By Larry Chiang
David and Goliath [{and Startups}]
Cross the Chasm [{from the Right}]
Book-I-Read [{ insert my extra content}]
Harvard loves this because all y’all need this info N-O-W. I cannot wait for the sequel(s). Harvard punked with me on the article, “Fifth Epiphany”. It’s the sequel to no less than five MBA seminal tomes. https://bit.ly/vc0311b
You see, I talk to everyone, read tons of blogs, sit on boards, execute and practice entrepreneurship, and motivationally listen.
Here is my latest…
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Larry Chiang (@LarryChiang) |
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#chap22.
The Bust Chapter What board to bring on when the front running douchebags leave your sinking ship pic.twitter.com/7IczEUYN5f |
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-Chap 22 (a)- Checks and Balances.
The three branches of gov’t all check each other. Who checks your board?
-Chap 22 (b)- “Startups Dont Build Character, They Reveal It”
I heard a guardsmen, Damon Bruce, say this. I remembered it because it’s true.
99% of the book “Startup Boards” is about the upside, upswing. The lightest coverage is given to BK. The ABC maneuver gets one paragraph.
Bk = bankruptcy
ABC = Assignment for Benefit of Creditors.
So what I’m saying is: “Boards behave poorly during the bust phase”
Mark Suster pleads with his VC consiglieres to “do no harm”.
-Chap 22 (c)- Study A.B.C.
Google Marty Pichison
Google ABC
Read how Keith Teare bought his tech assets out of BK.
Read Ben Horowitz “Hard Part About the Hard Part”
Read notes from Cassie Philips FAIL CON Conference
-Chap 22 (d)- Jab Step Towards a BK.
Paul Graham said, “A startup only fails after the founders give up.” I have never heard of creditors forcing a YC company into BK. It’s usually the founders pretend they never started the startup and then try to SEO their name off any association with said failed startup.
So jab step towards a BK.
But, you yourself and at least one board member* have gotta re start
You do not actually go into bk.
-Chap 22 (e)- Sell the Puppy.
Your startup was a puppy filled with potential like all the kids Bing Nursery School are Stanford bound (plot spoiler, only 1 in 30 will).
VCs like whales. Their portfolio requires those whales. VCs want their first round draft picks to do well. So when you fail…
Write your oh-so-sexy Startup Postmortem but for goodness sakes keep your
– FTP login.
– twitter/fB/YouTube login.
– AWS login but use the mirror site as your new primary.
– head. Keep your head.
– legal. Recapitalize later when you’re outta the woods
Remember, there are more UDFA’s in the Hall of Fame than there are first round picks. Undrafted Free Agents know the road is rough
This is a sequel to the the 19 chapters of Startup Boards. You should get it!
My chapter 20 {#Chap20} is on my twitter feed user #Chap20.
Chapter 21 is “Blackjack. How VCs Beat Your Blackjack” #Chap21
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