Just have a comment to add on compensation. As we all know, with startups a common feature is to have as part of the compensation stock options. These are a powerful incentive because the potential payoff is high to the employee. Often times, employees get paid less than they can get elsewhere and stock options is a way to make up the difference or add to the compensation.

Make no mistake, though, these folks do have skin in the game. They are working their butts off and have low-cost stock (via options; buy low sell high) available to them upon making the company a success, but only if the company is a success. That said, I understand the value of a dollar (having worked on a loading dock for a parts company in college) and understand we need to be wise in our allocation of funding.

That said, Dr J is worth every penny. Without him, I don't believe we would be anywhere near open waters. The amounts may seem large to us but in the grand scheme of things they are a pittance in comparison to the eventual worth of the company after partnership or approval.

Heading toward open waters
Staying long