The Startup Lottery: Acknowledging those who helped me get here

Acknowledgments (from The Startup Lottery - due out on Amazon 11/15/2023)

In early September 2021, looking out over the water from the deck of the beautiful Nags Head, North Carolina home of Leslie Miles and Jayson Schwam , I was reflecting on my eight-year run at Fugue. With the company’s sale looming, the stark imbalance between the prospective payouts to the investors and to the employees came into sharp focus. As my wife, our friends, and I discussed how to level the playing field, I became convinced of the need to educate and empower startup employees by sharing the realities of the startup game. Inspired, I drafted the table of contents for this book.

My startup odyssey started in the summer of 1991 when my friend and co-worker Neal Simon introduced me to his uncle, the late Mel Chasen, founder of Transmedia Networks, Inc. (now Rewards Network ). Mel’s faith and support enabled me to follow my budding entrepreneurial dream. My friend Tom Gorman joined me, giving me the confidence to leave my job and start my first company. Numerous friends and family, including my wife’s brother and sister-in-law, agreed to invest, and with the help of a small but mighty team anchored by Frank Rothgeb , the company flourished. Having left my conventional career behind, I never looked back.

Being an entrepreneur can be daunting and lonely at times. The Washington-area tech and angel community has been a constant source of energy, education, and support. I cannot quantify the value I took from countless pitch sessions and networking events run by organizations such as the University of Maryland’s Dingman Center for Entrepreneurship , John May and Cal Simmons ' Washington Dinner Club, and Tien Wong 's The Big Idea CONNECTpreneur Community . I am indebted to the friends, mentors, and investors who provided wise counsel over the years, including Neal Simon , Peter Jaffe , Mark Joseph , Todd Klein , Ron Kaiser , Randy Domolky , and Jonathan Silver , the first VC whose fund we invested in.

For nearly nine years, I shared a mission and (until the pandemic) offices with a talented group of colleagues at Fugue. Special thanks to Josha Stella for trusting me to join him on Fugue’s excellent adventure. Tim Webb , my partner in crime at Fugue, validated that Josh was on to something really important. Andrew Wright , Fugue’s co-founder, for all those late-afternoon, far-ranging conversations. My sincere appreciation also goes out to Phillip Merrick , from whom I learned more than I could have imagined. To my colleagues on the finance team, Mary Christine, CPA and Jennifer Damiani , without whom I couldn’t have done my job.

Thank you to Thomas J. Knox and Dan Kahan of King & Spalding for helping me and Fugue navigate many thorny issues. And, thanks to the late Harry Weller of New Enterprise Associates (NEA), whose enthusiasm for Josh’s vision was irrepressible. Harry’s death in late 2016 shook the company and the entire DC-area tech community.

Writing a book is its own form of startup. You have an idea. You build a prototype. You test and iterate until it’s ready to launch. I appreciate the early readers and thought partners who validated for me that there is value in the book’s lessons– David H. Morris and Ankush Khurana from Fugue; Adam Dakin , Dreamit Ventures ; Tom K. , American University; Andrew Sachs , Nobel Learning PBC ; Eric Schoenberg , CampusWorks, Inc. and Columbia University, Whitley Cargile , Carlyle Group; Julia Beck ; Roger Golden ; Shelly Schoo ; Lou Morsberger ; and Kimberly Schultze , one of the savviest human resources professionals I know.

No founder can do it alone. That is also true of an author. I have been fortunate to have a committed group of talented collaborators by my side. A hearty thank you to Emily R. Owen , whom I distracted (briefly) from her own startup to pick apart the manuscript and help me with the visuals. My immense gratitude to my editor, Marilyn R. Freedman , who set the standard and challenged me to set my ego aside and put in the hard work, matching my efforts with her commitment and enthusiasm. To my publisher, Jeremy Jones of Jones Media Publishing , thank you for your positive energy, discipline, and mentorship along the way.

In 1963, my parents left Argentina and came to the United States. My father came first in a pure act of entrepreneurship. With limited resources and speaking no English, he took a risk, established a foothold, and later that year, brought my mother and me over to join him. Their courage and perseverance opened the door to the opportunities available in our new home. I didn’t have a choice in the decision, but I’m its biggest beneficiary.

I would not be where I am without the love and support of my biggest fans, my amazing wife, Amena Ali , and our awesome children, Sonya Bessalel and Jordan Bessalel, CFA . Amena and I have navigated the startup path in parallel, supporting each other’s careers, strategizing, negotiating, and learning from each other’s triumphs and tribulations. After witnessing up close our decades-long startup roller coaster rides, it comes as no surprise that our kids chose to pursue careers with large, stable companies.

Gus Bessalel is the author of the upcoming book, The Startup Lottery: Your Guide to Navigating Risk and Reward, due out November 15, 2023 on Amazon. The book is an essential guide for anyone considering a career in startups. To be notified of the book’s release, please visit thestartuplottery.com.?

A former Inc. 500 CEO, serial entrepreneur and 30-year veteran of startup life, Gus has a BA and MBA from Harvard University and started his career in management consulting at Bain & Co. He was also the Co-Founder of Compass Pro Bono , a volunteer consulting organization that advises nonprofits. He mentors young companies and entrepreneurs and writes about startups and business, among other eclectic topics.