Earlier quoted context omitted.
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Your argument would be wrong. Just because a company fails doesn't mean it was a team devoid of talent.
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Trucking startup Convoy closes operations with no buyer
261–270 of 639 posts
Re: Trucking startup Convoy closes operations with no buyer
#262Earlier quoted context omitted.
Probably patents mostly, perhaps around some novel hardware the buyer wants to utilize.
They run a freight exchange platform linking truck drivers with people who need freight shipped. What hardware patents did they have?
Nothing apparently which is (seemingly) why no one bought them.
Re: Trucking startup Convoy closes operations with no buyer
#263Earlier quoted context omitted.
> This might be true, but personally I'd rather the company try to remain a going concern. You could refuse the severance as an employee if you wish to go down swinging. Edit: Knowing the company is doomed in a month or 2 and not employees offering severance is not a good thing yo do, in my book.
> Knowing the company is doomed in a month or 2 and not alerting employees is not a good thing yo do, in my book Has anyone at Convoy claimed this?
Not just alerting, but offering severance. No one at Convoy was offered severance - now or in the past month. I edited my earlier comment to reflect my meaning.
Re: Trucking startup Convoy closes operations with no buyer
#264Earlier quoted context omitted.
>CEO said there'll be no severance or healthcare. Classy. Learning a lot about how certain people treat their employees during these last couple of admittedly insane years. Good for future reference, I guess - though not much solace now. I feel for the employees. Edit: Wow, more responses than I thought! I admit that the tone of my comment was too reactionary, but my opinion stands. I won't modify the original commen…
Ex-Convoy employee here: if a company is shutting down, it obviously can't provide severance. It's not a matter of class or not.
Once you've reached 1 month of runway I think time is up. Let everyone go with a few weeks of severance and let them find a new job.
Re: Trucking startup Convoy closes operations with no buyer
#265When there's no buyer what happens to all the code/IP?
I mean there must be something functional anyway at this point no matter how lean and mean.
Re: Trucking startup Convoy closes operations with no buyer
#266(Ex-)Convoy engineer here. No mystery as to why this happened, sudden tight market and low available capital demolished us. External reasons given in the article were the same we knew and couldn't do anything about considering that none of the M&A options materialized. Detailed the shutdown on a call at 8:30am Pacific this morning. CEO said there'll be no severance or healthcare. Lot of talented folks in Seattle and…
Absolutely terrible. Tiny companies NOT backed by some of the richest men in the world give more when they wind down.
I get your point but to free up cash for the employees he’d have to bail out all the other creditors first. Not a good precedent to set.
Re: Trucking startup Convoy closes operations with no buyer
#267Earlier quoted context omitted.
If things are dire enough to close up shop now, they probably were dire enough to close up shop 2 months ago, and you can use the cash to give your employees some runway for finding new employment.
Tesla wouldn't exist if Elon had shut down at the 2 month dire point. At least, I recall him saying they were at one point about 2 days away from bankruptcy. Not surprising though, that Elon would be in the same camp as this Convoy CEO, not likely to shed too many tears over worker concerns.
And Elon hasn't been known to exaggerate greatly or lie, so this must be true.
Re: Trucking startup Convoy closes operations with no buyer
#268start-up idea if anyone is bored: disrupt car shipping. When I moved from Seattle to Raleigh shipping my car was BY FAR the biggest headache. It's a 20th century business where you have to call people, who will bid for you, and you have no idea if your bid is accepted. Agents will promise a low price to get your business, then tell you a week later that bid was too low, you need to double it. I eventually just gave u…
I rented a flatbed car trailer and attached it to the back of the moving truck. Even if you hire a moving company, the same should be able to be done, right? I've never used a moving company. Is this not something they handle? I at least had experience pulling a trailer, so it maybe wasn't as daunting of an idea for me.??
A large, established moving company can. Last time I moved, they just drove my truck into the semi-trailer along with the rest of my stuff then took it across country.
Re: Trucking startup Convoy closes operations with no buyer
#269Earlier quoted context omitted.
Startups are not established businesses. They are inherently risky ventures. If you want to be coddled and showered with benefits, go join a Fortune 500. Startups are not for you.
The series A startup I work for just laid off 30% of its staff. They got 3 months severance, 6 months healthcare and outplacement support. So you could work for Bezos, or you could work for these guys. I've made my choice.
Your series A startup continues to operate and offers a severance that isn't even required for the purposes of reputation management.
They want to be able to hire good people tomorrow so they pay you severance today.
The company in question here is dead. There is no more money coming in and no business to operate.
Re: Trucking startup Convoy closes operations with no buyer
#270(Ex-)Convoy engineer here. No mystery as to why this happened, sudden tight market and low available capital demolished us. External reasons given in the article were the same we knew and couldn't do anything about considering that none of the M&A options materialized. Detailed the shutdown on a call at 8:30am Pacific this morning. CEO said there'll be no severance or healthcare. Lot of talented folks in Seattle and…
>CEO said there'll be no severance or healthcare. Classy. Learning a lot about how certain people treat their employees during these last couple of admittedly insane years. Good for future reference, I guess - though not much solace now. I feel for the employees. Edit: Wow, more responses than I thought! I admit that the tone of my comment was too reactionary, but my opinion stands. I won't modify the original commen…
How did they burn that much cash in a year?