who's hiring who?
DESCRIPTION
How great companies find innovative talentTRANSCRIPT
1
In the course of our daily practice here in Silicon Valley, we often host various groups seeking to
understand the methods and platforms that continue to deliver accelerating, disruptive innovations. We can
talk about the ecosystem, the environment, the institutional context, but central to this stream of disruption
is Talent – the people that show up to work at companies and organizations, new and established, huge
and just starting, every day.
There is talk these days of the ‘war for talent’, which speaks to the growing demand for engineers, designers,
architects, product managers – the human capital that is creating massive valuations. In examining the
scene we asked ourselves questions such as: ‘what is the role for HR in innovation – is there one anymore?’
And with the wave and pace of acquisitions, we might ask ‘Is M&A the new R&D in a period of uncertainty
when many CEOs are losing faith in the ability of their internal forces to compete at the right speed?’ And
of course behind all of this are the urgent questions raised by velocity and volume – never before in history
have talented people been able to have such massive impact, particularly the new generation joining the
work force.
What do we mean when we talk about Talent? In this context, we talk about people in various organizational
roles: people in action, in positions, associating with other talents to create world-changing innovation.
As a result, we have organized this report into five personas – representing the crucial roles in the
trajectory of a talent into hopefully ascending levels of achievement. These personas are: the Founder,
the HR/People Officer, the VC, the Corporate Dev/M&A executive, and of course the Talent herself. Each
of these personas is described in a multifaceted way – especially through the use of quotes, much as you
would find in a job interview.
Our focus is Innovation, and the changing ways in which Talent engages to create that magic. We
hope it will trigger thoughtful discussion, open some new doors, and expand the already-global impact of
creative innovators.
Sincerely,
Georges Nahon,
CEO, Orange Silicon Valley
Innovation and Talent, How to Get Them in Your Corner
2
This study examines changing patterns in the recruitment of innovative talent
in the cause of creating world-changing products and services that also
generate wealth in the process. It incorporates multiple methodologies: first-
person interviews, literature reviews including surveys conducted on related
topics, and original case studies prepared by the research team. As befits
the topic, which is people, the study is structured around personas. There
are five personas, each with its own section: Talent, Founders, Corporate
M&A, HR, and VCs. As noted, these are supplemented with interviews and
case studies, as well as a core set of quotes and stats that collectively open
up the domain for discussion.
Where (and How) Innovation Gets Hired Today
Content
3 Founders
5 HR/PeopleOfficer
7 M&A/Corp Dev
9 VC/Angel
11 Talent
13 Findings
14 Interview:TracyCoté,MobiTV
16 Case Study: 42Floors
18 Case Study: Intuit
20 Case Study: Google Wave
22 Sources
3
"The best hires don’t apply for jobs throughtraditional means.
"[You] need to let CEOs knowhowimportanttheirjob isinrecruiting.
Rick Marini, Founder & CEO of Branchout
"Jobpostingsare fundamentallybroken. Wantthebesttalent?Beproactive & get out thereandfind/courtthem.
Jason Freedman, Founder of 42Floors
"Facebookgottothepointwhereitwasinareally good position. And things were set up so thatIfeltlikethecompanydidn’treallyneedme.IfeltIcouldmakeabiggerimpactontheworldbystartingsomethingnewratherthanjustcontinu-ingtooptimizeFacebook.
Adam D’Angelo. Co-Founder and CTO of Quora, on leaving Facebook to start Quora with Charlie Cheevers
38 % founders intend to "Change The World."
43 % founders intend to "BuildaGreatProduct." SGP*
30 % more money is raised bystart-upsfoundedby 'balancedteamswithone technicalfounderand onebusinessfounder.' SGP*
19 % entrepreneurs agree with "Icareaboutrules."
81 % entrepreneurs agree with "Idon'tcareaboutrules." SGP*
Lean development methodologies have lowered barriers to entry, but paradoxically raised
the bar for attracting the make-or-break technical, design, or product lead that is crucial to
scaling your start-up. Traditional methods in an intensifying war for talent are driving Founder
CEO’s to go public, social, and personal all at the same time. Human capital is now more
important than venture capital. How much time does the founder spend sourcing talent?
BuildingaBusiness+BuildingtheTeam
Jason Freedman, Founder of 42Floors
Foun
ders
4
"Iwouldreallyrecommendyoudosomesoulsearchingandask if youare ready tobe a com-panyfounder.Ifso,youreallyneedtodoarebootandapproachyournextcompanyfromapositionofabundance,notscarcity.Oftrust,notwariness.And of generosity, not stinginess.
Michael Wolfe, serial entrepreneur
"Yourjobistocollect amazing people.Youcan take someone who was doing something else and plug them into something else…Don’t only talk to peoplewhen you need thembecause that’s not arelationship. Keep people warm all the time.
Jessica Alter, Founder/Chief Connector, Founder Dating
"Alwaysbeengaging[yourtalent].
Jessica Alter, Founder/Chief Connector
of Founder Dating
"I spent a tremendous amount of time recruiting. Percentage-wise 25–50% of my time was spent on the internal culture of thecompanyorbringingpeopleon board. Your only job from0-30 is ensuring you get talent.
Russell Glass, CEO of Bizo
"Whether it’s your investors, yourboardmem-bers,youremployees,oryourcofounders,workwithpeopleyoubelievein,andpeoplewhobelieveinyou.
Lane Becker, Co-Founder, GetSatisfaction
"Createthecompanyyouwanttowork for. And work on it everyday.
Justin Moore, CEO & Co-Founder of Axcient
39 % entrepreneurs "think they are doing something new."
26 % entrepreneurs are addressing "existingmarketbetter."
25 % entrepreneursareexploiting anichewithinexistingmarkets. SGP*
*Startup Genome Project (SGP)
The Situation: 42Floors is a start-up focusing on “the digitaliza-
tion of commercial real estate.” They enable companies, especially
smaller ones to “discover and search for dream office space.” By
simplifying the search process and showing listings from all the bro-
kerages, landlords, and even Craiglist for free, 42Floors hopes to
ease the challenge of finding office spaces. They also make the ar-
rangements for viewing property. As a start-up without a big budget
for salaries, a significant HR department, or a highly evolved brand,
42Floors has to be creative in trying to hire talent.
Strategy: By targeting exactly the kind of employee they need and
trying to find them early in their careers, 42Floors is betting on
“courting” talent and building relationships for both immediate and
future job prospects. Dispensing with traditional hiring processes
like “interviews,” 42Floors hopes to appeal to the more entrepre-
neurial talent they feel they need for the foundational base of the
company as they grow. One example of this strategy is to identify
talent through untraditional means like Y Combinator’s* social news
website “Hacker News.” Another strategy is make job offers public
via the company blog.
