Groq, a semiconductor startup founded by ex-Google engineers, faced severe financial troubles that prompted CEO Jonathan Ross to request employees to trade salary for equity. Inspired by World War II fundraising, Ross noted 80% participation in this drastic measure, allowing Groq to navigate a cash crunch. After successfully securing $300 million in funding and a recent $1.5 billion deal from Saudi Arabia, Groq is on track to expand its AI chip delivery, reflecting resilience and innovative strategies in challenging circumstances.
Groq was so close to going broke that its CEO inspired employees to trade salary for equity, likening it to World War II bonds.
CEO Jonathan Ross described the decision to cut salaries in favor of equity as intense, emphasizing the trust employees placed in him during a cash crunch.
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