Co-founder doesn't produce work, is unrealiable and doesn't want to leave
I'm the founder of a startup. I patented the technology 4 years ago, it was valuated over $1million, and secured pre-seed investment of $250,000. I currently own 25%, our investor owns 70% and the co-founder CTO owns 5%. During our first year, we paid our CTO $84,000 and we spent the rest of the money trying to develop hardware and software. There was a period of time when our CTO was unreliable, wouldn't answer and I still paid him $6,000 because I trusted him. During that year he didn't produce a working software app, in our second year he still didn't produce an app we could show to our investor. Another year later, we produced few hardware prototype units, that are bugged, but can be worked with a little. He still hasn't been reliable, so we removed him from being a board member. Several months later, when we all decided together he will keep working as a CTO, he received hardware devices, said he will get to work, and 6 months later we still don't have any work from him. Instead he is toxic, blames everyone, says he put a lot of work into this (though nothing we can use), and will not walk away and is saying we can buy him out. We have $0 in our bank currently and having him in the company is just toxic at this point creating terrible mood with me and our investor. What are our options of removing him and making our product? We still need to spend again over at least $100,000 to build the product. Me and our investor are on great terms, but he won't to put in more money when our CTO is involved. Can we dissolve the company since it has no money anymore and start a new one without him using our current assets? 13 comments on Hacker News.
I'm the founder of a startup. I patented the technology 4 years ago, it was valuated over $1million, and secured pre-seed investment of $250,000. I currently own 25%, our investor owns 70% and the co-founder CTO owns 5%. During our first year, we paid our CTO $84,000 and we spent the rest of the money trying to develop hardware and software. There was a period of time when our CTO was unreliable, wouldn't answer and I still paid him $6,000 because I trusted him. During that year he didn't produce a working software app, in our second year he still didn't produce an app we could show to our investor. Another year later, we produced few hardware prototype units, that are bugged, but can be worked with a little. He still hasn't been reliable, so we removed him from being a board member. Several months later, when we all decided together he will keep working as a CTO, he received hardware devices, said he will get to work, and 6 months later we still don't have any work from him. Instead he is toxic, blames everyone, says he put a lot of work into this (though nothing we can use), and will not walk away and is saying we can buy him out. We have $0 in our bank currently and having him in the company is just toxic at this point creating terrible mood with me and our investor. What are our options of removing him and making our product? We still need to spend again over at least $100,000 to build the product. Me and our investor are on great terms, but he won't to put in more money when our CTO is involved. Can we dissolve the company since it has no money anymore and start a new one without him using our current assets?
I'm the founder of a startup. I patented the technology 4 years ago, it was valuated over $1million, and secured pre-seed investment of $250,000. I currently own 25%, our investor owns 70% and the co-founder CTO owns 5%. During our first year, we paid our CTO $84,000 and we spent the rest of the money trying to develop hardware and software. There was a period of time when our CTO was unreliable, wouldn't answer and I still paid him $6,000 because I trusted him. During that year he didn't produce a working software app, in our second year he still didn't produce an app we could show to our investor. Another year later, we produced few hardware prototype units, that are bugged, but can be worked with a little. He still hasn't been reliable, so we removed him from being a board member. Several months later, when we all decided together he will keep working as a CTO, he received hardware devices, said he will get to work, and 6 months later we still don't have any work from him. Instead he is toxic, blames everyone, says he put a lot of work into this (though nothing we can use), and will not walk away and is saying we can buy him out. We have $0 in our bank currently and having him in the company is just toxic at this point creating terrible mood with me and our investor. What are our options of removing him and making our product? We still need to spend again over at least $100,000 to build the product. Me and our investor are on great terms, but he won't to put in more money when our CTO is involved. Can we dissolve the company since it has no money anymore and start a new one without him using our current assets? 13 comments on Hacker News.
I'm the founder of a startup. I patented the technology 4 years ago, it was valuated over $1million, and secured pre-seed investment of $250,000. I currently own 25%, our investor owns 70% and the co-founder CTO owns 5%. During our first year, we paid our CTO $84,000 and we spent the rest of the money trying to develop hardware and software. There was a period of time when our CTO was unreliable, wouldn't answer and I still paid him $6,000 because I trusted him. During that year he didn't produce a working software app, in our second year he still didn't produce an app we could show to our investor. Another year later, we produced few hardware prototype units, that are bugged, but can be worked with a little. He still hasn't been reliable, so we removed him from being a board member. Several months later, when we all decided together he will keep working as a CTO, he received hardware devices, said he will get to work, and 6 months later we still don't have any work from him. Instead he is toxic, blames everyone, says he put a lot of work into this (though nothing we can use), and will not walk away and is saying we can buy him out. We have $0 in our bank currently and having him in the company is just toxic at this point creating terrible mood with me and our investor. What are our options of removing him and making our product? We still need to spend again over at least $100,000 to build the product. Me and our investor are on great terms, but he won't to put in more money when our CTO is involved. Can we dissolve the company since it has no money anymore and start a new one without him using our current assets?
Hacker News story: Co-founder doesn't produce work, is unrealiable and doesn't want to leave
![Hacker News story: Co-founder doesn't produce work, is unrealiable and doesn't want to leave]()
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May 14, 2024
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