Results: The effectiveness of this strategy is hard to measure.
Courting talent is a long process that might not yield results for
months or years, if ever. The publicity garnered by the public job
offer will be one of diminishing returns as the novelty of this recruit-
ment strategy wears off. Yet 42Floors garnered a lot of publicity and
positioned themselves as a company that values talent.
Read the full case study on p.16.
* Y Combinator is a venture fund with a biannual cycle that invests small amounts of money (averaging $18K) to a large number of startups. Since 2005, Y Combinator has funded over 450 startups.
42Floors:CourtingTalentinPublic
Case Study
Fo
unders
5
"Webelieveour leadersandmanagersshouldbespending20%oftheirtimeeveryweekthinkingaboutpeople:developmentof people and management of people.
Colleen McCreary, Chief People Officer, Zynga
"…for us, humble was really important…the biggest thingthatwefocusedonduringthathum-blingprocessforfolkswasdotheyknowhowtosayyes?Theonethingwefoundthatentrepreneursandgamedesignershaveincommonisthatallofthemknow how to say yes.
Colleen McCreary, Chief People Officer, Zynga "How you hire great
HR people: you hire great business people whocareaboutyourbusiness.
Patty McCord, Chief Talent Officer, Netflix
"Commonsense and judgement trump everything. It's what you want to look for in everybody youhire.Notonlyare they smart but do theymake goodcalls,dotheyhavegoodjudgment.
Patty McCord, Chief Talent Officer, Netflix
The New Math for HR includes assessing intangibles such as Culture Fit and Judgment,
as well as Skills. In an increasingly acquisitive world, HR is working in a context where
onboarding through acquisition is more prevalent than ever before. In a pervasively
social world, there’s more to look at, and likewise, there are more ways for candidates to
assess your company as well. How do you sell your company to talent?
Fitting Inside vs. Going Outside
80 % respondents answer 'Yes' to: “Areyoumorelikelytosubmityourinformationtoajobifallyouhave todoisemailaresumevs.fillout anapplication?”12Recruiters
HR
/Peo
ple
Offi
cer
6
Colleen McCreary, Chief People Officer, Zynga
"Recruiting is a $400 billion problem that affects every business in the world.
Jerome Ternynck, SmartRecruiters founder and CEO
"Your employees know the bestpotentialrecruitsforyourcompany.Thesmaller you are the harder it is to insti-tutionalizeaprocessaroundrecruiting.Need to empower employees to sell thecompany.
Sahil Gupta, Bain Capital Ventures
6 secs average length of time HR reviews a resume,enoughtimetoscanname,currenttitleandcompany,currentposition start and end dates, previous titleandcompany,previouspositionstartandenddates,andeducation.TheLadders
80 % ofrecruitersalready usesocialmediaintheirsearches.
9 % ofrecruitersplan tousesocial mediaintheirsearches. Jobvite
"…weactually expect thaton theveryfirstdayyouwillhave an impact andthatwithinyourfirstweekyouaregoingtoshipcode.Foralotofpeoplethat’stoomuchpressure.
Lori Goler, Vice President of Human Resources and Recruiting, Facebook
"Go on Quora to see who the expertis.Engagewiththemandfigureout their connections.
Laurie Deneschuk, Chief People Officer of TinyCo
"Superstar players want to work with superstar players. It’s the people theymeetduringtheinterviewprocess –thoserelationshipsthatflourishbeforethey even start working.
Russell Glass, CEO of Bizo
45 % ofrecruiters'always'check acandidate'sonlineprofile. Jobvite
20 x growth in the use of the term "Chief PeopleOfficer"fromMay2010-2011(3.9millionGoogleSearchhits)versusMay 2011-2012 (77.8 million hits).
HR
/Peo
ple O
fficer
7
"During the initial acquisition screen-ingphase,Intuitdeliberatelytargetsgreattechnology developed by strong talentwhocanultimatelyaddvalueacrossthewhole of Intuit.
Grieg Coppe, Former Chief Strategy Officer, Intuit
"It’s too costly to acqhire*. Paying a premium forabusinessforasetofemployeestowhomyouwillthengivesalaryincreasesandyou’llstruggletoretain…Betteroffjusthiringthemintheopenmarket.
Mark Westover, SVP Corporate Development & Strategy at LiveOps
"We’ve gone from a one-product com-pany tohaving threebiggrowthareas.NowwehavenineGeneralManagers,eachcomingwithinorganicgrowthideas…Last year we did 7acquisitions,Iwouldn’tbesurprisedifwedo10 this year.
Andy Cohen, Senior Director Strategic Development, Citrix
Corporate Development officers are on the prowl for differentiating innovation, and the
checkbooks are out. With new chasms to cross and disruptive challengers springing up like
weeds, incumbents are focusing earlier in their deal-flow on strategy-based vs. pure revenue-
based valuations. The risks are higher, but as our case studies show, the returns can be solid
– and transformative. Is HR still relevant?
Bringitin:TransformativeAcquisitions
M&
A/C
orp
Dev
8
"M&Amayalsobeeffective forcompanieswith less than stellar reputations as an employer ofchoice;whileitmaybehardtoattracttalent,sometimesyoucanbuyit.
Tracy Coté, VP Human Resources, MobiTV
"In the consumer world, an acqhirer (like Facebook) will buy fortheteamandtosstheproduct.Shifttothe world of enterprise software where thetechnologyreflectstheteam.
Ken Gonzalez, Former SVP, M&A, McAfee
13 companiesacquiredbyCitrix since2007.
220 % riseinCitrix'stockpricein same period.
13 companiesacquiredbySalesforcesinceJanuary,2010.
101 % riseinSalesforce'sstockprice in same period.
1461 patentsacquiredbyFacebook.
56 patentsactuallyfiledbyFacebook.
49 % respondentsexpectingGlobal M&Aactivitytoincreasein2012.
23 % respondentsexpectingadecrease,accordingtoasurveyof100 dealmakersby Brunswick Group.
* definition: 'acqhire', to acquire an early-stage startup (often pre-revenue), for the purpose of hiring its engineers, not for the product or service.
A seasoned HR executive shares her views on how focus, inclusive-
ness, and patience creates a holistic approach that outperforms
hair-trigger acquisitions, and positions the organization for long-term
competitive advantage.
Read the full interview on p.14.
MobiTV:
Fishing in the Stream for Innovative Talents
Interview
Situation: Intuit constantly needs new technologies and people to
drive the innovation they require to remain a top player in the SMB
software industry.
