has many parts to it: understanding the domain area with its parts and participants, understanding what our company can and should offer to the ecosystem, seeking out the best way you can contribute to that offering (and to the customers), studying the elemental parts that factor into decisions to be made. We don't expect you to come in like that, we do expect that you will commit to getting there.
This job I would say is 80% coding and 20% "research". So coding is a major part, but I can take the skill growth velocity over the skill itself.
For example, one way to understand the domain is to take "Supply Chain Management" course from MIT [1]. I am taking it now (first assignment dropped two days ago), not sure yet if it's any good though.
"And while investors were happily offering it a valuation of $1 billion or more, Petersen didn’t want to get in over his head and risk a down-round later if the market stumbled." This is straight out of Silicon Valley (the show)... why wouldn't you take the best valuation for your company?
Investment valuations are strongly related to the amount raised. Don't think of it as "this is how much we think your company is worth" but more as "we want to invest in you and we're going to set a valuation based on the amount of capital we want to invest and the ownership we want to take".
Congrats. I remember watching Flexport get pitched to PG and Sam Altman during open 'Office Hours' at Startup School in 2013. https://youtu.be/syoqjYLDs48?t=19m30s
I've never seen a startup valued at this large percentage of market size
please correct me if I'm wrong
"And while investors were happily offering it a valuation of $1 billion or more, Petersen didn’t want to get in over his head and risk a down-round later if the market stumbled." This is straight out of Silicon Valley (the show)... why wouldn't you take the best valuation for your company?
Just because it is in the TV show doesn't mean it's not based on real stuff. Silicon Valley is satire and they have some of the best consultants in the business. A lot of stuff on the show is close to reality. Sometimes it gets it so close I kind of cringe because I've been through similar things in real life. The tabs vs spaces argument comes to mind. Edit: to stay on topic. As other people said, I would take a lowe…
Not refuting your point in the least, but that plot line made me cringe for an entirely different reason--it characterized people who use spaces as though they actually pressed the spacebar once for each space instead of letting the editor handle the work.
That said, I think it was a good decision since the majority of the audience (based on my super scientific study where I asked my wife and friend if they knew what was weird about that scene) has no idea how text editors work and it did help to drive home the point.