FIWA Aug 03 - Julia K Szopa - Team and Advisors
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Transcript of FIWA Aug 03 - Julia K Szopa - Team and Advisors
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8/20/2019 FIWA Aug 03 - Julia K Szopa - Team and Advisors
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Julia K Szopa | [email protected]
Team & AdvisorsJulia K Szopa
Founder Institute Warsaw
August 2015
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Julia K Szopa | [email protected]
TeamsOutperform
Singles
From First Round’s 10thAnniversary report
http://10years.firstround.com
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8/20/2019 FIWA Aug 03 - Julia K Szopa - Team and Advisors
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Julia K Szopa | [email protected]
What is Team?
Co-founders
Founding Team
Hires
next 5
max 3
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8/20/2019 FIWA Aug 03 - Julia K Szopa - Team and Advisors
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Julia K Szopa | [email protected]
• Co-founder is someone you join, not someone youfind and hire
• Founding Team are the people who work with youto grow the company from 0 to 1
• Hires are people who work to make living
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8/20/2019 FIWA Aug 03 - Julia K Szopa - Team and Advisors
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Julia K Szopa | [email protected]
Ok, how do I convincethese folks to join me?
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Julia K Szopa | [email protected]
Step 1:
Who do you need?
• Skills - avoid overlapping areas of expertise
• Time commitment
• Incentives - what can you afford to give inexchange?
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8/20/2019 FIWA Aug 03 - Julia K Szopa - Team and Advisors
http://slidepdf.com/reader/full/fiwa-aug-03-julia-k-szopa-team-and-advisors 7/19Julia K Szopa | [email protected]
Step 2:
Identify names in your network
• Write a list potential candidates
• Grow your network until you can access them
• Successfully ask for intros
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8/20/2019 FIWA Aug 03 - Julia K Szopa - Team and Advisors
http://slidepdf.com/reader/full/fiwa-aug-03-julia-k-szopa-team-and-advisors 8/19Julia K Szopa | [email protected]
Step 3:
Pitch to potential teammates
• WIIFM - What’s in it for me?
• Show traction
• Show leadership - are you gonna be the last oneoff the sinking ship?
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8/20/2019 FIWA Aug 03 - Julia K Szopa - Team and Advisors
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Step 4:
Set clear expectationsDo:
•
Trust• Agree on the area of
full responsibility
Avoid:
•
Blurred timeframes• Vague role
descriptions
• Confusion who’s thefounders
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8/20/2019 FIWA Aug 03 - Julia K Szopa - Team and Advisors
http://slidepdf.com/reader/full/fiwa-aug-03-julia-k-szopa-team-and-advisors 10/19Julia K Szopa | [email protected]
Team: Summary
1. Identify your needs Build personas
2. Identify names Grow your network
3. Pitch to candidates Show leadership
4. Set clear expectations Trust in responsibility
5. Learn their incentives Keep them with you
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Julia K Szopa | [email protected]
Advisors trust + vested interest
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Julia K Szopa | [email protected]
Who, when and why?
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Julia K Szopa | [email protected]
#1
Don’t chase big nameswhen you’re just starting
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Julia K Szopa | [email protected]
#2
Ask for advice before you askfor becoming your advisor
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Julia K Szopa | [email protected]
#3
Set clear & reasonable
expectations
• time commitment?• workload?• timeframe?
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Julia K Szopa | [email protected]
#4
Advisor Compensation• typically <1% (in Silicon Valley)
•
the earlier, the more (super crucial advisor ~ 2%)
• typically vested over 2 years, no cliff
• common stock
• Beware of “startup advisors”: if they want $, thenit’s called consulting!
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Julia K Szopa | [email protected]
#5
Advisory Agreement• Sign advisory agreement in plain English
• conditions for termination
• vesting period & cliff
• advisor’s time commitment and role
• non-compete and non-disclosure
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Julia K Szopa | [email protected]
Advisors: Summary1. Identify your needs and stage
2. Don’t chase big names
3. Ask for advice first
4. Set clear expectations with advisors you wantformalized
5. Compensate in equity
6. Sign an agreement
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Julia K Szopa | [email protected]
Thanks!