Strategy: Augment internal innovation and leadership development
efforts with external acquisitions. Identify key leaders in acquired
companies who are likely to emerge as internal leaders who can
drive innovation and growth.
Result: Analysis of the last five acquisitions by Intuit since 2008
suggests this strategy is working thus far. However, given the
vintage of its senior management team and their lack of turnover to
date, the real test of this strategy has yet to come.
Read the full case study on p.18.
Intuit:AcquiringforTech+Talent
Case Study
M&
A/C
orp
Dev
9
Ron Conway Angel Investor, SV Angel
"Anyone is recruitable.Ron Conway, Angel Investor, SV Angel
"I invest in the people first and the idea second.
"[MarkZuckerberg]hasshownapreternatural ability toanticipatetheinnovator’sdilemmaandsidestepit;that’shisstrength.HeknowstheproblemsthecompanyhascanbesolvedbyM&A.
Roger McNamee, VC, on Facebook founder Mark Zuckerberg's approach to 'acqhiring'
"Oftenbigcompaniesbuystart-upsbeforethey'reprofit-able.Obviouslyinsuchcasesthey'renotafterrevenues.Whatthey want is the development team and the software they've builtsofar.Whenastart-upgetsboughtfor2or3millionsixmonthsin,it'sreallymoreofahiringbonusthananacquisition.
Paul Graham, Co-Founder, Y Combinator
"Theabundanceofstart-upsmeanstherewillbescarcityofbothtalentandclassicventurelevelreturns…Acqhiresaren’tjustfor big companies anymore…big companies and scaling start-ups,withincreasinglyvaluableequity,areenjoyingaperfectstormforacqhires.
Bryce Roberts, Managing Director, O'Reilly Alphatech Ventures
Developer-friendly Barbarians are besieging the gates of classic venture capitalism: Angels,
Seeds, Incubators all offer a welcome alternative to the grueling pitch-driven chase for
money. Add to this the fact start-ups are far more capital-efficient in the Age of the Cloud,
and new competition from major platform players invasively ‘acqhiring’ earlier in the start-up
lifecycle, and it's definitely not business as usual for VCs with a legacy of massive returns.
How to adapt to the new world?
Managing Talent as Well as Money
VC/A
ngel
10
173 numberofacquisitionsmade byGoogle(127),Facebook(20),Amazon (12), Yahoo (8), and Zynga(6)since2009.
70 % ofpeopleVCfirmAndreessenHorowitz speaks to who are notlookingforjobs.Shannon
Callahan, Andreessen Horowitz
2 hours a day - amount of time MarkZuckerbergspendson 'talentdevelopmentandrecruit-ing',accordingtoRon Conway.
100 numberofpeopleVC Dan Portillo(GreylockPartners) recommendsbecontactedinordertofill1position.
$703,500 averagebasesalaryforaSeniorPartner/ManagingDirectoras surveyed among 98 VC, Lever-agedBuyout,andInvestmentbankingfirmsasmeasuredbyHolt/Thomson Reuters in 2011.
"Virtually everyone agrees that good investors back great teams…If theinvestordoesn'tthinktheparticularcompany is the only team capable ofexecutingonthatbusiness,sheshouldgo out and find an alternative and, ifthere isn't one, form one.
Eric Wiesen, Venture Investor, RRE
"Don'tspendtoomuchtimearguingwithVCs if they don't like your idea. Generally they'll either like you and the idea and invest, or you'll provethemwrongwithtractionandthey'llin-vest later…Ifyou'redoingyourjobright,you'llknowonehellofalotmoreaboutwhatyou'redoingthantheyevercanhopeto.
Garry Tan, Partner, Y Combinator
"Tocreate theoriginal inno-vationtostartacompany,found-ersmustexhaustivelyunderstandthetechnologyrequired,thelikelycompetitors (past, present, andfuture), and the market in all its variations and segmentations.
Ben Horowitz, Partner at Andreesen/Horowitz,
from "Why We Prefer Founding CEOs"
"Ourworldissufferingfromalackofinnovation,andyoucan’tbuildaworld-changingcompanyinbetweenclassesorwhileservicingsixfiguresofdebt.
Jonathan Cain, President of Thiel Foundation, which is encouraging potential founders to drop out of college by giving out $100,000 grants
20 % proceeds(profit-taking).
+2 % funds under management (management fees).
Typical revenue mix in VC firms:
VC
/Ang
el
11
Lars Rasmussen, Co-Founder of Google Maps and Google Wave
"Whenyoubuildanewfeatureyouknowalreadythatmillionsandmillionsofpeoplearegonnauseitthefirstdayyoulaunchit,and that's a tremendous thing.
Lars Rasmussen, Co-Founder of Google Maps and Google Wave
"Eight years ago I had my one hit: my brotherandIstartedalittlecompanyandit eventually turned into Google Maps. WhenIthinkbackonhowmanytimesitcouldhavefailedit'sreallyquiteamazingthat it worked…
"Nexttimesomeoneasksifyouwanttocrashattheirhackermansion for thesummer (whichhasapool,BBQandpooltable!)orteamupfora24-hourhackathon,thinktwice.They’reprobablyjusttryingtocashinonyouryouth and optimism.
Ryan Carson, Entrepreneur
"I enjoy leadingandbeingthe lastvoice in theroom. Ien-joy getting things donewithoutadozen-personconferencecall.Aboveall I’mdriven tocreateand towin,and Iknewonce thechasewasoveratMint(ourraisond’êtrewasAaronbeingfedupwithanIntuitproduct)itwastimetomoveon.
Jason Putori, lead designer and employee #5 at Mint.com
Innovative talent is being torn in more directions than ever before. Recruiters now have to
compete not just with start-ups, but incubators around every corner, offering world-class
mentoring, peer interaction, and dazzling exits that are difficult to match with a job on the
‘inside.’ New patterns such as ‘acqhiring’ offer de facto signing bonuses far beyond what any
offer letter can promise. It’s not about the “dream job” it’s about the “dream.” What dreams
to tap into?
More Opportunity than Ever to Do Great Work
Tale
nt
12 0 collegedegreesheldby
foundersof:Facebook, Apple,Twitter,YouTube. Courtesy Keith Rabois
15-20 % ofequityAngelDave McClureof500Start-ups advises founders to reserve for rest of the start-up team.
50 % of talent identify with the statement“Iamnotcur- rentlyinmydreamjob,but I’mhappywithmycompany.”
8 % of talent identify with the statement“I’mcurrentlyinmydreamjob,butI’dratherbewithadifferentcompany.” Deloitte Center for the Edge
100,000 sign-ups in 48 hours after CodecademyannounceditsCode Year initiative, offering a weekly programming lesson via email.
