Took an equity position as technical co-founder plus cash incentive and they don’t want to pay now. Contract is a bit of mess on top of it.
I’m owed multiple 6 figures for promised sweat equity, but the company isn’t generating what anyone thought it would. There was never a contingency based on success of the company or revenue generated.
My choices are basically sue, or try to dissolve company and negotiate to keep all rights to all digital assets, trademarks, domain, etc.
I’ve spoken to many lawyers and all have different opinions. I initially thought, hell yes it’s worth it to sue for $250k owed to me. But, it’s really not looking to be a good option after all.
The problem is I have little interest in the industry even if I did retain all IP to myself.
Kind of a conundrum.
Would love to hear some perspectives from others who have faced similar circumstances.
If they don’t have the money, you can’t get blood from a stone.
If the company is going nowhere, the best bet might be to push to sell the IP to a company that can actually use it to make a profit.
In short, you might be looking to get acquired in some M&A. In that case, it’s like selling a house, you want it to look nice, not torn up.
That’s been my goal from the start. To be acquired