Silicon Valley CEO thrown in the cooler for three years, ordered to pay back $1.5m for bullsh*tting investors The CEO of a Silicon Valley startup has been jailed for three years, and fined $1.5m, for defrauding investors in his gift-card app business. Croatian Renato Libric was sentenced [PDF] this month in a California court for what prosecutors called an "elaborate fraud carried out over a period of months." His startup, Bouxtie – …
So he screwed a Venture Capitalist ... That's a first - normally it's the other way around.
When the VC's call you all they want to know is, "Do you have more than $2M income?" otherwise they just fade away ... they call this a "startup" but if you have more than $2M income I think you are way past the startup phase. VC's have zero interest in real startups or "investing" - they just want to tap into your income.
Depends on your addressable market and the firm. They all have different interests and growth stages they like to go in at.
Pre 7 figure revenue, many consider it to be Angel or Seed round and it’s not what they do (or by exception if it looks likely you’re about to blow the doors off a market) VC will want 25% and it’s not worth it to them for small investments
You can do a large seed round where they won’t want that level of income but they’re still going to want to see a stellar team and strong product / market fit demonstrated through numbers
You can have a fantastic business with 5, 10, 20 people and in all truth you’d probably all be happier with your life goals met but in tech vc they want the 100m revenues that need 500 people. That’s a healthy acquisition or IPO candidate and is where they can actually get their money out. If it can get to that it’s a startup, if it isn’t going to then it’s a small business. It’s basically money to scale and carry you through the next 18 months.
Yeah, he thought he was more intelligent than the rest of them.
Well, now he's going to have the time to take a full course in Defrauding Investors 1 0 1, courtesy of the California Justice System.
In ten years, he will claim that he is the brainchild of Icahn, and he'll make a fortune.
Lose a million and your have a problem. Lose a billion and the bank has a problem. Trump's real business skill was the ability to work with one bank to move the problem to the next bank. The last two banks in the chain were Deutsche Bank and Alfa. Now he can sell an end to sanctions he should be back in credit but given his outstanding skill at losing money I will wait for evidence rather than take that on trust.
Anyone coining a name for anything techy in which the spelling doesn't help pronounce the name of whatever it is should get 12 months for a start, double that if you go to court and make the judge say it "wrong".
Yes I'm looking at you, inventors of LaTex. Your time will come.
And anyone starting an argument about "gif" should have to pay Unisys a small stipend every time they say it in whichever daft pronunciation they've come up with, since they invented the algorithm stolen by the opinionated pronouncer hisself to make the format work.
Bah humbug!
Not according to my source.
"Lah Tek".
I would, of course, just call it LAY-tex to annoy the idiots who let the original designers get away with such tomfoolery. You want to create a "funny" sight gag with your naming conventions, you get to live with the fallout.
Only if you allow them to get away with it.
If I'm sitting in the classroom or presentation, it will get called "arzive" - with a sibbilant "z" to make it sound like "arse-ive".
If challenged I'll just point out that it's a "Zylophone" not a "Chilophone" and OPOTUS is a "Zenophobe", not a "Chenophobe", and tell them to get a proper typographer to design them a better logo that lets people say their name the way they want them to.
Bunch of arxoles.
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