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Hiring,	
  Firing	
  and	
  Cofounders
 (or,	
  how	
  I	
  learned	
  to	
  delegate	
  and	
  love	
  building	
  a	
  team	
  that’s	
  da	
  bomb)




                        Roy	
  Rodenstein,	
  @royrod
          Co-­‐founder,	
  Going	
  /	
  Director	
  of	
  Business	
  Planning,	
  AOL

                                          8/5,	
  2010
How	
  I	
  think	
  about	
  early	
  stage	
  teams

• What	
  are	
  my	
  strengths	
  &	
  weaknesses?
    – Skills:	
  Hacking,	
  Product,	
  Marketing,	
  Sales,	
  Finance,	
  Management
    – Qualities:	
  detail	
  oriented	
  vs.	
  macro	
  view,	
  people	
  person,	
  communication
    – Be	
  brutally	
  honest	
  with	
  yourself


• What	
  strengths	
  does	
  the	
  company	
  need
    – Now?
    – In	
  6	
  months?
    – In	
  2	
  years?

• What	
  are	
  sporadic	
  vs.	
  sustainable	
  roles?
Sporadic	
  needs

“We	
  need	
  a	
  new	
  logo,	
  so	
  I	
  need	
  to	
  hire	
  a	
  full-­‐time	
  designer	
  ASAP!!!”


•    Full-­‐time	
  hires	
  are	
  hard
      – 1-­‐3	
  calendar	
  months,	
  days	
  of	
  real	
  effort	
  on	
  spec,	
  interviews,	
  negotiation
•    Firing	
  is	
  really	
  hard
      – Hiring	
  wrong	
  person	
  full-­‐time	
  is	
  very	
  costly
      – Layoffs	
  take	
  toll	
  on	
  the	
  team	
  and	
  your	
  credibility


•    When	
  in	
  doubt,	
  start	
  with	
  low	
  commitment
•    Temp-­‐to-­‐hire	
  is	
  very	
  common
Common	
  staffing	
  approaches

Area              Example	
  need                                        Common	
  best	
  practices
Design            Logo,	
  page	
  template                              99designs


Design            UI,	
  UX,	
  IA,Usability                             Freelance	
  designer	
  or	
  firm


Editorial         Writing	
  web	
  content,	
  blog	
  posts            Craigslist,	
  Twitter


Social	
  Media   Manage	
  Twitter	
  et	
  al,	
  community            Craigslist,	
  Twitter
Marketing         management,	
  blogger	
  outreach

Prototype         Version	
  0.1	
  of	
  site	
  to	
  gather	
  user   oDesk,	
  RentACoder,	
  eLance
Hacking           feedback                                               Local:	
  Globant,	
  Janeiro	
  Digital	
  etc.
Sustainable	
  needs

“This	
  area	
  needs	
  help	
  now,	
  and	
  it	
  still	
  will	
  in	
  a	
  year”


• Someone	
  will	
  need	
  to	
  lead	
  Hacking,	
  Product,	
  Marketing
• These	
  problems	
  don’t	
  “go	
  away”


• Could	
  be	
  a	
  founder,	
  a	
  sr.	
  hire,	
  or	
  a	
  jr.	
  hire	
  that	
  ‘scales’
• Wearing	
  multiple	
  hats	
  for	
  a	
  while	
  is	
  fine
• Plan	
  out	
  hires	
  at	
  least	
  6-­‐12	
  months	
  in	
  advance	
  (e.g.	
  Excel	
  gantt)
What	
  makes	
  a	
  founder?

Believes	
  in	
  the	
  vision
Committed	
  to	
  the	
  company
Sustained	
  fit	
  and	
  value



“My	
  cofounder	
  will	
  help	
  a	
  bit	
  with	
  emailing	
  bloggers	
  and	
  users,
taking	
  a	
  shot	
  at	
  drumming	
  up	
  some	
  potential	
  clients,
and	
  later	
  we’ll	
  figure	
  out	
  what	
  else	
  they	
  do”
What	
  a	
  co-­‐founder	
  blowup	
  looks	
  like




 Spooks	
  your	
  investors,	
  your	
  team,	
  and	
  your	
  cap	
  table
Where	
  to	
  find	
  full-­‐time	
  Hires

	
  Monster            	
  Your	
  friends              	
  Your	
  friends’	
  networks
	
