Download - SDFI 2016 Team Norris
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TeamandAdvisors
TimNorrisMarch10,2016
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MyCompany
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It’sbeenalongroad
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Youwanttochangetheworld
butyoucannotdoitalone.
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Yourcompanywillfailifyoudonothiretherightpeople
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WhatisyourjobasCEO?
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AsaCEOyouwilldrivethevision,hirepeople,andraisemoney.
OhandEVERYTHINGelseinthebeginning!
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Youareconstantlysellingtoeveryone:investors,employees,vendors,etc.
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HowDoYouFindTheRightTeam?
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• Definethekeymilestonesforyourproject
• Definethetasksrequiredtoaccomplishthosemilestones
• WritejobdescripTonsfortherolesthatincludethosetasks
Whatdoesyourbusinessneed?
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Developyourlistofstrengthsandweaknesses
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DeterminewhichrolesYOUwillown
Nowgooutandfindtherest
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YourcompanywillchangeoverTme
GrowthchangesEVERYTHING!
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Co-Founders
“DoIneedone?”
(Hint:Probably)
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It’snottheNUMBERofCo-Foundersyouhave,it’sWHOtheyarethatwilldetermineyour
success.
IfyouremembernothingelsefromthispresentaTon,rememberthis:
VS.
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ProstoHavingaCo-Founder• Yousplitthework,risk,responsibilityanddecisions• ACo-Founderissomeonetoleanon• Theydon’tgetpaidunTlyougetpaid(usually)• Someonethathasyourbackwhenyouneedabreakorhavetodealwithotherissues• Theycomplimentyourskillset• Youhave2xthenetworkingpotenTal• AsoundingboardthatunderstandstheposiTonyouareinandcanofferguidance• Theycansaveyoufromabaddeal.
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ConstoHavingaCo-Founder• Youneedto“getpeopleonboard”withyourideas• Theycangetintheywayof“great”deals• Youcan’tcontrolitiftheywanttoleaveorwhatchangesintheirlifemayforcethemtoleave.• Yousplitequity
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Piaalls• YoufindoutyourCo-Founderisn’tascommibedasyou• Meltdownscandestroycompanies• LifesituaTonscanderailyourprogress• Onepersonfeelstheyworkharderthantheother• Success“changes”oneoftheCo-Founders• YourpersonalfinancialsituaTonisvastlydifferentfromyourCo-Founder’s
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WhydoIlovehavingaCo-Founder?• TheyhavethoughtofthingsIwouldhaveneverconsidered• WearemuchstrongertogetherthenIcouldeverbeonmyown• Employeesaregreat,butnoonewilleverunderstandwhatyouaregoingthroughlikeyourCo-Founder• Youcanplaytoeachotherstrengths• Accountability
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StructuringCo-Founderdeals • VesTngiscriTcalforallco-founders(3+yearTmeframeifeverythingelseisequal)
• ProtectagainstanyoneleavingatanyTme(howdoIdothis?)
• BuySellAgreementshouldbedevelopedasearlyaspossible,preferablybeforetoomuchworkisdone
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VesTngschedulesandsefngupfrontexpectaTonsmakesthis
easier
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TipsonHiring
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Defineyourcorevaluesbeforeinterviewing
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InterviewalotofcandidatesforallearlystageposiTons
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Thinkaboutthecultureofthecompanyyouwanttocreate
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• Beleeryofhiringpeopleoutsideoftheirspecialty
• Clearlydefineyourneeds,expectaTons,andthelifeofastartup
• InterviewwiththegoaloffindingoutwhatmoTvatesthem(Passionsoutsideofwork)
• Donotshyawayfromhiringfriends/familyaslongastheyaretheRIGHTfriends/family
• Donotcompromiseon“Key”requirements
• Theresumegetstheminthedoor,don’tbeblindedbyit
TipsonHiring
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RedFlags
• ForCo-Founders,trynottohirepeoplewiththeexactsameskillsetsandstrengthsasyou
• NeversebleforanyonebecauseyouareimpaTentor“needtogetgoing”
• CulturefitcansomeTmesbeforgoben
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Youhavetoknowwhentoletgoofthebadapples.
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• Whenthingsstarttogosouth,addressissueshead-onandoien
• Inastartup,onepersoncanruinthecultureandsapenergyfromtheteam
• DocumentproblemsfromtheTmetheystart
DealingwithProblems
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Mastertheartofthe“AwkwardDiscussion”
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BoardofAdvisors• DoyouneedaBoardofAdvisors?
• AgoodAdvisorcandidateissomeonethathasabroadareaofexperTseinyourfield
• QuesTonstoaddresswithanewAdvisorcandidate:• Aretheyexcitedaboutyourcompany?• DotheyhaveTmetogiveyoutheabenTonyouneed?• Areyouintherightstageofyourcompanyforthisperson?• Whatlevelofaccountabilityareyourequiring?AretheyOKwiththatcommitment?
• BecarefulnottohaveTOOmanypeoplethatadviseyou
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FinalThoughts
• Thesepeoplewillbeyourfamilyawayfromhome.YouwillspendmoreTmewiththem!
• Buildingacompanyishard,havingtherightpeopleWILLincreaseyourchanceofsuccess
• HiringtherightpeopleisthemostcriTcalattheverybeginningsodoitright.Youareleastabletohandleabadhireearlyonthanlater.