I’m currently working on my MVP with my other co-founders and the assumption is that I would quite my job once we receive our seed round. I’m not sure what the salary amount would be in respective of our burn and even reaching a series A.
My current role is senior eng making low 6 figures given the state of the market.
Our assumption is our seed would be around 3~5 mill and I would be taking the CTO role.
I’m trying to figure out what would be the appropriate salary and the opportunity cost of quitting my full time job?
Depends on how much you raise and what your cost of living is. There is this myth (?) that as a founder you should be constantly starving and living in a 20 person apartment. In reality, you should pay yourself the minimum amount of money that allows you to not stress about personal finances so that you can allocate all that stress to your startup. As long as you’re frugal and genuinely care about your startup’s long-term success, you should be fine.
Don’t count your chickens before they hatch. Worry about raising first then worry about salary.
Can you please give an example with some numbers. E.g., for a 12 Million USD funding, what will be the annual and monthly compensation come down to!