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Co-Founders             and          CapTablesDanny Robinson - Bootup Garage - March 2nd, 2011
There’s a little Sheen in every Entrepreneur
It’s all about...
It’s all about...
Co-Founders
Splitting up the pie           Idea        Expertise       Connections       Commitment      Responsibilities
Do it up frontthe conversation doesn’t get easier
The Misconception of       50/50    Decisions are not that simple
Drag-Along, Tag-Along
EmploymentIP Ownership, Compensation, Termination
TitlesCEO, CTO, CMO, CSO, Chair, Vice-Chair
InvestmentCash treated as convertible debt
Vest the shares     Precautions
Founder Vesting Schedule
Founder Vesting Schedule • Can be different than employees
Founder Vesting Schedule • Can be different than employees • Single class of voting common shares
Founder Vesting Schedule • Can be different than employees • Single class of voting common shares • Vests in equal monthly...
Founder Vesting Schedule • Can be different than employees • Single class of voting common shares • Vests in equal monthly...
Other vesting options
Other vesting options•   Cliff vesting upon some period of time (usually    you can get away without doing this)
Other vesting options•   Cliff vesting upon some period of time (usually    you can get away without doing this)•   Single...
Other vesting options•   Cliff vesting upon some period of time (usually    you can get away without doing this)•   Single...
Captables!"#$"%&(")*+,-.,/0--                                                                        ?9A)E+@#,K@&O$@:A!"#$...
Captables!"#$"%&(")*+,-.,/0--                                                                        ?9A)E+@#,K@&O$@:A!"#$...
Captables!"#$"%&(")*+,-.,/0--                                                                        ?9A)E+@#,K@&O$@:A!"#$...
Captables!"#$"%&(")*+,-.,/0--                                                                          ?9A)E+@#,K@&O$@:A!"...
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CoFounder & Captable Presentation by Danny Robinson

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When you are starting a company, figuring who owns what and how to structure the equity fairly is not something you may be thinking about in the early days but is a very important part of the planning process.

Danny Robinson has been through many startups, raised more than 100M in venture capital financing and definitely knows how to structure captables from the get go. This talk wlll help you decide what the split between co-founders should be and explain:

* how to structure that equity to make it fair for everyone in the case someone leaves the company early
* how to maintain and record the split on a captable, and
* how to budget for future stock or option grants to future employees, advisors and investors.

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  • Transcript of "CoFounder & Captable Presentation by Danny Robinson"

    1. 1. Co-Founders and CapTablesDanny Robinson - Bootup Garage - March 2nd, 2011
    2. 2. There’s a little Sheen in every Entrepreneur
    3. 3. It’s all about...
    4. 4. It’s all about...
    5. 5. Co-Founders
    6. 6. Splitting up the pie Idea Expertise Connections Commitment Responsibilities
    7. 7. Do it up frontthe conversation doesn’t get easier
    8. 8. The Misconception of 50/50 Decisions are not that simple
    9. 9. Drag-Along, Tag-Along
    10. 10. EmploymentIP Ownership, Compensation, Termination
    11. 11. TitlesCEO, CTO, CMO, CSO, Chair, Vice-Chair
    12. 12. InvestmentCash treated as convertible debt
    13. 13. Vest the shares Precautions
    14. 14. Founder Vesting Schedule
    15. 15. Founder Vesting Schedule • Can be different than employees
    16. 16. Founder Vesting Schedule • Can be different than employees • Single class of voting common shares
    17. 17. Founder Vesting Schedule • Can be different than employees • Single class of voting common shares • Vests in equal monthly instalments over the course of 3 years. (ie 1/36th per month)
    18. 18. Founder Vesting Schedule • Can be different than employees • Single class of voting common shares • Vests in equal monthly instalments over the course of 3 years. (ie 1/36th per month) • but...any schedule is possible
    19. 19. Other vesting options
    20. 20. Other vesting options• Cliff vesting upon some period of time (usually you can get away without doing this)
    21. 21. Other vesting options• Cliff vesting upon some period of time (usually you can get away without doing this)• Single trigger • Accelerate 100% of unvested shares upon a change of control
    22. 22. Other vesting options• Cliff vesting upon some period of time (usually you can get away without doing this)• Single trigger • Accelerate 100% of unvested shares upon a change of control• Double trigger • Accelerate 100% of unvested upon termination after a change of control
    23. 23. Captables!"#$"%&(")*+,-.,/0-- ?9A)E+@#,K@&O$@:A!"#$%&( )$*&(+,&$+ -./&( !"#$%&( 0&1-&2&(13 0"(+1-&2&(13 (")1 ,,/.200.000 345 205 /65 789")8: ,,-.200.000 4;5 405 -354"+/51!"#$%&( 11678887888 988: ;8: 6<:7<#&:=,>$:*1,?#$@:A,B&"A ,,-.000.000 /05 /054"+/51!"#$%&(1=1>-?0 11@78887888 988: @6:-&2&(1310&A&&% C,,/.200.000 #) C,,,,,,,,,, 0D20 #),E+") FAG&E,H!:AI)E@:A,:J,K%$L C,,,,, 200.000 ,,-./20.000 MN@A*&O8E,/05,8@E*:OA$ -P5 Q:AG>+:$ C,-.200.000 ,,4.000.000 4/54"+/51-&2&(1310&A&&% Founders 1167B@87888 6C:
    24. 24. Captables!"#$"%&(")*+,-.,/0-- ?9A)E+@#,K@&O$@:A!"#$%&( )$*&(+,&$+ -./&( !"#$%&( 0&1-&2&(13 0"(+1-&2&(13 (")1 ,,/.200.000 345 205 /65 789")8: ,,-.200.000 4;5 405 -354"+/51!"#$%&( 11678887888 988: ;8: 6<:7<#&:=,>$:*1,?#$@:A,B&"A ,,-.000.000 /05 /054"+/51!"#$%&(1=1>-?0 11@78887888 988: @6:-&2&(1310&A&&% C,,/.200.000 #) C,,,,,,,,,, 0D20 #),E+") FAG&E,H!:AI)E@:A,:J,K%$L C,,,,, 200.000 ,,-./20.000 MN@A*&O8E,/05,8@E*:OA$ -P5 Q:AG>+:$ C,-.200.000 ,,4.000.000 4/54"+/51-&2&(1310&A&&% 1167B@87888 6C: Employee Stock Option Plan!#55D1E25#+&%1?#+(+/$%2$F 11G7B@87888 988:
    25. 25. Captables!"#$"%&(")*+,-.,/0-- ?9A)E+@#,K@&O$@:A!"#$%&( )$*&(+,&$+ -./&( !"#$%&( 0&1-&2&(13 0"(+1-&2&(13 (")1 ,,/.200.000 345 205 /65 789")8: ,,-.200.000 4;5 405 -354"+/51!"#$%&( 11678887888 988: ;8: 6<:7<#&:=,>$:*1,?#$@:A,B&"A ,,-.000.000 /05 /054"+/51!"#$%&(1=1>-?0 11@78887888 988: @6:-&2&(1310&A&&% C,,/.200.000 #) C,,,,,,,,,, 0D20 #),E+") FAG&E,H!:AI)E@:A,:J,K%$L C,,,,, 200.000 ,,-./20.000 MN@A*&O8E,/05,8@E*:OA$ -P5 Q:AG>+:$ C,-.200.000 ,,4.000.000 4/54"+/51-&2&(1310&A&&% 1167B@87888 6C: Angel Round - Convertible Debt!#55D1E25#+&%1?#+(+/$%2$F 11G7B@87888 988:
    26. 26. Captables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eries A
    27. 27. Live Case Study?
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