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Wanted: ‘Lost Einsteins.’ Please Apply

nytimes.com

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Re: Wanted: ‘Lost Einsteins.’ Please Apply

#41

Post by z0a »

This just looks like another VC firm disguised as something else:

1) 3% equity + 5% for an additional 20k of any company you found for the next 8 years

2) “The candidates will vote on each other’s projects, points will be awarded and there will be leader board. Subject experts will also vote, with their votes counting somewhat more than the candidates.”

I think what we actually need are less gatekeepers and instead work towards establishing communities that reward intellectual curiosity, encouraging the cultivation of ideas and potential businesses that provide value. We have to support this sort of development for those willing to apply themselves, and that means we should be there to help during all phases of that journey — not just when someone has a project idea or when they’re ready to IPO, but also when they may be educating themselves, researching areas of interest, or even when they may be going through a time of intellectual hardship.

This sort of work must be genuine and unconditional — the current VC model is flawed by design if you wish to “address the opportunity gap” — it will always be about maximizing ROI even if it’s not explicitly stated.

Re: Wanted: ‘Lost Einsteins.’ Please Apply

#42

Post by GuiA »

adventured wrote: post #38

Everyone can find 15-20 hours per week. It's a matter of priorities and choices. A 9-5 job is going to take up 50-60 hours per week, including prep time and travel (possibly less or more in some scenarios). 50 hours for sleep. That leaves a very solid 50-60 hours per week, that is left to allocation by priority (some will go to food, life maintenance, etc. - that all has a blend of choice and priority to it). How can…

You are getting downvoted because you are assuming everyone has similar living conditions and environments as yourself.

Many have children to take care of. Many have other family members (disabled relative, elderly parent, younger sibling, etc.) to take care of.

Many work multiple part time jobs because they can't find 9-5 work that pays well enough.

Many, especially amongst the poorer segments of the population, have significant travel time because it is very hard to find work (a notorious problem in the bay area [0]).

Many, for the reasons listed above, have weird schedules that do not lend themselves well to the sustained intellectual effort required to pursue passion projects even if in theory they have "10 hours of free time a week".

And so on.

Steve Jobs' remark presupposes that one has the privilege to pursue what they're passionate about. Many in society do not have that privilege.

[0] https://www.sfgate.com/traffic/article/Bay-Area-commute-San-...

Re: Wanted: ‘Lost Einsteins.’ Please Apply

#43

Post by tpfour »

adventured wrote: post #38

Everyone can find 15-20 hours per week. It's a matter of priorities and choices. A 9-5 job is going to take up 50-60 hours per week, including prep time and travel (possibly less or more in some scenarios). 50 hours for sleep. That leaves a very solid 50-60 hours per week, that is left to allocation by priority (some will go to food, life maintenance, etc. - that all has a blend of choice and priority to it). How can…

> Everyone can find 15-20 hours per week. It's a matter of priorities and choices.

Do you have children?

Re: Wanted: ‘Lost Einsteins.’ Please Apply

#44

Post by kxyvr »

danicgross wrote: post #29
opportune wrote: post #15

I really like the idea behind this, but I take issue with the fact that if someone does start a company, Pioneer will take 3% with the option of buying 5% more of the company for $20,000. That seems pretty unfair. I would be inclined to participate if this term didn't exist, or if it were either more financially generous or took less equity. But I wouldn't want to develop any idea through Pioneer if any future idea (…

I agree and I disagree. I agree if you're a Silicon Valley tech entrepreneur who knows they can raise a seed round together. If that's you, you shouldn't take our offer. Raise the seed round; you'll get great terms. There are about 7.4 billion people who aren't Silicon Valley tech entrepreneurs. Most of them do not have a convenient line to investors, because investors don't happily fund writing the next great Americ…

I think there are a couple of reasons for the reactions here:

1. By using Einstein's name in your marketing, you're using the name of a scientist who worked for a university whose ostensible mission is to create and disseminate knowledge for the public good. By contrast, you're seem to be running a small investment firm.

2. If we accept that you're looking to make a financial investment in a company, the amount of money that you're offering is astoundingly low given the terms that you propose. Yes, if someone doesn't like your offer, they don't have to accept it. However, at the same time, you seem to be targeting people who don't know how to obtain their own money, which suggests young and naive. From that perspective, your investment seems exploitative.

Candidly, from my own personal opinion, these sort of arraignments are not OK. Learning to run a business is hard, but in my opinion, ultimately rewarding. Offers like these attempt to normalize a behavior that experienced business people would scoff at. Unfortunately, $5k is not going to pay many bills. If I'm in a position to take advantage of the networking that you imply, that means that I already need to have enough money to support myself until the business gets off the ground. If I have that much money laying around, then I'm already a good position to make a go at business and giving up that much equity is exploitative.

Further, there are details implied in the offer that are generally not good for a new business. Equity means I need to have shares, which probably means an S-corp or a C-corp. Most starting businesses should probably file as a sole-proprietorship (as an LLC or not) because the accounting is vastly easier, which means cheaper. How does your arrangement work if someone has a business structure with no shares?

