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Ask HN: What Should I Do?

by kacovvv on 3/19/23, 4:54 PM with 8 comments

I have been working in a 2-year-old SaaS startup related to smart water management for 1 year.

Now, at this startup, where I have been working since June 2022, I have not been paid in any way. Instead, they would give me an equity in June 2023.

We expected to receive investment until December, but that did not happen. As devs, we have constantly pivoted the product. We have constantly replaced the technologies with better ones.

Why did we do these? Because companies wanted demos. Instead, I think we could have shown a Figma drawing and presentation until the sale took place.

After struggling for so long, there really is a sale this month. Now they say I have to work harder. I'm tired of working for nothing for a year.

Yes, they told me they would give me an equity in 2023 June, at the end of the first year after joining.

They call the company valuation $2.5m. How can a company with a turnover of $0. have a valuation of $2.5m?

I noticed this now. We are in a 3rd world country, so according to this, the equity they gave was enough, but I realized later.

From here, what would you recommend I do?

I'd appreciate it if anyone with experience could give advice.

  • by jstx1 on 3/19/23, 5:16 PM

    > Now, at this startup, where I have been working since June 2022, I have not been paid in any way

    This isn’t normal, you should have stopped working there after the first month of not being paid. So stop now.

    I don’t know which country you’re in but don’t you have a contract which stipulates your salary and aren’t there any legal protections against not being paid?

  • by sarcasmatwork on 3/19/23, 5:27 PM

    >I have not been paid in any way. Instead, they would give me an equity in June 2023.

    Is that in writing? Signed any contracts, operating agreements etc?

    >expected to receive investment until December, but that did not happen.

    Do you know why? Do you have a working MVP?

    > They call the company valuation $2.5m. How can a company with a turnover of $0. have a valuation of $2.5m?

    Exactly, another red flag. https://www.investopedia.com/terms/b/business-valuation.asp

    If you have skills, and have nothing in contract to keep you there, walk away, find a new job that pays etc. Good luck.

  • by gregjor on 3/19/23, 4:59 PM

    Find another job. Don’t work for free.

  • by throwawaysalome on 3/19/23, 5:31 PM

    I'm tired of working for nothing for a year.

    That was your first mistake.