Gurley says Wall Street's anti-loyalty mentality focused on cash over equity hurts New York startups.
“And I consider that a very anti loyal mentality. People just trade firms constantly and they're really into cash comp and they don't think about equity.”
Gurley says Wall Street's anti-loyal mentality focused on cash over equity hurts startup culture in New York.
“I formerly worked on Wall Street years ago and I think the Wall Street mentality is still prevalent in different places. And I consider that a very anti loyal mentality.”
Gurley warns founder equity drops from 90% to 10% while market prefers $20-100M exits over billion dollar outcomes.
“And very quickly, almost in a flash before you know it, your founder's equity goes from 90% to 10%. And I've watched it happen over and over and again.”