Hi everyone, I joined a startup back in May which started in May itself. I wrote the first line of code and it has been the backend work since then and have hired a few interns along the way.
I took some pay cut to join this startup and i didn't receive any share/ESOPs as well in my offer letter. but whenever i talk to my friends who have worked or are working in these types of companies, ask me to ask for the ESOPs/equity from my founder.
I did talk about equity/ESOPs before accepting my offer letter but that time, they said, you will be issued ESOPs later on when we raise some funding. We will make some ESOPs plan when we raise funding.
I know that our company has only raised friends and family round of amount near to 1cr.
Now I need advice on.. should i bring up this conversation again with the company's founder ? And how much percentage of equity should I be asking..?
given that I am giving my 101% daily and leading the backend team.. although i have industry experience of only 3 years but have good academic achievements and has completed graduation in computer science in tier-1 college.
Why did you take a paycut.
You should definitely ask for esops as soon as possible.
Work hard only when you have skin in the game or very handsome cash component.
If hard work is for learning I would better choose freelancing as side hustle whatever is the monetary benefit
I had some issues with my previous company so I needed to switch somewhere and i thought, startups would be a good place for learning and earning. Although I am learning things but have constant pressure to target deadlines, mentor interns and have the founding mindset. I feel being exploited when I hear my friends say that i should be having some equity or ESOPs if I am giving so much of time to a company.
I am not being paid what a tier-1 college computer science graduate student would get after 3 years of experience. but I believe, i am being paid highest in the company
Don't for a moment think that founder will take care of you. Once he has funding he will offer you 0.01% of the company which is the standard for first 50 hires with constant dilution. Are you willing to take it up?.
given that I am giving my 101% daily
Oh my sweet summer child... You should only give 100% over a week combined!
Ask atleast double of what you've foregone.. get esop letter issued with a vesting condition that xx options are granted and will vest on first funding round by the company... it'll be a win-win for you and the company
Maybe you should have joined me as my founding engineer with 6% equity and salary after 6 months.
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