Well, We Failed – Wattage is shutting down • Hacker News Board

Re: Well, We Failed – Wattage is shutting down

#21

Post by jeremybell » Tue, May 05, 2015, 5:54 PM UTC

pistle wrote: post #5

Thanks for the mostly transparent insight into your experience. How does one enter a deal to pay back investors with a shuttered operation? Does that mean make them whole or just pay something back? It seems like someone is holding onto a bag - THE bag?

Nobody is holding a bag of money. I only wish it played out that way. It was essentially an acquihire, so I'll be going to another company, and part of that deal allows me to make our investors whole.

Re: Well, We Failed – Wattage is shutting down

#22

Post by rasz_pl » Tue, May 05, 2015, 5:55 PM UTC

pcarolan wrote: post #4

I'd say you were just too early, everyone will benefit from them having pushed these ideas further.

Early? Chumby was 10 years ago.

Re: Well, We Failed – Wattage is shutting down

#23

Post by copsarebastards » Tue, May 05, 2015, 5:56 PM UTC

> 1,600 people signup for our email newsletters, and each of them received a personal message from me. I gave them my email address and phone number, and invited them to chat if they had any questions. I heard from 100's of them, and many shared “the thing” they wanted to create. The problem is many of them simply weren’t feasible with the current technology. I suspect we could have eventually delivered on most of them, but not in the foreseeable future.

I would love to see these emails (anonymized in some way).

Re: Well, We Failed – Wattage is shutting down

#24

Post by jeremybell » Tue, May 05, 2015, 6:02 PM UTC

rasz_pl wrote: post #22

pcarolan wrote: post #4

I'd say you were just too early, everyone will benefit from them having pushed these ideas further.

Early? Chumby was 10 years ago.

Chumby was an inspiration. As were things like LittleBits.

Re: Well, We Failed – Wattage is shutting down

#25

Post by consultutah » Tue, May 05, 2015, 6:05 PM UTC

That sucks. I really like that you were pushing boundaries and creating a platform that had the potential to advance mankind - too few people are building things that have that potential.

Re: Well, We Failed – Wattage is shutting down

#26

Post by jonknee » Tue, May 05, 2015, 6:07 PM UTC

jeremybell wrote: post #17

There are some questions about the deal we secured to return our investors' money. Without going into the specifics, I can say it was essentially an acquihire. I'm going to another company, and part of that deal allows me to repay our investors in full.

That's a standup move on your part.

Re: Well, We Failed – Wattage is shutting down

#27

Post by BillyParadise » Tue, May 05, 2015, 6:18 PM UTC

That really IS a nice pitch deck.

Re: Well, We Failed – Wattage is shutting down

#28

Post by noteloop » Tue, May 05, 2015, 6:19 PM UTC

Sorry to hear things didn't work out. I am curious to know more about your thoughts on VCs in Toronto versus those south of the border. Canadian VCs have this rep of being quite conservative, only wanting to invest at later stages when there is very little risk. Does your experience agree with this characterization?

Re: Well, We Failed – Wattage is shutting down

#29

Post by kamaal » Tue, May 05, 2015, 6:22 PM UTC

jeremybell wrote: post #17

There are some questions about the deal we secured to return our investors' money. Without going into the specifics, I can say it was essentially an acquihire. I'm going to another company, and part of that deal allows me to repay our investors in full.

Just wanted to ask how common is it to return money to VC's?

Or how is this any different than a bank loan, If the VC doesn't shoulder the risks that come with these kind of projects I wonder what is the value they add.

People might as well borrow the money on loan.

Re: Well, We Failed – Wattage is shutting down

#30

Post by oalders » Tue, May 05, 2015, 6:31 PM UTC

kamaal wrote: post #29

jeremybell wrote: post #17

There are some questions about the deal we secured to return our investors' money. Without going into the specifics, I can say it was essentially an acquihire. I'm going to another company, and part of that deal allows me to repay our investors in full.

Just wanted to ask how common is it to return money to VC's? Or how is this any different than a bank loan, If the VC doesn't shoulder the risks that come with these kind of projects I wonder what is the value they add. People might as well borrow the money on loan.

The post says they raised "$250,000 from friends & family". That seems like a strong incentive to make sure your investors (read: loved ones) can recover their investments.