I’ve always wanted to live in Silicon Valley. I grew up in India, in Bangalore, and we were always proud of the fact that we were the “Silicon Valley of India“. When I was young, I never really understood what that meant, but I knew it was something cool. My dad was also in the tech industry (embedded systems and avionics mostly) and so I grew up in a home full of conversations about science, engineering, and math. Still, Silicon Valley always seemed a world away, and I was happy just living in the Indian version of it.
Before working at my first startup here in the valley, I always regarded startups with some awe… I admired the innovation, the drive, the speed, and the fact that people took the risk and plunged in. And since we mostly only read about the successes, it was all very exciting. I was eager for my own adventure for as long as I can remember… Of course, within a few months of living and working here, I realized that my ideas were incomplete. There was still all the glitzy sexiness, but there was also the other 95% of the story – where startups fail for all manner of reasons. A lot of the times, the reason is plain poor execution.
But the biggest lesson of all was that it takes persistence to succeed. That there are no overnight successes, and the ones you hear about take years in the making. That the number one reason a startup fails is that the founders give up (the number two reason is that they run out of money, and then give up). The fact that most successes take a long time makes sense to me now – anything of value takes time to figure out, and anything truly ambitious needs multiple rounds of failures to learn from.
When we started Zolo Labs, we knew we wanted to build something valuable. Not just monetarily, but also something that moved the state of the art forward – if not for the world at large, at least in the space of productivity and business applications. We’re building software to support the future of work – that’s a grand thing to say, even if it is unclear what it might actually mean :-) But seriously, we do have a rather grand vision, and we’re fully aware that to realize even a portion of it, it’s going to take a fair bit of time. We’re believers in the lean way of doing things, so hopefully we’ll learn, iterate, and build our way towards our goals.
Who knows what meandering paths we’ll take on this journey, but we want to give ourselves time to get there. We’ve structured our own vesting accordingly – both Siva and I have set up our founder stock to vest over 6 years (instead of the standard 4), and have a 2 year cliff (instead of the standard 1 year). We believe we’re in it for the long haul, and want to put our (potential) money where our mouth is. This is unusual – almost no one I know is doing this – but there is at least one precedent that we know if, over at AngelList.
We’re also going to want to fill our company with folks that believe in our vision and want to help us make it happen for its own sake. We’re thinking hard about how we’re going to structure our ESOPs and think it’s likely to look very similar to our own. Obviously, we’ll happily give out more equity in the process, and pay people enough cash so they can work with us (rather than pay people to work with us).
Since this is our first go as founders, I figured we’d share our thoughts as we build out the company, and this is part of that series. Please drop us a note if you know others who’re using non-standard vesting plans, would love to hear about them.
P. S. We’re still pre-funded, so we’re not hiring yet, but we’re receiving inquiries about internships and the like – so if you’re interested in helping the cause while working on Clojure, Datomic, and Storm, drop us a line at @amitrathore or @sivajag!