Day 20 of 30: Letting People Go

6.26pm. So had to let every non essential employee go today. 3 people left. 

I came to the decision yesterday morning when I met an advisor. I asked him… what would you do in this situation. He said… I’d let go of everyone right now. He said 2 days makes all the difference. You need anything you can get back right now. 

As I walked out of that meeting, the harsh reality of it hit me. Of-coarse thats what I needed to do. We were barely affording the next month anyway. It had to be done.

I was too chicken to do it myself. I’m no good at such things. Who is? George Clooney in that movie I guess. 

The truth is that I had to take a meeting at exactly the same time as we had planned to do it. I’m not sure if that’s a good excuse… but timing did just unfortunately clash. Hmmmm… 

It’s a bad time of the year to be doing this stuff. Heartbreaking.

I walked by Michele Bachmann on the street today. She walked straight by me. I should have asked her to cough up. She was shorter than I thought.

We had a meeting with a VC today that I met at a party a few weeks back. I only thought of him a few days ago. I emailed him and he said sure he’d meet, but he warned me that they only do investments of 75K or so, but no harm telling the story eh…

On the way to the meeting I told my colleague that these guys don’t have much money, so not to get that excited.

Suffice to say the meeting was high looking over Central Park… the most spectacular view you could imagine. After I made my presentation… he reiterated that they only do investments of 75 million or higher!!!!!!!

“Did I say we were looking for 350K? I meant we needed at least 75 million!”

Felt pretty small coming out of the meeting.

So with time ticking down, I told our investor today that we needed a bridge round of funding in the region of 350K. It’s not a huge amount for these guys… but the vibes are not what they should be. I don’t have any confidence they will give it to us, so I have to make a deal happen elsewhere.

The survival of the company is paramount, this money has to be found. It will be found!

Wont it?

Gulp.

Finally, just to let people know… as some are probably getting the sense that I’m about to jump off a bridge or something…

You certainly get the blues at times, but there are also plenty of laughs. When confronted with the reality, things become clear, very fast, so you gain perspectives with that.

The anxiety comes out of thinking… what the fuck will I do next?!!! 

And money! Money anxiety is an undoubted killer.

John Startup

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s