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? 🙂

      • 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.

  • 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.

  • 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?

    • 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.

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

    • 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?

  • 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.

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