BackStartups

Book · How it goes wrong

Super Pumped

Mike Isaac · 2019

A reported account of Uber under its founding chief executive — governance failure at a company that, unlike most on this shelf, survived.

Why it is here

This is the governance book on the list. It describes what happens when a board cannot or will not constrain a founder, how investor protections work in practice when they are finally invoked, and what a boardroom fight over control actually looks like.

The angel-relevant material is about the terms our governance section describes in the abstract: board composition, protective provisions, voting agreements. This is what they look like when they matter, and the distance between having a right and being able to exercise it is the whole story.

It is also a reminder that governance failure does not necessarily destroy a company. Uber survived, changed leadership and listed — which makes it a more nuanced case than the outright collapses either side of it here.

Read it if

You want to understand what board control means when it is actually contested.

Skip it if

You are looking for an even-handed portrait of the people involved — it is not that.

Pair it withBillion Dollar LoserReeves WiedemanHow WeWork reached a $47bn valuation and lost it in weeks once public-market disclosure made the economics visible.

Super Pumped: common questions

What is the governance lesson for an angel?
That a right is not the same as the ability to exercise it. Board composition, protective provisions and voting agreements all look adequate on paper until the moment they are contested, and this book shows what that moment involves.
Why include a company that survived?
Because governance failure and company failure are different things, and treating them as identical is misleading. Uber changed leadership and listed. The investors who lived through it still had a very bad few years.