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    <link>http://persumi.com/u/fredwu/tech/e/blog/t/investor</link>
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    <category>Blog</category>
    <category>Tech</category>
    <pubDate>Sat, 02 May 2026 00:09:02 +0000</pubDate>
    <description/>
    <title>Blog (investor) - Fred Wu&apos;s Tech</title>
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      <pubDate>Wed, 17 Aug 2011 11:55:00 +0000</pubDate>
      <guid>http://persumi.com/u/fredwu/tech/e/blog/p/open-sourcing-a-200-hour-project-the-story-behind-it</guid>
      <comments>http://persumi.com/u/fredwu/tech/e/blog/p/open-sourcing-a-200-hour-project-the-story-behind-it</comments>
      <category>Blog</category>
      <category>Tech</category>
      <author>ifredwu@gmail.com (Fred Wu)</author>
      <description>&lt;![CDATA[&lt;p&gt;
&lt;em&gt;Update: I have blogged about &lt;a href=&quot;/blog/2011-09-02-startup-vc-and-the-things-i-learnt-from/&quot;&gt;the things I have learnt&lt;/a&gt; from this.&lt;/em&gt;&lt;/p&gt;
&lt;p&gt;
Last night, after some long overdue frustration, I have open sourced &lt;a href=&quot;https://github.com/fredwu/angel_nest&quot;&gt;Angel Nest&lt;/a&gt; - an online platform for connecting entrepreneurs and investors, similar to &lt;a href=&quot;http://angel.co/&quot;&gt;AngelList&lt;/a&gt;.&lt;/p&gt;
&lt;p&gt;
Shortly after I open sourced my work, the news &lt;a href=&quot;http://news.ycombinator.com/item?id=2891907&quot;&gt;got picked up by Hacker News&lt;/a&gt; and went onto its front page. (Update: I was just informed that the story &lt;a href=&quot;http://www.reddit.com/r/programming/comments/jkr8r/developer_opensources_200_hr_project_after_client/&quot;&gt;was picked up&lt;/a&gt; by Reddit as well.) The &lt;a href=&quot;https://github.com/fredwu/angel_nest&quot;&gt;Github repository&lt;/a&gt; has since been followed by 250+ people and forked by 60+ times - it became one of the Github’s daily trending repositories.&lt;/p&gt;
&lt;p&gt;
Since then I have received many warm regards from fellow developers and entrepreneurs. Thank you so much guys! I will reply to each one of you as soon as I have a chance. :)&lt;/p&gt;
&lt;p&gt;
From the Hacker News comments as well as some of the comments received privately, there were a few questions raised, and I hope to address some of them in this blog post.&lt;/p&gt;
&lt;h2&gt;
Why didn’t you charge upfront or by milestone?&lt;/h2&gt;
&lt;p&gt;
Well, because it wasn’t a simple freelance or contract job. I was approached and asked to become the then to-be-set-up company’s first employee (yes, an employee, not a technical co-founder). At the time of our work agreement negotiation, the company was still to be formed and the investors were still to be signed on - no term sheets or contracts have been signed by any of the investors.&lt;/p&gt;
&lt;p&gt;
As a result, I agreed to put the invoices on hold for a while (i.e. a couple of weeks, according to him), then I will start invoicing the company fortnightly.&lt;/p&gt;
&lt;p&gt;
Oh, and many of you think I am a freelancer. Well, yes and no, I freelance, but my income is mostly from my full time job (as a web developer, of course). :)&lt;/p&gt;
&lt;h2&gt;
Still, why did you trust him so easily?&lt;/h2&gt;
&lt;p&gt;
Before I agreed to work on the project, I did some background-checking of this so-called entrepreneur - everything seemed legit - he was a developer himself a few years ago; he worked as a VP in a major corporation in the States before committing himself to this project; and from the few Skype conversations we had, he seemed to understand how to keep a developer happy. As a matter of fact, he had stressed many times that he would pay the developers a fair deal in order to keep them happy.&lt;/p&gt;
&lt;h2&gt;
And how could you have agreed to work for him without any contracts?&lt;/h2&gt;
&lt;p&gt;
Being a person with goodwill, I agreed to work for him on this project - essentially as the principal developer. My contribution was supposed to be compensated by a low hourly rate + equity in the company - the figures were agreed both verbally and via written Email.&lt;/p&gt;
&lt;p&gt;
