We will not let any of our team go as a result of Covid-19.
Dr. Chris Sier
HOW CAN WE MAKE THIS PLEDGE?
We make this pledge as a result of the generosity of each member of the ClearGlass team. Each team member has voluntarily proffered a salary cut in the range of 20-100% from April 2020. This gives us sufficient working capital to extend our runway for many additional months. Such generosity is humbling. It means that we can stick together like the family we are and take the fear of job losses off the table. No-one deserves to live in fear and everyone needs a job. If you lose your job now, who knows when the next job will come along?
In addition to voluntary team salary reductions, we have taken the following steps:
- We have cut all other expenses to nominal figures or zero: we have stopped all marketing, travel, entertainment, business development and office space costs.
- Founders have given up all or nearly all of their salary for the next 3-6 months, effective immediately.
- We have prioritised current clients and in-train deals over business development so we can generate invoices as soon as possible to further shore up our reserves.
- We have assumed in our models that no new clients will emerge over the next 6 months and planned accordingly.
We recommend that all startups take these same actions as soon as possible. Plan to be revenue poor for the next 12 months. Keep your team safe above all.
WHY HAVE WE MADE THIS PLEDGE?
We took these actions for four sets of stakeholders:
- The Team. We have a duty of care to ensure the welfare of all team members
- Our Clients. We want to ensure our delivery is not compromised
- The Market. We see ourselves as a ‘utility’ and of service to all, and the insights we gain on behalf of the market need to be reported
- Potential Investors. To grow we will need funding. Such difficult decisions are an unequivocal signal to potential investors that we are committed to the continued success of ClearGlass.