54.5 % of talent who agree with the statement“Iamgenerallyex-citedtogotoworkeachday.” Deloitte Center for the Edge
"SomepeoplewillurgeyoutogetanMBAand learnmoreaboutbusiness.OtherswillholdMBAsincontemptandtellyoutofocusonscalabilityormobileorprogramminglanguagesorwhat-evertheirfavoritesubjectis.Youneedtosurveythelandandlearnenough to make up your own mind.
Niniane Wang, from “Letter to a Young Engineer”
Talent
Situation: A pair of brothers working in a struggling Australian
start-up develop a desktop mapping software package written in
C++ over a period of several years. Running out of money, they
pitch a VC, but at the last minute the deal falls through. They are
introduced to Google, and pitch the app. In October 2004, just
two months after its IPO, Google buys their company, and says to
Rasmussen, “we like the Web, what can you do?”
Strategy: Exhorting developers to “go beyond browsers’ lowest
common denominator”, his superior knowledge of Javascript (the ‘J’ in
AJAX) enabled Rasmussen to complete a web version in three months.
Result: The Rasmussen’s pivotal work with web-based program-
ming opened the floodgates of innovation for several significant
trends, including crowdsourcing (people could append to the Map),
cloud computing (Google Maps has APIs), and of course the Web
2.0 AJAX legacy of rollovers and pulldown content – Jesse Garner’s
seminal paper on AJAX will come out in February 2005, and cite
Google Maps as canonical. Lars Rasmussen will go on to work at
Google’s Sydney office and deliver, at the Google I/O Conference
in May 2009, a radical new approach to email and collaboration
called Wave. Invitations to join Wave were the hottest commodity
throughout the summer of 2009, and the platform went GA in May of
2010. Three months later, Google halted stand-alone development
of Wave. In October of 2010, six years after Google had bought
his company, Rasmussen moved to San Francisco and began work
at Facebook. In November of 2011 Google announced an end-of-
life roadmap that resulted in Wave closing down in April of 2012.
Facebook IPOs in May of 2012.
Read the full case study on p.20.
Rasmussen Brothers:
Chapters for World-Changing Talent
Case Study
13
1. Corporate M&A and HR – Two roads, one destination.
Each office feels they are bringing organizational change
through onboarding of innovative talent – it’s not a com-
petition, but it has a ‘coopetive’ aspect. Organic talent
nurture (HR) takes time, while M&A is driven by competi-
tive intensity more immediate.
2. Talent is Everybody’s Business – Increasingly, talent ac-
quisition and retention is seen as a shared responsibility
across the corporate suite, with HR setting roles in the
interview process, but everybody – especially the CEO –
working on the pipeline.
3. Transformative Deals Involve Both Product and Talent –
Acquisitive companies can see significant bumps in
their market cap as a reward for aggressive dealflows.
Increasing the tenure of targets’ senior teams within the
acquirer is a key objective. Key point: ‘acqhire’ deals are
not transformative.
4. Social is Driving Multi-Level Change – Social media is a
multi-layered impact on HR, from increased frontage on
a potential hire’s life and sensibility, to new channels for
reaching put – even solicitations of key hires in public.
Interviews may never go away, but they are definitely
more public now.
5. Happiness = Dreams – Employee satisfaction and
engagement seems disconnected from whether or not
she is currently at her ‘dream job’ in her ‘dream company.’
How important is happiness, anyway?
6. People Officers Manage the Intangible – The level of
discourse about the importance of ‘culture fit’, and
associated intangibles such as ‘judgment’ is rising, as is
the use of the term People Officer. Technical fit is also
diminished as social programming democratizes skills
acquisition. Next stop: Boot Camp.
7. As More Founders Get Funded, Competition is Multi-
Sided – Lean development means founders retain more
equity, and the universe of early-stage players who are
scaling grows. These two factors mean more intense
competition for established companies, as well as hori-
zontally between early-stage.
8. The Enduring Impact of Impact – Even before the
Facebook Fizzle, new manifestations of the motivational
itch to have an impact on millions of users are emerging.
Massive platforms hire hundreds of coders to ‘optimize’
features, which starts to feel like something less than
changing the world. Deliver Impact, get Talent.
9. Is That Degree Really Important? In the hothouse world
of Silicon Valley, influential VCs and incubators are in-
creasingly beckoning to undergrads to drop out/step up
to entrepreneurship, backing up their faith with financial
inducements and enablers. There is plenty of precedent.
10. What’s Your Formula? Go ahead, share your thoughts
and tips on connecting with innovative Talent, meet us on
Twitter #hiringtalents and we’ll share.
9TakeawaysfromtheSearchforInnovativeTalent
Find
ings
14
In this interview, Tracy Coté, Vice President, Human Resources
of MobiTV shares opinions she has formulated based on 18
years of experience in the HR field with a number of different
companies, including MobiTV, Organic, Inc., Charles Schwab,
and American Stores.
Is M&A outperforming HR in bringinginrelevant,innovativeTalent?
It doesn’t surprise me to hear that the majority of Corporate
Development professionals you’ve met with promote M&A over
traditional hiring as a means of acquiring good talent: it’s what
they know. HR people, on the other hand, are likely to tell you
that finding talent the old fashioned way (by various recruiting
methods) is better, because that is what’s in their wheelhouse.
The truth probably lies somewhere in the middle, with advantages
and disadvantages to both approaches, and companies should
strategize accordingly based upon their business needs.
Sometimes, politics are the barrier to innovation, because for
whatever reason, some companies hesitate to replace an under-
performing VP or Director, so instead the problem is addressed
by buying a whole new company. Hiring the right talent tends
to take longer, but it doesn’t have to. Companies willing to buy
a 50 person company often hesitate to hire an executive, a
senior manager and a couple of recruiters to staff and onboard
a comparable new group internally.
How do you see the Inside/Outside question,isM&AmoreeffectivethanR&D?
Buying a company instead of finding the right talent is a short cut.
Doing so can quickly provide the acquiring company with a new
skill set. This is an approach that works for large companies with
pockets deep enough to do it.
Butwhynotnurture andfindtheright talentyourself?
If you know what talent you want, if
you have the right recruiting team
on board to find it, and you have
a learning and development process in place to develop and
maintain it, hiring the right people should be relatively easy, less
costly, and have better odds for positive cultural integration. Not
only does the company save the myriad expenses associated with
buying a new company and on turnover related to the fallout, but
they gain the trust of their employees. Trust contributes to pro-
ductivity and retention, which builds institutional knowledge and
saves countless dollars in the long run.
DoesHRhavearoleindrivinginnovation?