Ordinarily I value equity very little. However, the way he described the investment situation - the company being valued at $2M, with investment from several top VCs and angels in China - got me believed that the company had a very strong lineup of investors and a reasonably large sum of first round investment.&lt;/p&gt;
&lt;p&gt;
To this day I still do not know what the actual investment situation is. It seems to be a sensitive topic whenever I brought it up during our conversations.&lt;/p&gt;
&lt;h2&gt;
Why didn’t you stop working sooner?&lt;/h2&gt;
&lt;p&gt;
I wanted to be professional - I cared more about building an awesome product than receiving a fat cheque (not that the cheque will be fat anyway, given the low hourly rate).&lt;/p&gt;
&lt;p&gt;
He stressed many times that the project is very time sensitive and we needed to launch as soon as possible.&lt;/p&gt;
&lt;p&gt;
And in order to speed up the development progress, I even took two weeks off work (with many unpaid leave days) and worked on this project. Looking back, I lost not only the compensation I am entitled to, but also a fraction of the salary that puts food on my table.&lt;/p&gt;
&lt;h2&gt;
Are you upset?&lt;/h2&gt;
&lt;p&gt;
Actually, not really. As I said before, I care more about building fine products than receiving more money - just the fact that I worked on a real Rails 3.1 project is very fulfilling in itself. And the fact that I received so many warm regards and comments - I am :) rather than :(.&lt;/p&gt;
&lt;p&gt;
As for the non-paying client, well, this isn’t my first time, and I usually just choose to forget about them and move on. I have too many more important things to worry about than chasing after payments.&lt;/p&gt;
&lt;h2&gt;
Can I donate?&lt;/h2&gt;
&lt;p&gt;
I sincerely thank you for your offer, but no I do not need donation.&lt;/p&gt;
&lt;h2&gt;
What about the intellectual property? Any NDA?&lt;/h2&gt;
&lt;p&gt;
We have no contracts or any paper signed whatsoever, despite I requesting them repeatedly - hence why I could release the source code at my will.&lt;/p&gt;
&lt;h2&gt;
Why release the source code in MIT?&lt;/h2&gt;
&lt;p&gt;
Because I am a big fan of total freedom in open source. I &lt;a href=&quot;http://fuckgpl.com/&quot;&gt;do not like&lt;/a&gt; the GPL family of licenses. Having said that, I respect the opinion of other peoples’, so I dual licensed the source code under GPL as well.&lt;/p&gt;
&lt;h2&gt;
But open-sourcing the system gives them access?&lt;/h2&gt;
&lt;p&gt;
They (the entrepreneur himself, and another account who I suspect is the new developer) already have access to the Github repository. Their access was revoked just before I open sourced the work.&lt;/p&gt;
&lt;p&gt;
To be honest, I could not care less what they do with the source code. Just the fact that he chose to shaft me is a strong enough indication that he will not succeed.&lt;/p&gt;
&lt;h2&gt;
Again, why open source now?&lt;/h2&gt;
&lt;p&gt;
I would have waited a little longer if it wasn’t for the fact that his new developers don’t seem to know what they were doing. A while ago I received a bunch of broken test emails sent to my inbox - indicating that he’s already hired someone else to continue the development work. Last night, a bunch of test emails came through again - so that was when I decided enough is enough.&lt;/p&gt;
&lt;h2&gt;
Is it wise for you to do this?&lt;/h2&gt;
&lt;p&gt;
I don’t know, you decide! :) Is gifting the source code to someone who might find it useful a good thing? I sure hope so.&lt;/p&gt;
&lt;h2&gt;
Are you looking for freelance work?&lt;/h2&gt;
&lt;p&gt;
Nope. Not because I just got burned, but because I have &lt;a href=&quot;http://wuit.com/&quot;&gt;my own adventures&lt;/a&gt; to pursue.&lt;/p&gt;
&lt;h2&gt;
What about other work and/or startup opportunities?&lt;/h2&gt;
&lt;p&gt;
You may find out by dropping me a line, all my contact details can be found on this blog. :)&lt;/p&gt;
&lt;h2&gt;
I am interested, but who are you?&lt;/h2&gt;
&lt;p&gt;
Scroll down to the bottom of the page and you will find my bio with a couple of links. :)&lt;/p&gt;
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      <link>http://persumi.com/u/fredwu/tech/e/blog/p/open-sourcing-a-200-hour-project-the-story-behind-it</link>
      <title>Open-sourcing A 200+ Hour Project - The Story Behind It</title>
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