Startup let go Eng team on 1 day notice
It's gonna be long thread.
I have been working as lead engineer in a early stage startup since last one year.
Founder (20 years exp in Product Management) raised some money from friends & family to start it and but company was running negative from February and he put his money to pay employees salary for March & April and We were hoping for some investment in April but that didn't happen.
During May & June, he was looking for funding more aggressively and even after having a good background in academics & top tech work experience in product management, no investor got convinced to invest in it.
Our salary for March & April was delayed from actual payroll date by 7 days and 21 days respectively and We were expecting our May salary to be delayed by same period and our company was about to complete one year in first week of July so we had some one year benefits associated as well.
But Boom, he invited everyone on call and tells that company will shutting it's operation from next day itself. And he will help us find our new jobs and he doesn't any clarity on pending salary.
Although we knew, our company is not in good shape so salary cut or something might be happening soon but didn't expect this.
Now, we have to find other jobs and also be unemployed while searching for job and also get exploited by other companies because we will be desperate to find jobs to pay our bills.
I think, he did this just before 5-6 days of our one year anniversary just because he doesn't get legally bound to pay our one year benefits.
I for sure, not gonna join any early stage in future who doesn't have enough funding.
Just wanted to put this story out of my mind. Open for any suggestions you have for me
Thank you
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This is the stage even in large companies. Just that there you won't even have this level of transperent context. Count your luck that the founder did not drag this for 3-4 years by selling fake passionate story (I have been there).
Sorry to hear this :/
Bhai jis desh mei Paytm jaisi companies bina severance package ke layoff kar deti hai waha tum kya hi expect karte ho? Indian founders are the most incompetent people out there. Better leave this country if you can else always be prepared for your next lay off.
Stay strong and come out stronger. You’ve probably experienced the worst situation, so it can only get better
Stop working in early stage company.let company hit series b or series c funding till they find right product market fit
I've been in the same situation a few months back, and I was founding engineer in one for the startups got laid off in January also making my 3rd in 2 years
Hey there, thanks for sharing your story with us. I hope and pray that you come out of this phase of life stronger and better.
On a second note, i interviewed for an early stage start up and cleared the first round. I am reconsidering my intent to continue with the selection process.
Ensure that they have enough runway for 1 year.. startups has downsides but have a lot of upside in terms of learning & growth as well.
What made you work here for a year?
Founder was very convincing asking us to do more work during company's bad time instead of moving out of company. And we hoped that things might get wrong but atleast any decision will also be employee favourable.
You're telling about when the turbulent times started. I was actually also interested to understand what kept you going when they were crediting salaries timely. Trying to understand this objectively - Is the founder's strong persuasion skill that convinced you to keep going now feeling manipulative?
It's ok, been there. You'll only come out stronger and resilient 💪
I hope you would have learnt a lot there. If yes in the long run it will surely add value.
Don't worry whatever happens happens for good!
Yeah, that's true. It's that things could have ended a bit smoothly as well :(