Zimaboard Reviews

The Dark Side of Startups How I Was Backstabbed as a Cofounder

In August 2020 Lauren the founder of IceWhale Tech approached me with what seemed like an exciting opportunity Previously I ve been working at DFRobot leading efforts in overseas market expansion and crowdfunding in the LattePanda project with Lauren Lauren believed my experience was critical to the success of their new venture and I was invited to join IceWhale as a cofounder to help establish the company I started working on overseas market development branding and crowdfunding campaigns during my spare time encouraged by Lauren s trust and the promise of a collaborative partnership By May 2021 I had so much faith in this vision that I resigned from my previous job signed a three-year employment contract effective May 10 2021 and became the Chief Marketing Officer CMO From 2021 to 2024 I dedicated myself entirely to managing the company s global marketing and sales strategies As both a shareholder and an executive I worked tirelessly believing that together we were building something meaningful However things began unraveling unexpectedly On December 6 2023 I discovered a stamped procurement contract dated August 14 2023 uploaded into the company s official system Strangely I hadn t been involved in initiating or approving this document nor had procurement ever been part of my responsibilities it was entirely within Lauren s domain as the founder Alarmed by this misuse of my identity I raised concerns about internal management through the company s system To my shock my concerns were perceived as a direct challenge to Lauren s authority and the narrative quickly shifted in their eyes I had committed an act of betrayal This sparked an aggressive series of negotiations where I was pressured during seven separate conversations to transfer 100 of my equity into an ESOP employee stock ownership plan under Lauren s sole control Despite the repeated demands I refused to sign any agreement that felt unfair or coercive Then on January 15 2024 Lauren called an emergency board meeting for January 23 The agenda Alleged operational issues in 2023 During that meeting I was blindsided I was immediately asked to transfer all my equity and completely resign from company operations While I was open to negotiating terms for a fair equity transfer things took a darker turn IceWhale stopped paying my salary and social insurance since December 2023 a move Lauren openly justified as a consequence of my failure to comply with the equity demands This left me in a precarious position unable to secure new employment due to the lack of proper separation documentation unable to access pension insurance or healthcare benefits and struggling to move forward After months of uncertainty an inquiry by the local labor authority on March 26 2024 revealed that Lauren had illegally terminated my employment contract on December 31 2023 without issuing any formal notice or required separation documents I was effectively cut off both professionally and personally without warning This experience was devastating not just financially but emotionally Joining IceWhale Tech as a cofounder started as a leap of faith fueled by trust and ambition It ended with betrayal unpaid wages revoked equity and an unlawful termination of my employment For anyone considering joining a startup particularly as a cofounder I urge you to protect yourself Double-check your employment agreements equity arrangements and your position within the company s operational structure Trust is fundamental but let my story serve as a cautionary tale sometimes it s not enough Allen Shen