  Careerbuilder      	
  Your	
  network	
            	
  Twitter
	
  Crunchboard        	
  Craigslist                   	
  Quora
                       	
  Joel	
  on	
  Software       	
  LinkedIn
                       	
  Dice                         	
  Facebook
                       	
  College	
  career	
  fairs   	
  Blog	
  comments
                                                        	
  Your	
  user	
  community
                                                        	
  Meetup	
  groups
                                                        	
  Industry	
  events

                                                        	
  Everywhere…
Successful	
  recruiting
• Write	
  a	
  compelling	
  job	
  spec	
  with	
  personality
     – It’s	
  one	
  of	
  your	
  biggest	
  advantages	
  as	
  a	
  startup
     – As	
  much	
  for	
  you	
  to	
  define	
  the	
  role,	
  as	
  for	
  the	
  candidate

• Interviewing
     –   To	
  scale	
  &	
  check	
  follow-­‐through,	
  give	
  candidates	
  a	
  quick	
  test
     –   Do	
  ‘360-­‐degree’	
  interview
     –   Have	
  a	
  high	
  bar,	
  it	
  makes	
  people	
  appreciate	
  joining
     –   References:	
  back-­‐channel	
  are	
  best
     –   “A	
  players	
  hire	
  A	
  players.	
  B	
  players	
  hire	
  C	
  players.”

• Close	
  the	
  deal	
  quickly	
  &	
  do	
  what	
  it	
  takes
     – Do	
  what	
  it	
  takes:	
  desk	
  setup	
  they	
  like,	
  take	
  them+spouse	
  to	
  dinner,	
  …
     – Negotiate	
  fairly,	
  not	
  too	
  generous	
  or	
  stingy
Typical	
  early-­‐stage	
  compensation

Level         Cash                                         Equity
Founder       Angel:	
  $0-­‐3k/mo.                        20-­‐50%+	
  	
  (pre-­‐dilution)
              VC:	
  	
  	
  	
  	
  80%	
  mkt	
  +/-­‐

VP            Angel:	
  30-­‐70%	
  mkt                    Angel:	
  2-­‐10%
              VC:	
  	
  	
  	
  	
  	
  80%	
  mkt        VC:	
  	
  	
  	
  	
  	
  1-­‐2%

Director      Angel:	
  30-­‐70%	
  mkt                    Angel:	
  1-­‐5%
              VC:	
  	
  	
  	
  	
  	
  80%	
  mkt        VC:	
  	
  	
  	
  	
  	
  0.25-­‐1%

Individual    Angel:	
  30-­‐70%	
  mkt                    Angel:	
  0.5-­‐2%
Contributor   VC:	
  	
  	
  	
  	
  	
  80%	
  mkt        VC:	
  	
  	
  	
  	
  	
  0.1%

Part-­‐time   Standard	
  rate,	
  but	
  negotiate        n/a
Got	
  the	
  hire?	
  Managing	
  101

• Set	
  expectations	
  for	
  the	
  role	
  and	
  growth	
  path
• Provide	
  guidance	
  and	
  clear	
  goals
• Get	
  out	
  of	
  the	
  way
• Maintain	
  the	
  relationship
• Keep	
  the	
  vision	
  alive	
  &	
  updated
• Be	
  a	
  startup!
• Lead	
  &	
  inspire
 	
  	
  	
  	
  	
  	
  No	
  ‘I’	
  in	
  Team…	
  But	
  there	
  is	
  a	
  T




Thanks!	
  	
  More	
  @royrod,	
  How2Startup.com

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Hiring, Firing, and Co-Founders: My Founder Institute Session

