For profit initiatives masked as for good initiatives like these are strictly for useless people with nothing to contribute and no drive to create
Wanted: ‘Lost Einsteins.’ Please Apply
71–80 of 110 posts
Re: Wanted: ‘Lost Einsteins.’ Please Apply
#72I 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…
At first I was prepared to nod my head re: terms feeling a little exploitative. Then I traced my own path, and I think doing so publicly might help some people understand what you're trying to do.
I started graduate school in 2010 with the promise of "being educated for free" and was massively disappointed when I realized a good chunk of STEM graduate programs exploit well-intentioned lower to middle class students without safety nets for labor with the dangling promise of higher employability down the line. I quickly dropped out to try my hand at my first company.
This is where I started imagining Pioneer could seem exploitative. Reflecting, if Pioneer had existed I would have been very likely to apply -- potentially giving up some percentage of my future potential that I couldn't quite understand -- for a few thousand dollars in the process. I was desperately broke at that point in my life, though I had been coding since I was eight (was 22 in 2010). I had many ideas and projects I was working on. I had zero "signals" for future success -- no awards, a degree from a Canadian school unknown for software, nothing -- just a desire to learn and build.
It's 2018. That's eight years -- the time frame we're all talking about here re: Pioneer equity. Through a tremendous amount of luck, happenstance and many highs and lows, I'm now happily the founder of an early stage startup in San Francisco. There's still a lot of work ahead of us, but I wake up every morning thrilled and thankful to have the opportunities I have. If Pioneer had existed in 2010 and I had found the good fortune to be accepted, they'd own part of my company.
I recently spent some time helping two young (around my age in 2010) entrepreneurs with their business. They're looking at opportunities now I could only have dreamed of (and, well, was dreaming of) when I was broke and 22. I look at these talented founders and wish I had known somebody, anybody that could have helped me out eight years ago. I'm not sure how different my outcome would have been or where I would be, but I can only imagine even a few hours of advice and care from somebody who knew what they were doing could have accelerated my trajectory completely at that age. To be honest, the $5,000 grant would probably have ended up paying to fix scratches on a BMW I gently hit on the DVP in 2011 with my busted old Saturn (D:), but the connections... and really, just knowing somebody out there has your back... well, that would have been life-changing. The money is the least material aspect.
I don't know Daniel directly, but I anticipate he has heard these sorts of stories over and over again, and has found himself wishing to be able to give others more access and opportunity at an early and formative stage in their life.
So -- Daniel, I wish you the best of luck. And it's my hope you can do some good things for people who wish for the opportunities some of us have been very lucky to have. :)
Re: Wanted: ‘Lost Einsteins.’ Please Apply
#73This doesn't feel right to me.
A survivor-style tournament. 8% of any company you start for eight years (3% + 5% more for almost nothing).
Eight years is a long time, especially at the age the participants will be (presumably). I don't think most participants will have the perspective to properly evaluate an eight-year commitment like that.
Meanwhile, the benefits are between $0 and around $10K for participants, depending on how they do in the survivor game.
I suspect most potential participants will be able to find a better expected value elsewhere.
Re: Wanted: ‘Lost Einsteins.’ Please Apply
#74(Pioneer founder here.) Nat Friedman and I launched AI Grant last year ( https://news.ycombinator.com/item?id=14851806 ). The idea was to give out money to promising AI researchers around the world. To date, we've funded 50 researchers, from high school students in Hawaii to aspiring researchers in Africa. We’ve been inspired by the fellows we’ve funded all over the word. I’m following it with a new project called Pi…
Neat idea, but isn't the $5k amount for 3 months kinda low?
Re: Wanted: ‘Lost Einsteins.’ Please Apply
#75(Pioneer founder here.) Nat Friedman and I launched AI Grant last year ( https://news.ycombinator.com/item?id=14851806 ). The idea was to give out money to promising AI researchers around the world. To date, we've funded 50 researchers, from high school students in Hawaii to aspiring researchers in Africa. We’ve been inspired by the fellows we’ve funded all over the word. I’m following it with a new project called Pi…
What a wonderful opportunity! Inspiring!
Re: Wanted: ‘Lost Einsteins.’ Please Apply
#76I 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…
> 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.
This definitely makes it seem like you are preying on the uninformed given the tiny amount of funding you are providing for the percentage of ownership and being essentially handcuffed for 8 years.
Re: Wanted: ‘Lost Einsteins.’ Please Apply
#77Choosing a name that, inevitably, will have you informally referred-to--and thus known as--"the Pioneer fund" seems profoundly unwise. I suggest deepening your expertise in branding and PR.
Maybe the network he has available to him could have helped? /s
It is unfortunate there are two funds already with essentially the same name
Re: Wanted: ‘Lost Einsteins.’ Please Apply
#78Earlier quoted context omitted.
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 chicken-egg scenario: 1) I'd be less apprehensive about giving away 8% to any (!) company I found if I knew the network/guidance/community were proven. 2) You need track records of success before the network/guidance/community is seen as worth it. Right now, it's a gamble since you're new. So you need a population of people willing to take a lower amount of money with a gamble on community quality. Given th…
If you are able to think through this, this fund is not for you. As mentioned in OP's comment, they are targeting folks who aren't even sure if they are building a company, just based on their 'potential'. It is a risky endeavor and from that perspective, the equity portion is justified. For someone who has access to this advice and support, it's not worth it. But for those who don't, this is Godsent.
Re: Wanted: ‘Lost Einsteins.’ Please Apply
#79This may have some use, but the use of "Lost Einsteins" is so strange to me. I went to read the article thinking they will help educate unprivileged population, improve accessibility of knowledge, etc. But this is just another variation of a startup accelerator.
Can even real Einstein find this useful? How long can they support him while he works on his theories with no company/product to show? Do they have a system to find and support a Ramanujan? How many people will vote for his "projects"?
I really don't mean to discourage the founders. They got NYT to write about their them. Maybe it's NYT's fault. But using Einstein and such to market their company/fund is too over the top and only comes out as click-baity.
Re: Wanted: ‘Lost Einsteins.’ Please Apply
#80Earlier quoted context omitted.
This is a chicken-egg scenario: 1) I'd be less apprehensive about giving away 8% to any (!) company I found if I knew the network/guidance/community were proven. 2) You need track records of success before the network/guidance/community is seen as worth it. Right now, it's a gamble since you're new. So you need a population of people willing to take a lower amount of money with a gamble on community quality. Given th…
If you are able to think through this, this fund is not for you. As mentioned in OP's comment, they are targeting folks who aren't even sure if they are building a company, just based on their 'potential'. It is a risky endeavor and from that perspective, the equity portion is justified. For someone who has access to this advice and support, it's not worth it. But for those who don't, this is Godsent.
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