There are many surface activities HR can promote to foster
innovation, including a casual creative environment, contests,
rewards and recognition for individual and team achievements
related to innovation. At a deeper level, HR needs to focus on
hiring and developing talent, including encouraging teams to
innovate and develop skills they may not need now but will use
in the future.
Contrary to popular belief, the ownership of innovation does
not start or end with HR; it can’t be their sole responsibility or it
won’t work. In a technology company, the entire leadership team,
starting with the CEO and including HR, must understand, believe
in, and evangelize innovation, embedding it into the culture.
The HR department must understand the business needs of the
company, provide a selection of qualified candidates for open
positions, push a pipeline of opportunity candidates even when
there are no openings, and keep a focus on employee develop-
IsM&AMoreEffectiveThanR&D?
Interview: M&A/ Corp Dev (from p.8)
by Tracy Coté
15
“There are times when it makes sense to buy a fullygrown tree and plant it, and therearetimeswhenitisbetterto plant a seed and nurture it.
ment. The mistake many large and small companies make is that
they focus single-mindedly on what they need in the moment,
as opposed to thinking of acquiring talent ahead of the curve in
terms of skillsets and turnover. In Silicon Valley, turnover happens
no matter how great the company is; you have to constantly be
in front of it. If you’re not, you are always playing catch up, which
is a death knell for innovation;
great talent needs white
space to create.
An innovative company hires
great talent when they find it,
whether the candidate fits the
current opening or not. HR
must work with all levels of
management to ensure they
understand the value of fishing
from the stream when acquiring talent; a concept foreign to most
middle managers.
Whatarethebest sourcesoffindinggreattalent?
Employee referrals are a wonderful source of “backbone” talent…
solid employees who will fit a certain job description and get the
job done. Referrals don’t usually help much from a diversity per-
spective. Rarely do you get a superstar from a referral. There are
hundreds of places recruiters leverage to find talent: LinkedIn,
Monster, Dice, user groups, conferences, Twitter, Facebook,
meetups, the gym, your carpool, your neighbor’s Christmas party.
None of it matters unless you have a great talent acquisition team
that understands the needs of the business, whose members
know how to find the right people quickly. It takes some time to
build effective rapport between line managers and the recruiter.
Hiring a random agency rarely garners great results. Agencies
tend to be an expensive waste of time. The one exception to
this rule is for very senior talent. If your recruiters, leadership
team and Board don’t have the right person in their network, it
can be very time consuming to find the right person. Selectively
leveraging a sophisticated external recruiter or firm allows you to
fill key senior roles fairly quickly.
Finding great talent isn’t all up to the recruiter. Managers often
fail to look for the right things, slowing down the process and
failing to identify good long-term talent in the midst of the needs
of the moment. A buttoned up interview process is important,
and managers have to buy into it. More critical when it comes
to innovation, companies must have senior level leaders who
evangelize the importance of “holistic
hiring” to line managers, advocating
efficient hiring not just in the box, but
outside of it as well.
IsHRbettersuitedtobringinthetalenttoleadinnovation versus the M&Ateam?
No matter which approach a company
takes, hiring or M&A, HR is critical to
the success or failure of bringing in and integrating new talent.
With M&A, HR is initially responsible for making sure the people-
related due diligence is done, and that cultures and basic HR
practices are respected and combined effectively. Costs aside,
one of the primary risks with M&A (assuming the talent that
has been acqhired is the talent the acquiring company actually
needs) is the risk of culture clash or culture and value mismatch
leading to high turnover. HR can and should be extremely
involved in making the M&A work from a human perspective
from the earliest stages.
There are times when it makes sense to buy a fully grown tree
and plant it, and there are times when it is better to plant a seed
and nurture it. Both approaches have risks and rewards. As an
HR professional, I tend to be biased towards growing talent
rather than buying it, although the decision is highly dependent
upon the situation. The talent is out there, and regardless of
how the talent is brought on board, companies need to ensure
they have the right executive and HR leadership in place to
facilitate effective onboarding, integration, and development of
that talent.
16
At the recent conference War For Talent 2012: Winning The War
For Start-up Talent in San Francisco, Jason Freedman, CEO &
Founder of 42Floors talked about the types of people that need
to be hired in the early stages of a company this way: “Your first
10 people have to be in love with the start-up process, instead of
the product itself…We want to go for people who want to start
their own companies. The first 10 are about entrepreneurs.” This
thinking was evident in the public job offer Freedman posted
on the company’s blog just a couple of weeks earlier in April
2012. After having followed the work of University of Pennsyv-
lania college sophomore, Dan Shipper, for a while, Freedman
extended the job offer in an
open letter on his blog (see
following page).
In the end Dan Shipper
decided to continue working
on Airtime for Email, his
start-up, while staying in
college. Freedman had
already anticipated this: “I think it would be a mistake if he
dropped college and his company right now,” says Freedman,
who said he has known Shipper for six months. “But, if there’s
a point where he wants to work for someone else, he’s going
to work for us before he works for Google…The offer has no
expiration date.”
When interviewed about the 42Floors offer and asked if he
would ever work at 42Floors, Shipper replied “I certainly would
not rule it out.” Since the publicity around the 42Floors job
offer, Shipper received multiple offers from other start-ups but
he turned those down too. Only the year before, Shipper was
getting rejected for internships he had applied for. Quinten
Farmer, former VP of Operations at Onswipe, provided an in-
teresting counterpoint by admitting in public that his company
rejected Shipper’s application. In a blog post on his personal
blog, Farmer detailed out his
company’s logic in not hiring
Shipper. The blog is titled “We
Rejected Dan Shipper (And What
I Learned About Hiring).” Farmer
goes on to impart what he learned
from the hiring process.
1. Look For Talent at All Levels: At the time that Dan applied,
we had no plan in place for hiring technical interns. We were
focused on building out our “core” tech team, and really
weren’t prepared for talented but raw engineers to step in
and contribute. We ended up
rectifying this situation and
finding two incredibly talented
engineering interns, but we
missed on Dan and several
other potential candidates. In
a start-up environment that
is a constant battle for talent,
early stage companies simply
cannot afford to pass on talent at any level. When we were
absolutely buried with product needs in the weeks leading up
to launch, we wouldn’t have given a damn if Dan did or didn’t
fit our neat round hole of a job description.
2. Always Hire A Players: This is repeated often enough that it’s
a truism in the start-up community, yet we still got this one
wrong when it came to Dan. As a start-up, if you have the
opportunity to bring on an A player in a low risk role (like an
internship), you do it. No questions asked. Because finding
A players is tough. When one drops into your lap, you don’t
hesitate or shuffle through your available job listings. You pull
the trigger. In a company of less than 10 people, A players
will naturally fall into the role that best suits them. They will
contribute at a high level, and attract other high level con-
tributors to join the team.