  • 1. Hiring,  Firing  and  Cofounders (or,  how  I  learned  to  delegate  and  love  building  a  team  that’s  da  bomb) Roy  Rodenstein,  @royrod Co-­‐founder,  Going  /  Director  of  Business  Planning,  AOL 8/5,  2010
  • 2. How  I  think  about  early  stage  teams • What  are  my  strengths  &  weaknesses? – Skills:  Hacking,  Product,  Marketing,  Sales,  Finance,  Management – Qualities:  detail  oriented  vs.  macro  view,  people  person,  communication – Be  brutally  honest  with  yourself • What  strengths  does  the  company  need – Now? – In  6  months? – In  2  years? • What  are  sporadic  vs.  sustainable  roles?
  • 3. Sporadic  needs “We  need  a  new  logo,  so  I  need  to  hire  a  full-­‐time  designer  ASAP!!!” • Full-­‐time  hires  are  hard – 1-­‐3  calendar  months,  days  of  real  effort  on  spec,  interviews,  negotiation • Firing  is  really  hard – Hiring  wrong  person  full-­‐time  is  very  costly – Layoffs  take  toll  on  the  team  and  your  credibility • When  in  doubt,  start  with  low  commitment • Temp-­‐to-­‐hire  is  very  common
  • 4. Common  staffing  approaches Area Example  need Common  best  practices Design Logo,  page  template 99designs Design UI,  UX,  IA,Usability Freelance  designer  or  firm Editorial Writing  web  content,  blog  posts Craigslist,  Twitter Social  Media Manage  Twitter  et  al,  community Craigslist,  Twitter Marketing management,  blogger  outreach Prototype Version  0.1  of  site  to  gather  user oDesk,  RentACoder,  eLance Hacking feedback Local:  Globant,  Janeiro  Digital  etc.
  • 5. Sustainable  needs “This  area  needs  help  now,  and  it  still  will  in  a  year” • Someone  will  need  to  lead  Hacking,  Product,  Marketing • These  problems  don’t  “go  away” • Could  be  a  founder,  a  sr.  hire,  or  a  jr.  hire  that  ‘scales’ • Wearing  multiple  hats  for  a  while  is  fine • Plan  out  hires  at  least  6-­‐12  months  in  advance  (e.g.  Excel  gantt)
  • 6. What  makes  a  founder? Believes  in  the  vision Committed  to  the  company Sustained  fit  and  value “My  cofounder  will  help  a  bit  with  emailing  bloggers  and  users, taking  a  shot  at  drumming  up  some  potential  clients, and  later  we’ll  figure  out  what  else  they  do”
  • 7. What  a  co-­‐founder  blowup  looks  like Spooks  your  investors,  your  team,  and  your  cap  table
  • 8. Where  to  find  full-­‐time  Hires  Monster  Your  friends  Your  friends’  networks  Careerbuilder  Your  network    Twitter  Crunchboard  Craigslist  Quora  Joel  on  Software  LinkedIn  Dice  Facebook  College  career  fairs  Blog  comments  Your  user  community  Meetup  groups  Industry  events  Everywhere…
  • 9. Successful  recruiting • Write  a  compelling  job  spec  with  personality – It’s  one  of  your  biggest  advantages  as  a  startup – As  much  for  you  to  define  the  role,  as  for  the  candidate • Interviewing – To  scale  &  check  follow-­‐through,  give  candidates  a  quick  test – Do  ‘360-­‐degree’  interview – Have  a  high  bar,  it  makes  people  appreciate  joining – References:  back-­‐channel  are  best – “A  players  hire  A  players.  B  players  hire  C  players.” • Close  the  deal  quickly  &  do  what  it  takes – Do  what  it  takes:  desk  setup  they  like,  take  them+spouse  to  dinner,  … – Negotiate  fairly,  not  too  generous  or  stingy
  • 10. Typical  early-­‐stage  compensation Level Cash Equity Founder Angel:  $0-­‐3k/mo. 20-­‐50%+    (pre-­‐dilution) VC:          80%  mkt  +/-­‐ VP Angel:  30-­‐70%  mkt Angel:  2-­‐10% VC:            80%  mkt VC:            1-­‐2% Director Angel:  30-­‐70%  mkt Angel:  1-­‐5% VC:            80%  mkt VC:            0.25-­‐1% Individual Angel:  30-­‐70%  mkt Angel:  0.5-­‐2% Contributor VC:            80%  mkt VC:            0.1% Part-­‐time Standard  rate,  but  negotiate n/a
  • 11. Got  the  hire?  Managing  101 • Set  expectations  for  the  role  and  growth  path • Provide  guidance  and  clear  goals • Get  out  of  the  way • Maintain  the  relationship • Keep  the  vision  alive  &  updated • Be  a  startup! • Lead  &  inspire
  • 12.              No  ‘I’  in  Team…  But  there  is  a  T Thanks!    More  @royrod,  How2Startup.com