Self appointed CFO turned COO asking for more equity.

My co-founder is a finance person and an old friend who was appointed as a CFO of my startup. I am a founder who bootstrapped the MVP and acting CTO while we look for our tech co-founder. The CFO’s job is to look for investment, which is pending on our MVP, which has yet to be released (I outsourced to programmers overseas).

In the meantime, this CFO of mine has been talking about learning how to program when his/her job is to really go look for seed investment. Instead, he/she went to learn how to code (starting at Java, really) and got excited and seeking to double up as a COO and demanding for 50% of the equity after I asked for some funding since I’m running out of funds. So far he/she has not put a dime on this startup, but yet has the audacity to ask for more and more.

Should I cut him/her out and start looking for new co-founder who are more capable and realistic about building a company than the perceived limelight?

  • That’s the problem with not so clearly defined roles and wearing multiple hats in a startup 😉

    Why do you need a cfo to begin with in a startup? And it is collectively you both need to raise money. Perhaps cfo was meant to do 5 yr Proforma?

    Try to get first customers or early adopters and things will be easy.

    Focus on customers than funding.

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