In case someone else asks how to get money for a new business if not for programs like this: There are others depending on where you live. In the U.S., both government SBIR and STTR grants are, in my opinion, good sources of money and don't require equity. A phase-1 grant gives about $80-100k, phase-2 $400-500k, phase-3 low millions. In Norway, I've seen good things from Innovasjon Norge.

Certainly, I appreciate when people try to help others learn business. It just seems like this strategy isn't it.

Re: Wanted: ‘Lost Einsteins.’ Please Apply

#45

Post by danicgross »

z0a wrote: post #41

This just looks like another VC firm disguised as something else: 1) 3% equity + 5% for an additional 20k of any company you found for the next 8 years 2) “The candidates will vote on each other’s projects, points will be awarded and there will be leader board. Subject experts will also vote, with their votes counting somewhat more than the candidates.” I think what we actually need are less gatekeepers and instead w…

> This just looks like another VC firm

I don't think VC firms fund poets or musicians :)

> communities that reward intellectual curiosity, encouraging the cultivation of ideas and potential businesses that provide value.

I agree! That's exactly what's we're trying to do. I think most people we fund will never start companies. I hope they'll become great researchers, civic activists or artists. For the fraction that do, I hope we'll be significant enough of a needle mover in moving them as a person from idea to product that we'll deserve the small amount of equity we ask for.

Re: Wanted: ‘Lost Einsteins.’ Please Apply

#46

Post by telospolis »

TangoTrotFox wrote: post #23
telospolis wrote: post #5

Earlier quoted context omitted.

"We expect a fraction of Pioneers to start companies. In exchange for the investment and benefits below, Pioneer will retain 3% of any company you found over the next eight years. Pioneer will also have the option of investing an additional $20,000 for 5% in any of those companies. These conditions apply if you already have an incorporated company." yeah, as an outsider looking for entry into startup - it just doesn'…

Without hitting on whether or not this is the right company to do this, I don't think the idea is itself at all unreasonable. By the time you're concerned about 8% equity, you've basically already 'made it' in the sense that you have likely have enough capital to start to more independently pursue your other ideas, or alternatively seek more favorable funding with some history for more traditional venture capital typ…

"by the time you're concerned about 8% equity, you've basically already 'made it' in the sense that you have likely have enough capital to start "

Nope! haven't made it.

"This project seems to be clearly aiming people who have ambition and competence, but minimal to no current resources or connections; the goal being to get them to where that is no longer the case -- helping them to reach their potential"

hi, that's me!

"It's hard to call anything at all exploitative if it succeeds in getting people from that critical nothing to something point"

i see the value of taking people from nothing to critical mass i.e - YC. in case of pioneers - i might be nothing now but highly unlikely - i will be nothing for the next 8 years!

imho, this 5 + 3% won't select for the best of people! I would totally judge a person who lock herself in this 8 year contract! that's just me

Re: Wanted: ‘Lost Einsteins.’ Please Apply

#47

Post by Sangermaine »

danicgross wrote: post #29
opportune wrote: post #15

I really like the idea behind this, but I take issue with the fact that if someone does start a company, Pioneer will take 3% with the option of buying 5% more of the company for $20,000. That seems pretty unfair. I would be inclined to participate if this term didn't exist, or if it were either more financially generous or took less equity. But I wouldn't want to develop any idea through Pioneer if any future idea (…

I agree and I disagree. I agree if you're a Silicon Valley tech entrepreneur who knows they can raise a seed round together. If that's you, you shouldn't take our offer. Raise the seed round; you'll get great terms. There are about 7.4 billion people who aren't Silicon Valley tech entrepreneurs. Most of them do not have a convenient line to investors, because investors don't happily fund writing the next great Americ…

This reply comes across as saying you’re preying on people too desperate or poor to have any choice but to accept your terms, and too inexperienced and naive to be able to evaluate them.

Re: Wanted: ‘Lost Einsteins.’ Please Apply

#50

Post by gcb0 »

danicgross wrote: post #17
telospolis wrote: post #5

Earlier quoted context omitted.

"We expect a fraction of Pioneers to start companies. In exchange for the investment and benefits below, Pioneer will retain 3% of any company you found over the next eight years. Pioneer will also have the option of investing an additional $20,000 for 5% in any of those companies. These conditions apply if you already have an incorporated company." yeah, as an outsider looking for entry into startup - it just doesn'…

If you have the opportunity to join other programs, go for it! Our hope is that this model enables us to reach the billions of people that are outside the network of Silicon Valley. They might not even be sure if they have a "company". They just want support on whatever project they're pursuing. We're hoping that becoming a Pioneer vastly increases the odds that you turn your "shower-thought" into something real, eve…

this is a deal breaker as it makes your plan B inviable.

if your startup fails, you will never join another as an earlier employer, which is the plan B for most failed founders. becuase now you are a toxic asset to any early stage company which you can be said to be a early founder. now you will only be able to find 9-5 jobs at big Co as your plan B.

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