Lecture 6: Team Management for Startups

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In this lecture, Poornima covers best practices for recruiting and retaining a co-founder, and additional teammates for a startup.

You can watch the lecture here: http://youtu.be/hHizz0TAoIA

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Lecture 6: Team Management for Startups

  1. 1. Duke ECE 490L: How to Start New Ventures in Electrical and Computer Engineering Poornima Vijayashanker poornima@femgineer.com Jeff Glass jeff.glass@duke.edu Akshay Raut ar118@duke.edu 1
  2. 2. Review Duke ECE 490L • Corporate Structuring • Types of Corporations • Equity, Debt, Assets • Delaware • Board of Directors • Board of Advisors • Endgame 2
  3. 3. Announcements • No lab next week - next lab is week 7, but there will be prep work! • Quiz 2 will also be week 7 during lab. • Quiz 1 results in 2 weeks. • Teams should be settled. Duke ECE 490L 3
  4. 4. Idea Summary 4
  5. 5. Agenda • Why do we need a team • When to assemble a team • Founding team composition • How to expand a team • How to manage a team and keep them motivated • Dealing with departures Duke ECE 490L 5
  6. 6. Duke ECE 490L Your idea is good but it can be better. 6
  7. 7. Duke ECE 490L Ideas start with a founder and innovation happens with a team. 7
  8. 8. Why do you need a team? Duke ECE 490L 8
  9. 9. Why You Need a Team • You are limited • Skills, talents, experience, knowledge • More minds needed to solve problems • Brainstorming, bringing in different perspective and experience, and coming up with richer solutions Duke ECE 490L 9
  10. 10. Before you assemble a team... Duke ECE 490L 10
  11. 11. Necessary Conditions Duke ECE 490L • Have an idea that YOU are committed to • Translate your idea into a vision • Long term plan (roadmap) 11
  12. 12. Duke ECE 490L Why is it important to wait? 12
  13. 13. Duke ECE 490L People join teams to build. 13
  14. 14. Duke ECE 490L Entrepreneur TechnologistInvestor Inventor/ Innovator 14
  15. 15. Innovator • Great at coming up with a novel idea or product • Poor estimator of costs • May not know how to scale the technology Duke ECE 490L 15
  16. 16. Entrepreneur • Holds team together, CEO. • Doesn’t assume 2 jobs, because responsible for day-to-day decision, and in charge of team members. • Success-oriented • Blends other perspectives • Keeps focused • Money isn’t everything Duke ECE 490L 16
  17. 17. Investor • Good sense of people • Well connected • Focused on monetary returns • Impatient • Capitalistic • Dispassionate • Not interested in tech details Duke ECE 490L 17
  18. 18. Technologist • Focused on tech • Development oriented • Interested in improving ease of operation of the tech • Will it sell? • Cost optimization because innovator/inventor is a poor estimator • Training oriented • Focused on operations and maintenance Duke ECE 490L 18
  19. 19. Duke ECE 490L Entrepreneur TechnologistInvestor Inventor/ Innovator 19
  20. 20. Duke ECE 490L 20
  21. 21. Team Dynamics • Backgrounds and personalities of core members matter • Reflects culture of the company • Understand strengths and weaknesses of each other Duke ECE 490L 21
  22. 22. Duke ECE 490L Communication is key to building. 22
  23. 23. Duke ECE 490L “If you are so smart, how come we continually have to use outsiders?” - Technologist 23
  24. 24. Getting Outside Help • Even experienced technologists need to understand in great details the nuances of the technology. • Could mean success or failure. • It’s not about knowing everything, its about getting things done! • Identify the need for outside help. • People who can fill need is key to success. • Red Teams: peers who attack or look at efforts from different angles. • Confidentiality must be established and honored. Duke ECE 490L 24
  25. 25. Duke ECE 490L Expanding the team. 25
  26. 26. Duke ECE 490L Recruiting is a sales process. 26
  27. 27. Duke ECE 490L What do the best sales people do well? 27
  28. 28. Duke ECE 490L They don’t sell. 28
  29. 29. Duke ECE 490L They get you to buy. 29
  30. 30. Duke ECE 490L 30
  31. 31. Duke ECE 490L Team Building Idea Build RecruitLeave Change Organization Convey Vision Setup Criteria for Recruiting Process for Building & Communicating Conflict Resolution Retain Teammates Motivate 31