“In a start-up environment that isaconstantbattlefortalent,earlystage companies simply cannot afford to pass on talent at any level.
by Natalie Quizon, User Experience and Content Lead, Orange Silicon Valley
CourtingTalentInPublic
Case Study: Founders (from p.4)
17
3. Treat People Right: I could have easily made the mistake
of sending Dan a polite rejection email and nothing else.
Instead, I followed up and worked hard to help him find
another opportunity that made sense. We got coffee the next
time he came to the city, and met up when our schedules
allowed over the summer. I took something that could have
easily been a negative interaction and turned it into a positive
opportunity to build a friendship. Whether we end up working
together, competing, or just staying in touch throughout our
careers, it’s great having a smart friend just an email or phone
call away.
Farmer ended his blog post with his conversations with Shipper
after the 42Floors job offer and all the publicity it generated:
“Dan joked that maybe I finally owed him an apology for our
rejection. Even though that statement was made entirely as a
joke, I don’t mind eating crow: Like 42Floors made their offer
as an open letter of recruitment, consider this my open letter
of apology.” Many insights can be gleaned from Farmer's and
Freedman’s postings:
• Perhaps the job title is not so important. Talent is more
interested in the actual work itself. Notice Freedman’s offer
did not include a job title.
• The public online presence becomes the de facto
resume. And it is a dynamic one at that. Shipper's presence
on Hacker News and the ongoing documented conversa-
tions he has with companies recruiting him are included in
that public resume.
• Recruiting has to be thought of as courting. A process that
takes time – months and years.
• High-caliber talent needs to be identified and brought on
early. Internships are critical to this.
• Keeping the interaction with talent positive will yield only
good things for everyone.
Ultimately, these public exchanges of job offers and apologies
ended up benefiting all parties involved. Freedman and 42Floors
come away looking innovative and non-traditional to prospec-
tive talent and they have established a relationship with Shipper.
Farmer and Onswipe come across as deliberate in their hiring
process, and most important, they learned from their failure
to hire Shipper. And of course, Shipper got the recognition he
deserved and will benefit from this public courting, be it in future
jobs he applies for or getting VC funding for his own company.
The Job OfferDear Dan Shipper:
Please join us. Consider this a job offer to work at 42Floors.
Because you have never applied for this position, this may come
as a little bit of a surprise. But you have known for awhile that I
have been really impressed with your work.
You’re only a sophomore in college, but you’ve already started
several companies. You’ve taught yourself to code, and you are
a maker at heart. And you have that rare gift of having a sense of
style in your design work as well. AND, your blog posts that reach
Hacker News are eloquent and well thought out. It would be an
honor to have you join us here at 42Floors.
Here is your job description: You will make gorgeous products that
help entrepreneurs find their dream office. There are dozens of
things we need built -- you will pick what you most want to work on
or come up with your own project.
If you ever decide you want to go back to working on your own
start-up, you have my full support, and I will personally do every-
thing I can to help you be successful as an entrepreneur.
You will never be asked to sign a non-compete. You will be free
to contribute to open source, free to blog about anything and
everything, and never be required to submit a patent that could
be used offensively.
This offer has no expiration and, regardless of whether you decide
to work with us, I hope to personally be there on your side in
everything you do.
Most sincerely,
Jason Freedman
Co-Founder, 42Floors
18
Since it’s founding in 1983, Intuit has built its reputation and market
position as a leading small and medium business (SMB) software
company on three core strategies – empowering its employees,
delivering innovative products and delighting its customers. Here
we look at how Intuit uses strategic acquisitions to obtain both
innovative technologies and bolster its base of future leaders.
Historically, Intuit’s senior management has been groomed and
recruited from within its own ranks. The company has one of the
longest-tenured leadership teams in
the software industry, and especially
within Silicon Valley. As a result, over
the past several years few new senior
leaders have been recruited into
Intuit’s organization. Given the accel-
erating pace of change within software
and the advanced tenure of its senior
leaders, Intuit needed to line up the
next generation of leaders to maintain
is market leadership and growth.
Intuit’s former Chief Strategy Officer,
Grieg Coppe, clarified that “during
the initial acquisition screening
phase, Intuit deliberately targets great
technology developed by strong
talent who can ultimately add value across the whole of Intuit.”
The Challenge
Reaching almost $4B in revenues in FY2011 with 8,000
employees, Intuit constantly seeks to innovate, particularly
around emerging SAAS, social and mobile technologies. While
Intuit is moving away from shrink-wrapped boxes and mailed
CDs, the new 24/7 “always connected on all my devices”
consumer expects Intuit's products’ functionality and user
interface to stay current.
The Strategy
Intuit’s Corporate Development
team has made a number of signifi-
cant acquisitions since 2008, some
with the objective of “acquiring”
key talent. The February 2008 ac-
quisition of ECHO (Electronic Clearing House) for $131M and the
July 2009 acquisition of PayCycle for $170M both contributed
key technology and market-
driven benefits, and were
notable for the lack of mention
of key personnel brought on
board through the deals.
The November 2009 acquisi-
tion of Mint.com for $170M
and the May 2010 acquisi-
tion of Medfusion for ap-
proximately $91M both dem-
onstrated a shift in strategy
for Intuit: acquiring key
management talents. In the
case of Mint.com, CEO and
founder Aaron Patzer was
installed as VP/GM of Intuit’s
Personal Finance group – key early hire, lead designer Jason
Putori, did not stay. Aaron assumed P&L responsibility for Mint.
com as well as Quicken Online, desktop and mobile offerings.
With strong talent acquisition overtones, the Mint.com ac-
quisition was a strong move to bring a young innovator in to
the Intuit leadership team. It may also be viewed that Intuit's
team was finally ready to embrace a market inflection point
when users appeared ready to share access to their personal
financial information.
“Given the accelerating paceofchangewithinsoft-ware and the advanced tenure of its senior leaders, Intuit needed to line up the next generation of leadersto maintain is market leader-ship and growth.
AcquiringforTechnologyandTalentby Kristen Badgley, Consultant
Case Study: M&A/Corp Dev (from p. 8)
19
Aaron took control of Intuit’s
existing nascent offerings and
infused them with new life. After
running the group for 20 months,
Aaron became the VP of Product
Innovation where he is “bringing
Mint.com design principles and
ease of use to a wide range of
Intuit’s products.”
