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Co-founders: Hiring and Firing

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Sanny Gaddafi details the process of hiring and firing co-founders. He asks founders to seriously consider how the strengths of their co-founders compliment their own and urges entrepreneurs to select co-founders with great care. As he reveals later, it is important to choose the correct co-founder because getting rid of co-founders is never an easy or painless thing to do.

This content was produced for the 2013 Jakarta semester of the Founder Institute by Founder Institute mentor Sanny Gaddafi, web developer and innovation strategy expert. Check out Sanny's LinkedIn to learn more:
https://id.linkedin.com/in/sagad

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Co-founders: Hiring and Firing

  1. 1. COFOUNDERS, HIRING AND FIRING JAKARTA FOUNDER INSTITUTE 2013 – SANNY GADDAFI
  2. 2. COFOUNDERS JAKARTA FOUNDER INSTITUTE 2013 – SANNY GADDAFI
  3. 3. DO YOU NEED COFOUNDERS? How many? How do you create story together? What skill do you need on the founding team?
  4. 4. LONG TERM COMMITMENT Background check Verbal agreement Try it Execute it Lawyers are expensive
  5. 5. COFOUNDER CALCULATOR* Which founders are coding most of the site/app? Who had the original idea and told the others? Which founders are working part-time and will join full-time once you get funding If this founder left, it would severely impact your chances of raising funding If this founder left, your development schedule would be severely impacted If this founder left, it would probably prevent us from generating revenue quickly Who comes up with most of the features? Who has a spreadsheet with budget estimates or simulations So far, who pays for basic business expenses like printing business cards, web hosting? Who pitches investors? Who is well connected with your target industry, providing introductions to potential customers, journalists and influencers? * From http://foundrs.com
  6. 6. THE INCENTIVE (EQUITY) Not everybody understand and appreciate it Don’t give it away easily It should be earned, not given Most precious asset Is more expensive than cash Don’t give it to a part-timer contributors
  7. 7. COMMON MISTAKES Jumping too fast Issuing too much equity Not imposing vesting restrictions Not requiring the execution of employment document
  8. 8. HIRING AND FIRING JAKARTA FOUNDER INSTITUTE 2013 – SANNY GADDAFI
  9. 9. ALWAYS HIRING Desperate of talent Never, ever stop Give time to learn Do not hire someone nobody knows Startup is hard, look for passionate and smart people You don’t need managers, you need contributors
  10. 10. CHALLENGES Great talent are rare and in high demand You can’t pay well and can’t offer any security Freelancer earn more than you do
  11. 11. WHAT YOU CAN OFFER Sell your dream Give them status (cheap) Equity (is earned, not given) Respect Show them how they can make impact on the business Bonus pool
  12. 12. WHERE CAN I FIND TALENT? Linkedin (doh!) Twitter (reference mode) Facebook groups (community of developers/marketers/etc) Student association Job fair Build relationship with universities that have internship program
  13. 13. FIRING FAST 3 months trial, check if the CV is true :p Create a KPI Ask the employee to create a timeline Always do a performance review

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