84 karma · joined August 4, 2013
If you don't have any sort of a defined equity arrangement in legal contracts, then you have a problem. It's time to speak with an attorney.
If you have some sort of share vesting schedule which will grant you an equity ownership percentage that you consider "fair" then you should consider moving from your current operational position as a software engineer to somewhere else if you want to stay in operations. Otherwise you can sit it out, keep your equity, and participate at the board level.
There will be lots of advice to just "forget about it and walk away". I believe the advice to essentially just "sit back and take it" to be idiotic. If your original positioning on the team was to be "the guy who programs the first iteration of the software that gets us to market" and you failed at that, I can understand where they're trying to push you out as a co-founder. You essentially were a technical co-founder who only partially fulfilled his/her original promise. No offence. In their eyes, you misrepresented yourself, even if that's untrue because they scope-creeped way past your skill level. But the fact is that there WAS some weight that was pulled by you. So you deserve at least partial compensation, whether or not its in the form of equity (if this was promised to you) or payment, or both.
There's some important variables here that have't been covered (mainly current legal agreements) but the main point I'd drive home is stand up for yourself and don't allow yourself to get power played. Yes the situation is sour, but you should be able to get the rest of your founders to agree that you DID contribute something, (as evidenced by the fact that the CTO wants you to leave in the future, not now) so you deserve some equity/payment even if you end up just leaving with it and participating in a liquidity event in the future.
TL;DR If no legal agreements: attorney. If legal agreements w/vague equity terms: attorney. If legal agreements w/ defined equity program you can live with: leave operations, participate at the board level, get bought out at a premium, or just hold equity and wait for a liquidity event.
Make sure there's some restrictions keeping the board from authorizing 1000000000000000 shares and diluting you out too. Good luck!
The only logical reason to do this is fear of the truth coming out in court and the ensuing press coverage to damage their stock value.
Anyone have an idea about FB's liability if they were subpoenaed for fraud and the investigators found internal emails discussing the fake click problem and their decision to ignore it. Seems criminal to me.
In many cases it's not really the research that drives the cost, but rather the ability to charge the cost they do because people want to live. I understand that perspective is controversial and some will down-vote me for it. One instance was when my Dad had Metastatic Melanoma and was on DTIC therapy (Dacarbazine). It was nearly $20k per infusion. Are you kidding me, $20K/infusion!? They did 8-10 infusions. Unfathomably expensive. Oh and DTIC is one of the crappy old drugs from the 1970's. Anyone who believes that the cost to produce the drug is anywhere within several orders of a magnitude of what it costs patients is delusional.
TL;DR The FDA and their non-startup friendly political processes are suppressing new players from emerging in the medical field who could create companies with revolutionary treatments. These treatments would bring a natural balance back to medical pricing through free market principles. Instead we're stuck with the current oligopoly where there's no major inventive to create cures which would cost billions in research while simultaneously ending hundreds of billions per year in recurring revenue on current semi-effective treatments.
/rant
Perfect, you can just watch the culture trickle spread from the Federal Government to the local ones.
I remember how pissed I was in 1998 when I tried to register my first website and found most names were squatted already. Truth be told, I'm still bitter at domain squatters.