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Comments on “Loom”
Posts » Loom » Comments » Comment
Kevin Leneway@kleneway · CTO / Co-Founder, Haiku Deck
While I appreciate the creativity here, I would really be cautious about paying freelancers with equity. This can create a messy cap table that will likely cause problems when you go to raise money.
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alteredorange@alteredorange
@kleneway Yeah it definitely seems like one of those "great in theory, terrible in practice" kind of idea. I think it would better serve as a marketplace to make connections, not necessarily make contracts.
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Andy Nguyen@andynguyen
@alteredorange @kleneway You nailed it. We initially started with the idea of contracts, and quickly realized facilitating the introduction / connection is what people are looking for on Loom.
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Kevin Leneway@kleneway · CTO / Co-Founder, Haiku Deck
@andynguyen That sound you just heard was 1,000 startup lawyers breathing a collective sigh of relief. 😀 Best of luck to you.
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Gabriel Nechita@nechitagabriel · Full-Stack Developer
@kleneway yeah, you're right, another thing to have in mind is that usually when you pay someone with equity you kinda want that person to be involved long term, not just as a contractor. To be honest, I see Loom as a shorter path to finding your CTO or star engineer :P.
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Chase White@chase_white1
@kleneway Hey Kevin, thanks for contributing to the discussion about Loom! While we highly encourage everyone to be thorough and careful about who they let on their cap table, our goal is to facilitate these connections so that entrepreneurs, who might not immediately have the adequate financial resources to build their MVP, have a chance to require a cap ta… See more
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Chase White@chase_white1
@nechitagabriel Thanks for hunting us!
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Kevin Leneway@kleneway · CTO / Co-Founder, Haiku Deck
@chase_white1 Sorry, but I have to disagree here. A service like Andy described where you facilitate co-founder connections sounds wonderful. A company that encourages new startup founders to trade equity for freelance work is, in my opinion, not in the best interest of either party. As my good friend Jay Z once said "I ain't passed the bar but I know a li… See more
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Chase White@chase_white1
@kleneway Haha, while the premise of our company conflicts with your opinion, I still love your comment. The reality is, there are many non-technical founders who want to trade equity to build out their MVP, display traction, then confidently approach the fundraising process. And, frankly, there are many founders who don't have a choice. Our goal is to help … See more
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