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Negotiating Equity Splits at UpDown
Negotiating Equity Splits at UpDown
Historical Timeline
1980
Year Phuc and his parents escaped from Vietnam
1999
Georg worked for Dinom part-time
2001
Lucrative partnership with Nokia rescued Dimon for two years
2003
Nokia had major reorganization and terminated its partnerships
September 2006
Michael met Georg Ludviksson on HBS campus
2007
Michael disillusioned with team's progress
End of 2007
Michael questioned the initial equity split & prepared a revised proposa
Requirements for becoming CTO
Entrepreneurial
BSc or Msc in relevant field
3-year experience
software development experience
Knowledge in AJAX based apps
Experience in investment/industry a plus
Founders
Issues they were to discuss
Phuc salary
allocation of seed equity
incremental changes to founders' equity
Michael Reigh
Georg
Phuc Truong
Warren
Agreement on Company Setup, 2006
Phuc, Michael & Georg are the executive committee of the organization
operative decisions need majority of two-thirds of executive committee
founders work full time
Future to be re-evaluated prior to the end of summer
Frequent meetings for fostering good working relationship
Key persons
Warren Hogath
PhD holder in chemical engineering
Michael Reigh
Phuc Truong
Wellie