Unless it’s a hostile situation (as might happen with public cos/activist investors), I don’t think it’s actually that costly. At seed stage, it’s just kind of normal to give board seats to major “investors”, and you want to have a good relationship with both your major investors and your board.
The attitude Sam had at the time was less “please make this grant so that we don’t have to take a bad deal somewhere else, and we’re willing to ‘sell’ you a board seat to close the deal” and more “hey would you like to join in on this? we’d love to have you. no worries if not.”
Thanks for this context. Is it reasonable to infer that you think that OpenAI would’ve got a roughly-equally-desirable investment if OP had not invested? (Such that the OP investment had basically no effect on acceleration?)
Unless it’s a hostile situation (as might happen with public cos/activist investors), I don’t think it’s actually that costly. At seed stage, it’s just kind of normal to give board seats to major “investors”, and you want to have a good relationship with both your major investors and your board.
The attitude Sam had at the time was less “please make this grant so that we don’t have to take a bad deal somewhere else, and we’re willing to ‘sell’ you a board seat to close the deal” and more “hey would you like to join in on this? we’d love to have you. no worries if not.”
Thanks for this context. Is it reasonable to infer that you think that OpenAI would’ve got a roughly-equally-desirable investment if OP had not invested? (Such that the OP investment had basically no effect on acceleration?)
Yes that’s my position. My hope is we actually slowed acceleration by participating but I’m quite skeptical of the view that we added to it.
Thanks! I found this context useful.