sdfi 2016 team norris

TeamandAdvisors

TimNorrisMarch10,2016

MyCompany

It’sbeenalongroad

Youwanttochangetheworld

butyoucannotdoitalone.

Yourcompanywillfailifyoudonothiretherightpeople

WhatisyourjobasCEO?

AsaCEOyouwilldrivethevision,hirepeople,andraisemoney.

OhandEVERYTHINGelseinthebeginning!

Youareconstantlysellingtoeveryone:investors,employees,vendors,etc.

HowDoYouFindTheRightTeam?

• Definethekeymilestonesforyourproject

• Definethetasksrequiredtoaccomplishthosemilestones

• WritejobdescripTonsfortherolesthatincludethosetasks

Whatdoesyourbusinessneed?

Developyourlistofstrengthsandweaknesses

DeterminewhichrolesYOUwillown

Nowgooutandfindtherest

YourcompanywillchangeoverTme

GrowthchangesEVERYTHING!

Co-Founders

“DoIneedone?”

(Hint:Probably)

It’snottheNUMBERofCo-Foundersyouhave,it’sWHOtheyarethatwilldetermineyour

success.

IfyouremembernothingelsefromthispresentaTon,rememberthis:

VS.

ProstoHavingaCo-Founder• Yousplitthework,risk,responsibilityanddecisions• ACo-Founderissomeonetoleanon• Theydon’tgetpaidunTlyougetpaid(usually)• Someonethathasyourbackwhenyouneedabreakorhavetodealwithotherissues• Theycomplimentyourskillset• Youhave2xthenetworkingpotenTal• AsoundingboardthatunderstandstheposiTonyouareinandcanofferguidance• Theycansaveyoufromabaddeal.

ConstoHavingaCo-Founder• Youneedto“getpeopleonboard”withyourideas• Theycangetintheywayof“great”deals• Youcan’tcontrolitiftheywanttoleaveorwhatchangesintheirlifemayforcethemtoleave.• Yousplitequity

Piaalls• YoufindoutyourCo-Founderisn’tascommibedasyou• Meltdownscandestroycompanies• LifesituaTonscanderailyourprogress• Onepersonfeelstheyworkharderthantheother• Success“changes”oneoftheCo-Founders• YourpersonalfinancialsituaTonisvastlydifferentfromyourCo-Founder’s

WhydoIlovehavingaCo-Founder?• TheyhavethoughtofthingsIwouldhaveneverconsidered• WearemuchstrongertogetherthenIcouldeverbeonmyown• Employeesaregreat,butnoonewilleverunderstandwhatyouaregoingthroughlikeyourCo-Founder• Youcanplaytoeachotherstrengths• Accountability

StructuringCo-Founderdeals • VesTngiscriTcalforallco-founders(3+yearTmeframeifeverythingelseisequal)

• ProtectagainstanyoneleavingatanyTme(howdoIdothis?)

• BuySellAgreementshouldbedevelopedasearlyaspossible,preferablybeforetoomuchworkisdone

VesTngschedulesandsefngupfrontexpectaTonsmakesthis

easier

TipsonHiring

Defineyourcorevaluesbeforeinterviewing

InterviewalotofcandidatesforallearlystageposiTons

Thinkaboutthecultureofthecompanyyouwanttocreate

• Beleeryofhiringpeopleoutsideoftheirspecialty

• Clearlydefineyourneeds,expectaTons,andthelifeofastartup

• InterviewwiththegoaloffindingoutwhatmoTvatesthem(Passionsoutsideofwork)

• Donotshyawayfromhiringfriends/familyaslongastheyaretheRIGHTfriends/family

• Donotcompromiseon“Key”requirements

• Theresumegetstheminthedoor,don’tbeblindedbyit

TipsonHiring

RedFlags

• ForCo-Founders,trynottohirepeoplewiththeexactsameskillsetsandstrengthsasyou

• NeversebleforanyonebecauseyouareimpaTentor“needtogetgoing”

• CulturefitcansomeTmesbeforgoben

Youhavetoknowwhentoletgoofthebadapples.

• Whenthingsstarttogosouth,addressissueshead-onandoien

• Inastartup,onepersoncanruinthecultureandsapenergyfromtheteam

• DocumentproblemsfromtheTmetheystart

DealingwithProblems

Mastertheartofthe“AwkwardDiscussion”

BoardofAdvisors• DoyouneedaBoardofAdvisors?

• AgoodAdvisorcandidateissomeonethathasabroadareaofexperTseinyourfield

• QuesTonstoaddresswithanewAdvisorcandidate:• Aretheyexcitedaboutyourcompany?• DotheyhaveTmetogiveyoutheabenTonyouneed?• Areyouintherightstageofyourcompanyforthisperson?• Whatlevelofaccountabilityareyourequiring?AretheyOKwiththatcommitment?

• BecarefulnottohaveTOOmanypeoplethatadviseyou

FinalThoughts

• Thesepeoplewillbeyourfamilyawayfromhome.YouwillspendmoreTmewiththem!

• Buildingacompanyishard,havingtherightpeopleWILLincreaseyourchanceofsuccess

• HiringtherightpeopleisthemostcriTcalattheverybeginningsodoitright.Youareleastabletohandleabadhireearlyonthanlater.

NowgochangetheWorld!

TimNorris@Tmnorris

Tm@jinx.com-(619)987-3425