Co-Founders 101 - Graham McFarland

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I will help you answer the most important question about co-founders...Do you need one. If the answer is No then I have done my job and you can move on. If the answer is Yes, we will explore what they …

I will help you answer the most important question about co-founders...Do you need one. If the answer is No then I have done my job and you can move on. If the answer is Yes, we will explore what they should look like, what they should do, where to find them, how are they compensated and how to land the right one.

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Transcript

  • 1. Welcome toRISE WEEK 2012 101 Hosted by Graham McFarland
  • 2. Founder• founder originally meant a person who forges steel; similarly, the founder of a company is forging the new entity.• derived from the term foundation meaning base
  • 3. Entrepreneur• born not raised• gets stuff done, without anyone telling them to do it• passionate as hell about something• willing to take great risk to accomplish a goal or objective
  • 4. Entrepreneur Hierarchy Biz Success Creating fanatical early Fanatics adopters Convincing others that Investment its worth investing Business development past this is Traction cool to I will use this - MVP True passion around an idea or conceptPassion that consumes you
  • 5. • Collaboration – we have someone to share the workload and enhance the speed of getting things done.• Accountability - we have someone that will make sure that do what we say we will do.• Motivation – we have someone in the foxhole with us to encourage us when times get tough.• New Ideas - we have someone that will challenge our ideas and provide a different perspective
  • 6. 8 Founder Types• Money Founder • Product Founder• Technical Founder • Biz Dev Founder• Credibility Founder • Marketing Founder• Business Founder • Spouse/DNA Founder
  • 7. Wrong Reasons Right Reasons• Someone who will help • Someone who can do me for free something that I can’t• Find someone to share • Someone who will the risk accelerate the business• I’m lonely and need • Somebody who is someone to talk to smarter than me
  • 8. Roles Other than a Founder• Contractor• Consultant• Employee• Friend/Mentor• Volunteer• Intern
  • 9. Be Choosy PassionCompatibility Communication Commitment
  • 10. Building a Founding Team• Clear agreements• Founder drag-along• Vesting• Vesting cliff• Align vesting with value add• Avoid severance packages• Alternate founders on the board
  • 11. Resourceshttp://fastignite.com/startup-toolshttp://www.emergingenterprisecenterblog.com/entrepreneurship/http://foundrs.com/calculator/index.php
  • 12. COMMUNITY SUPPORT Did you enjoy this session?Please support your local entrepreneurs and help us to keep this conference free. RISE Global is a non-profit organization, and your contributions help us continue delivering the value of a high-dollar conference with an unbeatable price tag. Please donate at www.riseglobal.org/donate Be sure to check out our other sessions and special events during RISE Week 2012 at www.riseglobal.org/austin! The mission of RISE is to inspire and empower entrepreneurs at all stages.