Artemis Ventures, LLC 1998 1
How to Build Effective Management Teams
Christine ComafordGeneral Partner and Managing Director
Artemis Ventures, LLC 1998 2
Bio
Engineer, entrepreneur, venture catalyst 5x entrepreneur, 2 IPOs, 3 M&A, $100
million raised in last 5 years Venture Catalyst specializing in Enterprise
& Internet software Partner: Kimball Atwood
Artemis Ventures, LLC 1998 3
Did You Know?
6 in 1,000,000 high tech ideas will result in a
company that goes public
Artemis Ventures, LLC 1998 4
Did You Know?
Founder CEOs own an average of less than 4% of their companies after
the IPO
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Did You Know?
On average, 6 in every 1,000 business plans will
be funded
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Did You Know?
The #1 reason a startup’s valuation is cut is an
incomplete executive team
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The Net-Net
Creating a successful startup is hard 90% of startups fail Most entrepreneurs don’t get insanely rich VCs are increasingly harsh
What makes the difference between success and failure?
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What it Means
Right market Right product/service Right timing Right info Right priority Right connections Right team
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Agenda
Who You Need on Your Team
Building, Supporting, Retaining a Great Team
How to Find Execs and Staff Your Extended Team Members:
Who/How Q & A
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Who You Need
Visionaries (assorted positions) Leaders(CEO, Managers) Implementers (Sales, Marketing,
Technology) Infrastructure Builders/Supporters
(Operations)
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Surprise!
You need all above types NOW Some slots can be filled with contractors
for a while (implementers, infrastructure builders)
A rent-a-controller is better than NO controller...
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Building, Supporting, Retaining
Hire top first, let them build their team Communicate weekly Remember they are human Everyone should know their next
promotion or 2 Create, post, endorse values
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Create and Post Values
Add Massive Value Make and Keep Commitments Take Ownership Respect One Another Be Positive
- Artemis Ventures Values, version 1.0
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How To Find Team/Screen Fast
Best way = via schmoozing Online job boards LIFO helps gauge stress behavior,
personality traits Interview wisely: “The Manager’s Book of
Questions” John Kador
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How To Find/Screen (cont’d)
Outsource employee management (Trinet VCO, etc)
Know enough about employment law Remember you are in California Use extended team to help screen, do
stealth reference checks
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Your Extended Team
Board of Directors Investors Board of Advisors -- must have!
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Who To Secure For Extended Team
Investors - this is a whole separate topic!! Board of Directors - heavyweights in
industry, customer, financial area; credibility boosters
Board of Advisors - same as Directors but should be project/area-oriented
Manage your extended team or they’ll manage you!!!
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How To Secure Extended Team
Investors - per your capital acquisition strategy
Board Members - lure with amazing plan, compensation based on stage/involvement, pick people who will vote with you
Advisory Board Members - same as Board but pick people you can confide in -- they can’t fire you -- BOD can!
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Do You Have These?
Right market Right product/service Right timing Right info Right priority Right connections Right team
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The Net-Net
Minimize Risk Maximize Return
What Are You Doing To Ensure These?
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Entrepreneurial Resources
Read “Burn Rate” - Michael Wolff Read “High Tech Startup” - John Nesheim Good recruiter: Mike Huskins 415 Check out
www.fastcompany.com/career/index.html, www.vfinance.com, www.startupweb.com
Check www.artemisventures.com resources section -- updates often
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Questions?
Ask or Email [email protected]
Christine ComafordGeneral Partner and Managing Director
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