Hey, among the founders Giggs: Now What?
If you quit your previous company for airplane money and are now independently wealthy, congratulations! If you want to set up another company, just self fund. If you want outside capital, VCs will chase you where to invest.
Unfortunately, most founders are not in that position: Nine out of 10 startups fail. Even if you get a higher valuation, you could end up like the founders of FanDuel: Their investors got a $465 million exit; The founders got zero.
As the “founder” on your resume, you face a major challenge when trying to get a traditional salaried job. You’ve already shown that you really want to lead a company, not just move up the ladder, which means some employers are less likely to hire you. Found a research paper:
[F]Older founders receive fewer callbacks than non-founders; However, not all founders are equally disadvantaged. Former founders of successful ventures receive even fewer [emphasis added] Callback compared to former founders of failed ventures. Through 20 interviews with technical recruiters, we shed light on the mechanisms driving this founder-experience relaxation: concerns related to the applicant’s ability and ability to stay committed to salary employment and the recruiting firm.
At my previous firm, ff Venture Capital, we invested in a company co-founded by Nate Jenkins that had a successful exit, but not enough to buy a private plane. He is now researching his next opportunity and interviewing for some jobs. At the end of a recent interview, the interviewer summed up, “I’ll hire you, but is that really what you want to do?”
That said, said Samuel Sabin, CEO of HaierBlue, “Some founders who do a better job with more resources at their disposal may be tapped for intrapreneurship roles. Also, some companies value the self-starter mindset.” gives.”
So what should you do? Especially if your spouse and/or bank account got burnt due to fluctuating startup income?
I’ve been in this situation myself when I kicked off one startup and exited two others. I think you have six main options:
full time initiative
- Launch a new company.
- get a job.
part time activities
- Angel investing, venture capital and mentoring.
- Sell information products.
- Education and self-improvement.
Versatile VC, At our new VC fund, we’re building an online community just for founders who are in transition, Founders Next Move. We hope you will join us!
full time initiative
launch a new company
If you want to work on your startup idea, the bar should always be very high for starting a company. VCs tend to have a diversified portfolio and most of their investments are liquidated. You don’t have a diversified portfolio and therefore you are taking on far more risk than VCs. For free resources to help you research your ideas, see Which startup will you build? Identifying market white space.