Investors treated the Slack pivot like buying another lottery ticket
Stewart Butterfield · Slack & Flickr: Stewart Butterfield · Jul 30, 2018 · at 39:42
Slack co-founder Stewart Butterfield explains how their venture investors allowed the team to retain the remaining one-third of their funding to build Slack rather than liquidating.
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“None of them wanted their money back, and not for altruistic reasons, but we had already spent two-thirds of it, so their options were, like, we can get back a third of what we gave you, or they can buy one more lottery ticket and say, keep the money we'll keep our ownership of the company and see what you can do, and that turned out to be, you know, the best decision any of them had ever made in investing.”
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