Attracting and RetainingAwesome Talent……for start upsAnilesh SethCo-Founder and CEO, KROWA different look at WORK
Perhaps the topic should be……FINDING, CONVINCINGandRetaining Awesome Talent….for start ups
To begin with, some MBA gyan……Mentor/CoachCo-FounderAdvisorCore TeamDevelopersMarketingSalesetcAt what point do you need each role?The needs will changeWhy do you need each role?
Map your needs. Be clear about whyyou need some rolesRole When Why Short/LongMentor/Coach Idea - Confidence- Bounce off ideas- Network- Help find investors- Help find talentThe type of person youare looking for maychange over timeCo-Founder Idea? - More the merrier- Share the risk andreward- Builds confidence- SynergisticAdvisor Seed/Funding stage - Approachinvestors- Resume buildingMay be in place just forthis specific objectiveCore team Idea/Seed - Take on keyresponsibilitiesIdeally long term – butbe prepared that yourown idea of the rightperson may changeOther team members Seed and beyond - Need based skills There will be peaks andtroughs – these tendsto be skills that aremore abundantlyavailableMapping out whatyou think you needwill force you thinkdeeplyThis step is crucialas it enables youto devise a plan toattract the rightpeopleNote: this is an example only and is not meant to be prescriptive
So how do you convince someone tojoin you….an unknown startup….?Prestige/VisionMoneyMotivatorsAbundantskillsTough to findRare/IndustryfigureWealthYour strategy will depend upon a combination of:- Who you are looking for- What motivates that person- Is it a long term or a short term need
A different combination of motivatorswill therefore need to be configuredRole YourconvictionVision ImportanceaccordedWealthbuildingopportunityTechnicalthrillAggressivestock plussomemoneySome stock,mostlymoneyMostlymoneyMentor/CoachCo-FounderAdvisorCore teamOther teammembersNote: this is an example only and is not meant to be prescriptive
What can you leverage?What you have going for you• Your vision• Your conviction• Your network• Your business plan andwillingness to part withstock to create wealthbuilding options for thosewilling to invest in you andyour ideaWhat you may not have• Upfront cash• Upfront company valuation
What you have far outweighs whatyou don’t……..And remember, if you sell to their families,you have a high probability of a sale!
Some maxims….• Your strongest selling point is your vision and conviction• Ensure a match of objectives……and values……• Be clear about short term vs long term roles – why give stock for short term rolesor non-critical ones?• Remember stocks are difficult to value – sell the value on vision…but alsoremember that stocks don’t pay bills. Some people need to do that• Look at family background – does the person have a “cover”?• Don’t hire for skill alone – value fit must be there. Be clear : are you looking for athinker + doer or only a doer. Would you part with stock for just a doer?• Be prepared to invest a fair amount of time in recalibrating everyonescommitment – and in reinforcing and in adjusting the formula for the right person• Build relationships with the family – the start up must be an extended family;share the joys and sorrows of life in general• Involve the wider company – don’t get closeted with a coterie and leave the restout• Communicate, communicate, communicate – in various media, whenever you getan opportunity - visibility motivates across the board