  32. 32. Duke ECE 490L Sourcing Interview Offer Recruiting Process 32
  33. 33. Duke ECE 490L Recruiting Process Specify position Who do you need? - culture - skills - experience level Who matches the position? Who doesn’t match the position? Everyone should know. Identify ideal candidate Communicate criteria 33
  34. 34. Duke ECE 490L Find common ground to form a connection. 34
  35. 35. Gauge Duke ECE 490L • Are they interested in your idea? • Do they like working on a small team? • Do you enjoy spending time with them? • Are they capable of adapting and growing with the team? 35
  36. 36. Interview Duke ECE 490L • Make interviewee comfortable • Ask about background and interests • Have them teach you something first 36
  37. 37. Interview Evaluation Criteria Duke ECE 490L • Demonstrates • Adaptable • Capable • Quality • Acknowledge their limits • Pushes back with poise. 37
  38. 38. Duke ECE 490L Make them solve REAL problems. 38
  39. 39. Duke ECE 490L Before you talk numbers... 39
  40. 40. Duke ECE 490L Sell your vision! 40
  41. 41. Crafting an Offer Duke ECE 490L • Role • Numbers • Leave room for negotiation 41
  42. 42. How to Definitely Get Rejected Duke ECE 490L • Low ball offer • Aggressive deadline • Not addressing their needs 42
  43. 43. How to Deal with a Counter Offer Duke ECE 490L • What’s it like to work at the company? • Company’s potential for growth and success? • What is the opportunity I am gaining by leaving current position? • How will I grow? • Who will I be dealing with on a daily basis? 43
  44. 44. Duke ECE 490L REJECTED 44
  45. 45. Duke ECE 490L Why? 45
  46. 46. Duke ECE 490L Not enough to recruit. 46
  47. 47. Duke ECE 490L Process for building. 47
  48. 48. Duke ECE 490L Process with change over time. 48
  49. 49. Duke ECE 490L Team Building Idea Build RecruitLeave Change Organization Convey Vision Setup Criteria for Recruiting Process for Building & Communicating Conflict Resolution Retain Teammates Motivate 49
  50. 50. Duke ECE 490L Examples of How Process Changes 50
  51. 51. Duke ECE 490L Talent CommunicateBuild 51
  52. 52. Duke ECE 490L Keep people motivated. Keep people communicating. 52
  53. 53. Duke ECE 490L What keeps talented people from innovating? 53
  54. 54. Duke ECE 490L Inattention to Results Avoidance of Accountability Lack of Commitment Fear of Conflict Absence of Trust Time, credibility, and understand each members strengths. Passive aggressive behavior. Conflict can be productive. Looking for consensus and certainty. Doesn’t speak up against others work. Focused too much on individual results than team. The 5 Dysfunctions of a Team 54
  55. 55. Duke ECE 490L Inattention to Results Avoidance of Accountability Lack of Commitment Fear of Conflict Absence of Trust Team Leader’s Role Personal histories, 360 Feedback, and shared experiences. Don’t prematurely interrupt, give people time to resolve amongst each other. Make the decision despite lack of consensus, and be OK with it being wrong. Establish standards and systems for reviewing work. Focused on results, OK to highlight individual contributions but must be reserved. 55
  56. 56. Duke ECE 490L Sometimes people need to leave. 56
  57. 57. Why People Leave Duke ECE 490L • Not a culture fit • Need a different environment • More challenges • Fewer challenges • May no longer be interested in idea or direction 57
  58. 58. Duke ECE 490L Keep building! 58
  59. 59. Duke ECE 490L Be clear about reasons for departure with rest of the team. 59
  60. 60. Duke ECE 490L Team Building Idea Build RecruitLeave Change Organization Convey Vision Setup Criteria for Recruiting Process for Building & Communicating Conflict Resolution Retain Teammates Motivate 60
  61. 61. Retention Duke ECE 490L • Training and support • Clear evaluation criteria for progress • Acknowledging efforts and accomplishments • Celebrating milestones 61
  62. 62. Review Duke ECE 490L • Why do we need a team • When to assemble a team • How to assemble a team • How to manage a team and keep them motivated • Dealing with departures 62

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