We saw a similar unstated
motivation of talent capture
from the Medfusion acqhiring of
its founder, Stephen Malik, who
became President of the newly
created mash-up of Medfusion and the Quicken Health Group.
The new division, Intuit Health, is riding the wave of innovation
in electronic health records and increased consumerization of
health care.
The Results:
Clearly, Intuit has made some key acquisitions to improve
its market position with emerging technologies. And they’ve
identified and thus far retained top talent as part of the acqui-
sition strategy. These acquisitions have bolstered the ongoing
innovation efforts of the internal teams as well.
Intuit publicly states the importance of innovation in its product
evolution, and has taken steps
to embed the concept deeper
into the culture of the company.
In 2008, Intuit created the role
of the Chief Innovation Officer
when then-CTO, Per-Kristian
Halvorsen, transferred into the
role. We also know Intuit created
an Open Innovation group in
2010, and an Intuit Collabora-
tory in 2011. "The talent at Intuit
is impressive, but we know that
we don't have all the answers."
said Jan Bosch, Vice President
of Open Innovation at Intuit. "Our history is built on a mix of
home-grown and outside innovation. Fresh ideas from the
outside are a key element to our innovation program. These new
models enable Intuit to mine new channels to crowd source
solutions to elusive business challenges on the roadmap.
Despite being one of the oldest players in the software industry,
Intuit has maintained enviable growth. In 2007, Intuit reported
revenue of $2.7B and grew that to $3.9B in 2011. That is a great
accomplishment for any software company, especially one
hitting its 30th birthday in this next year. Its challenge will be to
maintain industry-leading growth as its senior leadership, largely
in its mid- and late-50s, starts to retire. Only then will we know
if Intuit has acquired enough talent to keep the growth going.
“…during the initial acquisition screeningphase, Intuitdeliberatelytargetsgreattechnology developedbystrongtal-ent who can ultimatelyadd value across thewhole of Intuit.
Grieg Coppe
Kristen S. Badgley is a Professional Services executive with more than 20 years of expertise working with geographically diverse
technology clients, especially telecommunications, software, semiconductor, and biotech.
Multiple Chapters for World-Changing Talent
20
“We were not quite thesuccess that Google washoping for, and trying to persuade them not to pull the plug and ultimately failing was obviouslya little stressful…Ittakes a while for something new and different to find itsfooting and I think Google was just not patient.
Lars Rasmussen
A PhD in theoretical computer science suggests the recipient
did not adhere to the dropout/start-up model aimed at getting
undergraduates focused on building companies and generating
exits for investors. Yet in his talks to entrepreneurs it is clear Lars
Rasmussen is one of them, and is driven by the dual motivations
of changing the world and working on interesting hacks.
He almost did it twice, and there’s
the possibility he’ll have a third pass
at it in his new role at Facebook. His
road to Silicon Valley and working
with Mark Zuckerberg is one that
illustrates how fast things move,
and how quickly we forget, here in
Silicon Valley.
This article is being written on the
eve of the Facebook IPO. It was
8 years ago that the Google IPO,
also eagerly anticipated, occurred
in August 2004. The power of
search had been demonstated
by the stock’s performance, and
change was in the air. Tim O’Reilly
published a post in September of
2004 about a new conference he was starting to focus on, a
trend he was calling “Web 2.0.” In this third phase of the Internet,
after the web, O’Reilly saw a massive shift from software to data:
“open source and the open standards of the web are commod-
itizing many categories of infrastructure software, driving value
instead to the data.”
No wonder then that the Larry Page’s instructions to the two
Aussies who had combined search and maps in a compelling
new way was to do it on the Web, with a browser. Today, the idea
of APIs delivering value from the cloud to a rich, intelligent soon-
to-be-HTML5 browser is a broadly
shared common vision – back then,
Google Maps became the example
of what was coming.
The other context we take for granted of course is smartphones.
Indeed, if they didn’t exist, we would have to invent one just
so we could use Google Maps on
the street when we need to get
directions. But in 2004, the idea
of a phone with sufficient display,
UX, and sensor data to deliver
the realtime performance of the
Ajaxian Google Maps was still
embryonic (Google’s acqhiring
of a small firm called Android
wouldn’t happen until 2005, and
the iPhone was three years away).
Rasmussen’s aggressive ad-
option of then-exotic browser
standards and protocols such as
XSL and VMG presaged today’s
rapid appropriation of emergent
NoSQL tools at the backend and
advanced presentation capabilities inherent in HTML5.
When the convergence of Web 2.0, search and location took
off in the next few years, accelerated by conferences such
as O’Reilly’s Where 2.0, the next thing around the corner was
glimpsed by knowledgeable VCs tracking the rapidly-expanding
web platform available to college students called ‘thefacebook.’
Sharing was a new concept.
By 2009, the idea of a stream, a ‘wall’ that could reflect incre-
mental changes over time, was settling in with a vengeance.
Lars and Jens put their creative energy to work, harnessing this
Case Study: Talent (from p.12)
by Mark Plakias, VP, Knowledge Transfer, Orange Silicon Valley
OtherPublicationsfromOrangeSiliconValley
21
Navigating the Post-I.T. World Users Create
Read and download these publications at
http://wwww.issuu.com/orangesv.
latest experience into a problem they defined as “what if we were
reinventing email?”
The result, Google Wave, broke in 2009. Using a controlled, invite-
only approach and releasing a slick introductory video, the Wave
team generated enormous buzz – the introductory video was viewed
9.6 million times. Yet so many elements were involved in this new
framework for sharing and posting multiple data assets – including
chat – that adoption was not straightforward. Also, the analogy to
email as the single killer app for Wave did not materialize. In less
than a year, Google’s Wave had receded, and Rasmussen would
leave the company to work at Facebook.
News accounts at the time showed the tensions between
a ‘fail-fast’ culture at Google and the talented developers.
In an interview with an Australian journal, Rasmussen stated “We
were not quite the success that Google was hoping for, and trying
to persuade them not to pull the plug, and ultimately failing, was
obviously a little stressful…It takes a while for something new and
different to find its footing and I think Google was just not patient.”
Indeed, the wooing of Rasmussen to Facebook in 2010 was
another habringer – of the looming war for Talent that would reach
frenzied heights in the following two years. Citing what he called
a “compelling personal pitch” from Mark Zuckerberg, Rasmussen
was quoted as saying, “Obviously they’ve already changed the
world and yet there seems to be so much more to be done there.
And I think that it’s the right place for me to be.”
The third chapter in this particular talent’s story is being
written now.
Acknowledgements
Talent is a topic that everyone has an opinion on, and achieving
clarity involves finding and listening to the right people with ex-
perience. We’d like to thank those people who have guided us
to the conversations and themes that hopefully have illuminat-
ed the many facets of innovative organizational development.
