If you built a startup and have sold it, how has life been after that? Did you start another or have you retired? Do you like it now or would you prefer the pre-acquisition life of yours?
It would be hilarious if this comment gets upvoted while my parent comment gets downvoted :)
2) Acquisition: Stayed with the company for a year until they changed their minds and discarded what we had built, (this was the dotcom era, but we weren't a dotcom). I put the money in the bank.
3) Acquisition: Again, after I left for my next startup. Money went to the bank.
4) Acquisition: Stayed around for 3+ years until the PHBs took over cmopletely. Went to another startup. Put the money in the bank.
I've been amazingly lucky with my startups. Financially, each one made my life more comfortable, built a nest egg, helped pay for my kids' education. I keep saying "this is my last startup", but I keep going back. I am now in a position that I could "retire", but I'm at startup #5. This is my last one, this time for sure. If/when I do retire, I'll still be hacking interesting software, even if it's not for a company.
I once fancied the idea of becoming an angel investor (and have made a few very small investments), but then I spoke to a colleague about that path, and he gave me the harsh reality of it. That doesn't mean I still don't fantasize about it, but I know it's a very different skill set than I already have.
I bought some toys, but mostly a comfy life and peace of mind.
I guess not much :)
One thing selling did is give me a degree of financial freedom I didn't have before which is a big change. For example, my current startup (Keepskor, currently is stealth mode) is currently completely self-funded and will remain so until we open our doors publicly. I wouldn't be able to do that if I hadn't sold other companies before.
I have seen many people strive for the money and make it but then blow through the money quickly and be basically in the same position as the one they started in.
Don't do a startup for the money because if that's your main motivator, it likely won't work out. To anyone who doesn't have the kind of mental illness required to put themselves through life in a startup (anyone who wishes for long hours, continuous stress, a feeling that how much you do is not enough even when you win is probably some form of mental illness but I figured it's easier not to worry about it as I can't change it) probably shouldn't.
That said, if you have an idea that keeps you at night, or a problem that annoys you so much that fixing it is easier than letting it continue annoying you, then go ahead. I am the kind of person that sees something not working and think "I can fix that" which, for some problems, eventually moves to "I HAVE to fix that"... and all my startup entrepreneur friends have the same kind of feeling.
... but yeah, the financial freedom makes things easier. Wealth, however, didn't at first. A lot of money at a young age was really tough to manage. IF you happen to get the lucky gold ticket, don't touch the money for about a year. Just see what MODEST improvements you want to make to your life instead of going out and blowing the money. That way, the money will last longer and ensure that you can live worry free and build the next great startup.
I then did the Wall Street thing for a while, building cool payment stuff for banks and big tech companies.
Last year, I started working on the outline of Keepskor (not fully revealing what it's about except for broad stuff like the fact that it will be in the general space of social, mobile, and include things like localization :) ). Earlier this year, I left the cushy Wall St. job (I felt I was getting overly fat and happy) to focus on this full-time. The core ideas sketched out for Keepskor are still there but the way in which we're interpreting them have radically changed. We've done some market research to validate the core concepts, built a prototype, crashed and burned it, rearchitected and reengineered and are now getting closer to what I consider a solid alpha.
I work to:
- make an impact in other people's lives.
- earn respect and recognition.
- do something interesting and challenging.
- learn new skills (I never want to stop learning).
I "could stop anytime I wanted to" but I never do. I don't want to.
This.
I actually took off but I only lasted 3 months before I was trying out things that turned into my new startup. I'm a failure at lying down with a pina colada on a beach... it drove me up a friggen wall to be honest.
I haven't started any startups (want to so badly) but this line here resonates a lot with me :)
And having done a few startups, I also had the confidence to not need anyone else to tell me it was a good idea. I just needed to build something customers would pay for. Those can be two very different things.
I fall into the same category, except that I didn't bother with fundraising at all.
I knew that not having investors would be a simplification of the business, but I didn't appreciate just how much time it would save.
went traveling
did massage school
set up a big art space in LA
tried to set up a media incubator in LA
made some large burningman structures
moved to india
worked in a startup as a coder again
did another incubator
set up another art space
...
I find that not being 'hungry' has reduced my tolerance for spending time on activities which don't seem important. This can make me an awkward partner in some situations because the pursuit of money is a very good unifier.
Getting clarity on what I feel is important has been a much longer and more rewarding process than I expected.
As a coder, it landed me my dream job :)
Though mine was a relatively small exit in comparison to some of these 9 and ten figure behemoths you hear about.
I thought I would not work for 3 or 4 years, that did not even last three or four months. But I still made time for fun in there too.
I was barely old enough to drink so I spent some time (and money) doing some stupid things (bought a bar once while I was hammered). Then I spent some time helping my dad's company get off the ground and primed for acquisition and now I am on to my 3rd startup.
Life only changed for me in the sense that I have less to worry about. As a whole I am still the same person and I still live basically the same.
I don't live a lavish lifestyle and I budget and save money like everyone else. I own a modest home and I drive a car which in not special (3 series).
I hope that I'll keep working until I am no longer physically capable but the most important thing to me at this point is being happy with what I am doing and spending time with my family and friends.
