Cool startup stories: all you need to know and check before accepting a job offer from «The Next Unicorn»
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Cool startup stories: all you need to know and check before accepting a job offer from «The Next Unicorn»
- 1. All you need to know and check before accepting a job offer from «The Next Unicorn» Cool Startup Stories @SBozhko
- 2. Disclaimer That’s my experience. I’m no a lawyer. My opinion is still evolving. @SBozhko
- 3. Why should we listen to you? @SBozhko
- 4. @SBozhko
- 5. @SBozhko
- 6. This guy knows better how to survive I’ve been running and failing startups over the last 2.5 years
- 8. One email that’s changed my life… @SBozhko
- 9. @SBozhko
- 10. 6 months programme Fellowship Programme Demo Day https://www.joinef.com “We bring together extraordinary people to build deep tech startups from scratch” © @SBozhko
- 11. Follow my lead! I’ll show you my wonderful world! @SBozhko
- 12. “If you're offered a seat on a rocket ship, don't ask what seat! Just get on.” Sheryl Sandberg, COO @ Facebook @SBozhko
- 15. You’ll be wearing many hats. So… let’s talk about hats! @SBozhko
- 17. ROI Return of investments. Think about risks, your time & opportunity cost. @SBozhko
- 18. How founders sell you the vision Problem Solution Traction Team @SBozhko
- 19. Initially, as a founder, you have nothing apart from your background + network In early-stage companies the founding team matters a lot @SBozhko
- 20. Why would other people work for the founder instead of starting their own companies? Or working for widely-known tech giants? Personal exceptionalism @SBozhko
- 21. Ability to find workarounds and break the rules including the law @SBozhko
- 22. not the next “me-too” shop Now it’s easier to start a hard company addressing a huge problem of our society. @SBozhko
- 23. Due Diligence Legal + Tech @SBozhko
- 24. Q: How defensible is your idea/product? @SBozhko
- 25. Ugh… boring legal stuff It’s almost always about IP (Intellectual Property): patents, patents pending, trade secrets, trademarks, domain names, copyrights @SBozhko
- 26. Case study Has all IP been assigned to the company? @SBozhko
- 27. Know who you’re working with LinkedIn Crunchbase References Informational Interviews Companies House (UK-only) @SBozhko
- 31. @SBozhko
- 33. @SBozhko
- 34. Case study One offer from a promising startup @SBozhko
- 35. @SBozhko
- 38. Don’t be afraid to talk about money & negotiate Founders think in P&L (profit & loss) terms Compensation structure: base + stocks + benefits + bonus @SBozhko
- 39. Term sheet How far the founders away from signing it? “Smart money” Valuation: pre-money and post-money Liquidation preference 1x, 2x, … Nx @SBozhko
- 40. Ask founders to show their capitalization table (cap table) @SBozhko
- 41. Business-model How far are they away from being profitable? Path to profitability. @SBozhko
- 42. What’s your exit strategy? IPO, merge, acquisition, acquihiring @SBozhko
- 43. Options pool Typically: 10% for UK startups 20% for US based companies @SBozhko
- 45. Options pool Options => ?=> $ € £ You need to execute your options @SBozhko
- 46. Vesting Typical: 4 years vesting, 1 year cliff @SBozhko
- 47. @SBozhko
- 48. Good leaver vs. Bad leaver Look for it your shareholder agreement @SBozhko
- 49. Non compete clause If > 6 months DON’T accept it. Even British banks state 6 months. @SBozhko
- 50. Do you still want to build this startup? You MUST believe in your idea and product like nobody else! You have to have your own “WHY”. If’s hard to fool yourself when things go wrong. @SBozhko
- 51. @SBozhko
- 52. Be ready for ups and downs Every day. Every hour. Literally. But it’s fun! @SBozhko
- 54. Generalist vs. Specialist Think of it from “my next role” perceptive @SBozhko
- 55. Constantly dealing with pivots, mess and throwing your code away @SBozhko
- 56. Your engineering mindset will change And there is no way back for some of you @SBozhko
- 58. How dysfunctional will this company be? Ask senior leaders and engineers the same question and see how consistent the answers are. @SBozhko
- 59. Key criteria to decide - being able to learn - passionate abut what the company does, its mission - “cutting edge” in some aspect, not the next “me-too” shop @SBozhko
- 60. A very special case Being a startup CTO @SBozhko
- 61. Reality When I was a CTO and a co- founder, I was stressing out due to the lack of depth in my day-to-day job. «I’m losing my qualification as an engineer» (c) @SBozhko
- 62. @SBozhko
- 63. Case study Founder vs. First Employee @SBozhko
- 64. Ask HN: Pros and cons of working at a startup in 2018? @SBozhko https://news.ycombinator.com/item?id=17286939
- 65. Case study Hired as a contractor @SBozhko
- 67. Useful resources: podcasts The Twenty Minute VC By Harry Stebbings http://www.thetwentyminutevc.com @SBozhko
- 68. Useful resources: podcasts https://www.saastr.com/category/format/podcast/ SaaStr By Harry Stebbings @SBozhko
- 70. Venture Deals: Be Smarter Than Your Lawyer and Venture Capitalist Useful resources: books https://www.amazon.com/Venture-Deals-Smarter-Lawyer-Capitalist-ebook/dp/B01M3UIVW3 @SBozhko
- 71. YC: 1 - Startup Investor School 2 – How to Start a Startup + Stanford Useful resources: YouTube https://investor.startupschool.org @SBozhko
- 74. So, would you join a startup? @SBozhko
- 75. Cheers! Svetlana Bozhko aka @SBozhko linkedin.com/in/svbozhko @SBozhko