He Wanted a Unicorn. He Got ... a Sustainable Business | WIRED
Klimt Finlay wrote:
His investors told him he should simply shutter the company. “They said ‘your time is worth more than this, shut it down, start again, we’ll give you more money to do that,'” Lavingia tells WIRED.
But, Lavingia says, he felt a responsibility to the sellers on Gumroad. “We were processing $2.5 million every month,” he says. “Creators relied on that for rent,
This is everything wrong with startup and VC culture. A business that at the time was processing over $2.5million a month is deemed worthless in Silicone valley because it isn’t growing 20%, or being floated for $1billion.
I yearn for the day we stop valuing companies on how much money they can borrow or how many users they can grow, and start looking at the viability of the product and the profit it makes – you know, like a real business.