Today we’re speaking with young entrepreneur Darren Herman of in-game advertising company, IGA Worldwide.
We discussed topics such as:
- Using college as one of your most powerful resources as an entrepreneur
- Battling your fears now, not later
- Stop making excuses for why you haven’t started your business
- Being a young entrepreneur in NYC
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i’ve always wondered, when these entrepreneurs get VC backing, say for example, 20M…
what percent, or amount, of that is actually there’s in the now now, for keeps – regardless?
versus being contingent on their co.s growth performance?
most of the young entrepreneurs that I know who have raised millions of VC still own, on avg, around 30 percent of the company — give or take.
lol, so to answer my question – basically you become an instant millionaire overnight, so to speak…if you raise that much money from VC’s…regardless of where the company heads from that point onward
or atleast, on “paper” you’re a millionaire – correct? you have to actually grow the co. into a real something before you can actually experience the fruits of your labor, the fruits of that 30% equity stake…
Thanks Darren, glad to have you on MP Radio!! The interview was great
Very nice. Wow, that guy seems like he is years ahead of his time. Nice interview David!
lawrence: I really don’t think it’s as simple as that. Taking on VC money doesn’t make you an instant millionaire — there are plenty of obligations that need to be met and targets to hit — most of which is long before you reap any sort of huge financial gains. I’m sure it different with every situation / how much equity you give up / how much of that equity you liquefy to bank. For instance, I know a young entrepreneur who plans to liquefy about a percent of his company this summer just so he can bank around 500,000 for security — this is a company that got a few million in VC.