Foundational to our understanding has been John Hagel and
his talented team at Deloitte Center for the Edge, especially
Research Lead Duleesha Kulasooriya. Along with John Seeley
Brown from DCE, their work on passionate workers was an
early and profound influence.
When we first met Kristen Badgley at Korn/Ferry, we knew we
had found a kindred spirit. Kristen’s enthusiastic support and
generous sharing of her rich network of people was greatly
appreciated value-added on top of her written research
for this project. In that network we were graced with the
insights shared by Tracy Coté, Grieg Coppe, and others who
furnished us with powerful perspectives from both sides of
the CorpDev/HR spectrum.
From the start-up world we wish to acknowledge the early
encouragement of veteran entrepreneur and multiple founder
Dan Olsen, for his postive words and suggestions. Also, this is
a good place to acknowledge the seminal work at the Start-up
Genome Project by Max Marmer and Bjoern Herrmann.
Here at Orange Silicon Valley, the vision of CEO Georges
Nahon has been the inspiration for the journey. This particular
topic was especially suited to Dr. Natalie Quizon’s academic
training as a cultural anthropologist, and as always, the visual
engagement that we strive for with all our publications has
been artfully constructed by our multimedia intern Hizuru Cruz.
Finally to the Talents that make Silicon Valley one
of the richest grounds on earth for innovation, our respect
and admiration.
Mark Plakias,
VP, Knowledge Transfer
Orange Silicon Valley
22
3 FoundersWar for Talent Conference 2012, http://http://www.warfortalentcon.com ibid.ibid. Startup Genome Projectibid.ibid. http://www.articles.businessinsider.com/2012-04-22/tech/31381199_1_mark-zuckerberg-quora-facebook/2#ixzz1vXdbpSaU
4 War For Talent Conference 2012, http://www.warfortalentcon.comIbid.Ibid.Startup Genome Project http://www.quora.com/Do-you-trust-your-cofounder-with-anything-everything-company-relatedWar for Talent Conference 2012, http://www.warfortalentcon.com 42Floors: see p.16 sources below
5 HR/PeopleOfficerhttp://youtu.be/0BdzXRzOLKwIbid.http://12recruiters.wordpress.com/http://youtu.be/o3e1lnixKBMIbid.
6 http://www.hrtechblog.com/vcs-love-recruiting-hr-tecWar for Talent Conference 2012, http://www.warfortalentcon.com Ibid.http://youtu.be/pFF7B4lLhkIhttp://articles.businessinsider.com/2012-04-09/news/31311078_1_recruiters-study-decisionhttp://recruiting.jobvite.com/resources/social-recruiting-survey.phpWar for Talent Conference 2012, http://www.warfortalentcon.com http://recruiting.jobvite.com/resources/social-recruiting-survey.php20x: Growth in the use of the term "Chief People Officer" from May 2010-2011 versus May 2011-2012. Original research by Orange Silicon Valley.
7 M&A/Corp DevSee Intuit case study, p.18Interview with Mark Westover, SVP Corporate Development & Strategy at LiveOpsRemarks at Citrix Synergy Conference
8 Interview with Ken Gonzalez, former SVP M&A, McAfee;See MobiTV Interview with Tracy Coté, VP Human Resources, p.14http://seekingalpha.com/article/279266-citrix-uses-cloud-to-emerge-from-microsoft-shadow?source=email_watchlist; http://thomson.mobular.net/thomson/7/2699/3238/; http://en.wikipedia.org/wiki/Citrix_Systems#Acquisitionshttp://en.wikipedia.org/wiki/Salesforce.com#Acquisitionshttp://techcrunch.com/2012/04/23/facebook-patent-fortress/http://www.brunswickgroup.com/Libraries/Reports/2012_Brunswick_M_A_Survey_Booklet.sflb.ashx
9 VC/AngelWar for Talent Conference 2012, http://www.warfortalentcon.com http://www.post-gazette.com/stories/business/technology/facebooks-purchases-may-hint-at-its-future-635853/?print=1http://www.paulgraham.com/hiring.htmlWar for Talent Conference 2012, http://www.warfortalentcon.com http://bryce.vc/post/11994670978/acqihire-heaven
10 http://www.quora.com/Is-it-ethical-for-a-VC-to-pull-people-together-to-start-a-company-to-directly-com-pete-with-a-company-they-decided-not-to-fund/answer/Eric-Wiesenhttp://www.quora.com/Venture-Capital/What-is-a-polite-way-to-tell-a-venture-capitalist-to-stop-talking-to-you-because-you-do-not-need-his-money/answer/Garry-Tanhttp://techcrunch.com/2012/01/27/google-spent-nearly-2-billion-onWar for Talent Conference 2012, http://www.warfortalentcon.com Ibid.Ibid.http://www.investmentbenchmarks.com/pevc_compensation.htmlhttp://www.businesswire.com/news/home/20111121006654/en/Peter-Thiel-Opens-Application-Period-%E2%80%9C20-20%E2%80%9Dhttp://www.investmentbenchmarks.com/files/2011_preview_pe_na.pdfhttp://bhorowitz.com/2010/04/28/why-we-prefer-founding-ceos/
11 Talenthttp://youtu.be/iY1hDBHUIlgIbid.http://gigaom.com/europe/hack-weekends-ryan-carson/http://www.quora.com/Jason-Putorti/Posts/From-Mint-to-Votizen/
12 Niniane Wang, from "Letter to a Young Engineer"http://www.quora.com/Silicon-Valley/Is-there-a-glass-ceiling-for-people-without-graduate-degrees-or-MBAs-in-Silicon-ValleyWar for Talent Conference 2012, http://www.warfortalentcon.com http://www.deloitte.com/view/en_US/us/About/Catalyst-for-Innovation/Center-for-the-Edge/scaling-edges/index.htmhttp://techcrunch.com/2012/01/03/codecademys-codeyear-attracts-100000-aspiring-programmers-in-48-hours/http://www.deloitte.com/view/en_US/us/About/Catalyst-for-Innovation/Center-for-the-Edge/scaling-edges/index.htm
16 Case Study: 42Floorswww.wire.inc.com/2012/05/04/start-up-seeks-college-dropout/www.42floors.com/how_it_workswww.42floors.com/blog/posts/consider-this-a-job-offer-to-work-at-42floorswww.quintenfarmer.com/2012/05/02/we-rejected-dan-shipper-and-what-i-learned-about-hiring/
Sources
Additionalcopiesavailableatorange.com/hiringtalents
copyright2012©OrangeSiliconValley
Get Talent in Your Corner