I recently got into an accelerator, and was shocked to find out the founder of one of the other teams in my batch used a portion of the money he got to buy himself an Audi. I hope he fails fast.

Was there a stipulation on what you can use the money for? Why don ‘t you out him anonymously? 🙂

Anonymous says:

May 4, 2014 at 9:16 pm

Because it’s none of my business to out him.

Reply
- Anonymous says:
  
  May 5, 2014 at 8:24 pm
  
  Why not? If you’re refusing to name him when you’re anonymous (therefore safe from repercussion), then it’s hypocritical of you to complain and seems you’re condoning his actions. His so-called mentor also stinks for not speaking up.
  
  Reply

Well, if he needs the car to get around for business reasons then it’s not a bad use of the money. Ultimately though, that accelerator money was in exchange for equity in his company, so it’s not like he gets a free car.

Anonymous says:

May 4, 2014 at 3:21 pm

I suppose if you we’re an investor in his company you would be fine with the idea as well.

Reply

Technically, if he bought it as a “company car” it is permissible but a dumb use of early money.

How true is this? Ie did you hear this directly from the founder himself or is it just idle gossip based on the fact that he bought a car (that he’d probably planned for long ago) after starting the program?

Anonymous says:

May 4, 2014 at 9:18 pm

He bragged about his new car for weeks. I then found out (by one of the mentors in the accelerator) that he had paid himself a ‘bonus’ with some of the money he got and purchased the car.

Reply

I don’t believe you.

Anonymous says:

May 4, 2014 at 9:18 pm

You must be the guy who always says ‘I don’t believe you’ in every single confession. You have trust issues pal.

Reply
- Anonymous says:
  
  May 5, 2014 at 4:55 am
  
  I’m the guy who writes these “confessions” and also the “I don’t believe you’s”. I like to troll from both sides of the table, if you catch my drift.
  
  Reply
- Anonymous says:
  
  May 20, 2014 at 12:16 pm
  
  +1
  
  Reply
Anonymous says:

May 5, 2014 at 4:49 am

True, Audis are pricy and accelerators don’t give a lot of money to stretch to even part of the payment portion. I mean, what; OP used $1,000 (out of $20k accelerator money) towards a $50k+ car?

Besides, why can’t OP at least name the accelerator?

Reply
- Anonymous says:
  
  May 5, 2014 at 6:31 pm
  
  OP here, The accelerator is Wayra (it’s present in Latin America and Europe), and each company in my round got 50~150K.
  
  Reply
  - Anonymous says:
    
    May 5, 2014 at 6:59 pm
    
    Which location? I’m guessing in Europe?
    
    Reply

I guess he realized that the Audi, massive depreciation and all, was still a better ‘investment’ than putting towards his own idea. Which I was as self-aware, at least I’d have a nice car right now… haha.

Someone mentioned on Quora that the founder is from one of the LatAm branches of Wayra. Who IS it?

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