CoFounder & Captable Presentation by Danny Robinson
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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......

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

  • 1. Co-Founders and CapTablesDanny Robinson - Bootup Garage - March 2nd, 2011
  • 2. There’s a little Sheen in every Entrepreneur
  • 3. It’s all about...
  • 4. It’s all about...
  • 5. Co-Founders
  • 6. Splitting up the pie Idea Expertise Connections Commitment Responsibilities
  • 7. Do it up frontthe conversation doesn’t get easier
  • 8. The Misconception of 50/50 Decisions are not that simple
  • 9. Drag-Along, Tag-Along
  • 10. EmploymentIP Ownership, Compensation, Termination
  • 11. TitlesCEO, CTO, CMO, CSO, Chair, Vice-Chair
  • 12. InvestmentCash treated as convertible debt
  • 13. Vest the shares Precautions
  • 14. Founder Vesting Schedule
  • 15. Founder Vesting Schedule • Can be different than employees
  • 16. Founder Vesting Schedule • Can be different than employees • Single class of voting common shares
  • 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. 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. Other vesting options
  • 20. Other vesting options• Cliff vesting upon some period of time (usually you can get away without doing this)
  • 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. 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. 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. 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. 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. Captables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eries A
  • 27. Live Case Study?