Dave Morin: Mega-Cap Startups Must Offer Secondaries to Retain Top Talent
Dave Morin · #67: OpenAI Sets a Record and Will Apple Make Its Next Move? · More or Less Podcast · Oct 4, 2024 · at 11:36
Dave Morin discusses employee retention and secondary share sales at OpenAI following the departure of CTO Mira Murati.
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“At some point the scale of the capital stack gets so big that secondary becomes to Sam's point, the only way that people can get the piece that they want. But it also becomes, you know, the gravity for the employee base becomes so strong that you have to start providing it. Otherwise you've got things like, you know, you look at the CTO leaving last week, if I'm the CTO or anyone at the leadership level there and I don't have liquidity and I'm looking over at all of these people that are leaving, raising billion dollar rounds and getting instantly liquid, I'm thinking about leaving too, right? Like that's just the logical thing to do. If that's the incentive. And so you have to actually start incentivize people to stick around.”
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