Brutal Startup Failure
My first (vc backed) startep failed after three years. We started in 2021, working in crypto. Looking back to the time we got started, I made some serious foundational errors: - Selling 40% of the company at preseed for 1.2mln and signing a predatory shareholder agreement - Trusting a co-founder relationship which never really worked, hoping to fix it along time But 1.2mln$ in the bank made me forget about these issues. Started to work on the business heads down. After 18 months of iterating, things were finally moving. Our vision became clearer, and we got into a well-known accelerator. But that’s when everything started to unravel. My relationship with my co-founder began to deteriorate rapidly. I felt like I was doing everything—closing clients, managing product, handling content, brand, fundraising—you name it. My co-founder, on the other hand, wasn’t pulling his weight. His network
Why it failed
My first (vc backed) startep failed after three years. We started in 2021, working in crypto. Looking back to the time we got started, I made some serious foundational errors: - Selling 40% of the company at preseed for 1.2mln and signing a predatory shareholder agreement - Trust
- Kind
- startup
- Status
- Shut down
- Inventor
- theHolyTrynity
- Ended
- 2024
- Source
- hackernews