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Reflecting on My Failure to Build a Billion-Dollar Company

(medium.com)
2101 points jamesjyu | 2 comments | 07 Feb 19 15:28 UTC | HN request time: 0s | source
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sahillavingia ◴[07 Feb 19 16:33 UTC] No.19106256[source]▶
Hey, #1 on Hacker News! I don't think that's happened since...I launched Gumroad back in 2011:

https://news.ycombinator.com/item?id=2406614

Thanks HN for being a part of my journey!

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rsp1984 ◴[07 Feb 19 17:53 UTC] No.19106893[source]▶
Hello Sahil, thanks so much for sharing this. I know it helps a lot of founders out there.

One question: You mentioned that you raised ~$8m from investors, but that your liq. preferences used to be $16.5m. Was there a 2x preference in the Series A term sheet?

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sahillavingia ◴[07 Feb 19 18:04 UTC] No.19106986[source]▶
$1.1M @ 1X

$7M @ 1X

$2.25M (the bridge I mention) @ 4X

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1. rsp1984 ◴[07 Feb 19 19:13 UTC] No.19107581[source]▶
I don't see the bridge mentioned. But thanks a lot for clearing that up. There's so little data out there on companies' term sheets so it's always good to get a dose of real world.
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2. sahillavingia ◴[07 Feb 19 19:28 UTC] No.19107729[source]▶
Oops, I think I nixed that to use in a future article purely on raising money. My bad!