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Gives me serious doubts about company's liquidity if they have to wait for a funding in order to solidify your offer. I would totally move on, it smells fishy to me, to be honest.
Yeah OP you don't want to step into a job that reveals something like "waiting on funding". It kind of gives that unstable type of vibe and I would look into other opportunities.
I am currently employed and have a pretty good position.
A few months back, a recruiter contacted me from LinkedIn to inquire if I was interested in a new position at a start-up. I looked at the web page of the start-up and it turns out that I know some of the people there, from a previous company. I did not know them well, but do know them.
I interviewed and the CEO put me on his short list. A few weeks later, the CEO wanted me to interview with his team. I did and passed. About two weeks go by and they inform me that they have hired a new VP and that I would need to meet with him. Again, I clear the interview and the VP (who will be my new direct manager, if I am hired) tells me that "he will bring me onboard" and also sends me an email confirming his decision.
Another week goes by and I receive a call from their HR, informing me that "they are waiting to receive their funding" before they can confirm an offer to me. HR continues to call every week to keep me updated on their status and they apologize for the delay. Four weeks have now gone by and it's the same story -their funding has not closed.
Do you think they are stringing me along? I want to join the company, but in the interim, other recruiters have also called with other potential jobs.
What would you do?
Common practice these days.
Hiring makes many people in the organization very uncomfortable. Some even suffer from nausea. Nobody wants to be responsible and everyone who can mount obstacles, will. There is always the possibility they extended an offer to another candidate and these negotiations take time. But chances are they really have no funding. As someone who worked for several start-ups, I know they are shooting high. There are people whose imagination takes them far, but their feet aren't on solid ground.
But not everyone faces these difficulties. Top executives like presidents, CEOs, VPs, for example. There aren't many people in the organization that can evaluate and interview them and the process is often smoother than with lower rank employees.
In the meantime there is not much you can do. Just go on with your life and if there is another opportunity, go for it.
I would think long and hard, even if this a six figure job the fact that they had to wait on funding would make me very nervous.
Sounds like you could show up for work one morning and the door is locked.
No that is not the right answer. The right question is how much money dud they get and how long do they think it will last.
I worked at a startup that got enough finding for roughly 18 months. After about a year it was clear that it was a critical juncture for the company as money was about to run out.
I worked at another where the cash in the bank was enough for 5 years. It wasn't very worrisome.
Find out the the current expenses, and the amount of funding. If they don't want to tell you expense just use $200k per employee per year for a software company. It is not perfect, but it is close enough for back of the envelope calculations. Make sure the money gives you about 2 years of time to work there and take the chance while you can. Startups are great learning environments for all roles.
No that is not the right answer. The right question is how much money dud they get and how long do they think it will last.
I worked at a startup that got enough finding for roughly 18 months. After about a year it was clear that it was a critical juncture for the company as money was about to run out.
I worked at another where the cash in the bank was enough for 5 years. It wasn't very worrisome.
Find out the the current expenses, and the amount of funding. If they don't want to tell you expense just use $200k per employee per year for a software company. It is not perfect, but it is close enough for back of the envelope calculations. Make sure the money gives you about 2 years of time to work there and take the chance while you can. Startups are great learning environments for all roles.
Well that all depends if you can actually get an honest answer or an answer at all.
Sorry, if they're that tight on funding and you currently have a job, I would be concerned about how long the position would last, sometimes not making a move is the best plan.
It is a start-up, so it will be a more risky environment than where I am working now. But, the technology has a lot of potential, and the company has already signed up some marquee customers.
It is a start-up, so it will be a more risky environment than where I am working now. But, the technology has a lot of potential, and the company has already signed up some marquee customers.
Then it is a pretty good bet. You don't need a startup job to last forever to be a useful experience. Unless the company is run by weirdos, they should give you a ballpark number on how much they raised. You can do your own math. Not all places are equally forthcoming about the burn rate, but the good ones are. It is a red flag if they don't tell you the amount of money raised.
Then it is a pretty good bet. You don't need a startup job to last forever to be a useful experience. Unless the company is run by weirdos, they should give you a ballpark number on how much they raised. You can do your own math. Not all places are equally forthcoming about the burn rate, but the good ones are. It is a red flag if they don't tell you the amount of money raised.
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