How to Get Rich as a Startup Founder (and How Not To)
By @levelsio
Summary
## Key takeaways - **Paper Millionaires Aren't Rich**: A lot of people are millionaires on paper and have zero dollars. Many famous Silicon Valley startup people are absolutely not rich. [00:00], [00:11] - **Active Founders Aren't Rich**: If people disappear then you know they're rich because they don't need to do anything anymore, but if they're still active on Twitter and social media, a lot of them just didn't work out. [00:22], [00:34] - **VC Choices Ruin Wealth**: A lot of people made the wrong choice related to venture capital choices like raising money or being acquired but not actually making money because you get stock and stock is useless. [00:45], [00:57] - **Reject Stock Acquisitions**: One company wanted to acquire Nomad List for eight million dollars in their stock that's unsellable; you can't sell it or get it in your bank, maybe on second market. [01:08], [01:20] - **Don't Raise Money**: You don't need to raise money, you don't need incubator. [01:31], [01:41]
Topics Covered
- Paper Millionaires Stay Active
- Stock Acquisitions Trap Founders
- Skip VC and Raise on Twitch
Full Transcript
yeah it's it's a weird thing like a lot of people are millionaires on paper and have zero dollars oh man yes so many silicon valley yeah man i cannot even name names but um of course i'm not gonna name names
but a lot of people you know that are famous in startups they're absolutely not rich and that's why they're still active
on twitter and on social media and doing stuff because if people disappear then you know they're rich because they don't need to do anything anymore but if they're still built if they're still
actively yeah i mean maybe because they fix fun or they want more money but a lot of people are just not it didn't work out because they made the wrong choice and a lot of that has related to venture capital
choices which is raising money um being acquired but not actually making money on paper because you get stock and stock is useless like people try to
acquire my company so many times with stock that's unsellable so one company wants to acquire me for eight million dollars wanted to acquire nomad list and for
stock in their company but you can't get rid of the stock i was like can i sell it can i get it get it in my bank they're like well not right now maybe on the second market or something like nasdaq whatever second market like not
the public market so so don't trust that man don't trust uh yeah i think yeah you don't need incubator man you have twitch
you don't need you know i mean man just you know i hate all these people projecting but i think i'm just right with this like you don't need to raise money man
no yeah i i don't think you need to
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