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I was offered $100,000 for 1% of my company... should I take it?

2021-05-07 · 23:30 UTC ·Sigil Wen ·1 min read

Brief

Sigil Wen's vlog-style update explains that Dharmesh offered $100,000 for 1% of his startup BitSwap, valuing it at $10M. He reports BitSwap is a 10-person team paid in Ethereum, has been admitted to UPenn’s Management & Technology program but may take a gap year, and plans to incorporate, open banking, and relocate to downtown Toronto with cofounders Aryan and Alex.

Why it matters

Dharmesh (founder of HubSpot) offered Sigil Wen $100,000 for 1% of BitSwap, implying a $10 million valuation (video published 2021-05-07).

Key details

  • BitSwap is a 10-person startup funded out of Sigil's own Ethereum; Sigil was admitted to UPenn's Management & Technology program but is seriously considering a gap year to scale BitSwap and move to downtown Toronto with cofounders Aryan and Alex.
  • Next steps Sigil cites: incorporate the company, open a bank account, and potentially raise a seed round after the unsolicited $100k offer.
Source evidence

From simply creating a post asking for advice on the Thiel Fellowship (https://www.thielfellowship.org/), Dharmesh (https://twitter.com/dharmesh), the founder of HubSpot, offered me $100,000 for 1% of BitSwap 🤯 http://bitswap.network/. Wow. That puts BitSwap at a $10 million valuation. Though I have a lot to consider if we begin to raise a seed round like incorporating the company and getting a bank account.

I recently got into the Management & Technology program at the University of Pennsylvania (dual degree in Wharton x Eng) though heavily considering taking a gap year to build out BitSwap, which is currently a 10 person company that I'm paying out of pocket in ethereum.

Honestly, I think this is the right way to go. Planning to move into a place in DT Toronto with my cofounders Aryan & Alex. Worst case scenario I go back to Penn :) Yeet let's get this bread.

Essay on maximizing serendipity: https://perell.com/essay/serendipity/

Original Post: https://bitclout.com/posts/5361b6ea54e778c6d6b2c4a8f7b00da8dd7eb287ecb7138807e4d64a3dcaa966

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serendipity #thielfellowship #bitswap

Channel: Sigil Wen
Published: 2021-05-07
Video URL: https://www.youtube.com/watch?v=TnnDIcFdT6Y