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

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
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2. Review
Duke ECE 490L
• Corporate Structuring
• Types of Corporations
• Equity, Debt, Assets
• Delaware
• Board of Directors
• Board of Advisors
• Endgame
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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
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4. Idea Summary
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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
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6. Duke ECE 490L
Your idea is good but it can be better.
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7. Duke ECE 490L
Ideas start with a founder and innovation
happens with a team.
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8. Why do you need a team?
Duke ECE 490L
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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
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10. Before you assemble a team...
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11. Necessary Conditions
Duke ECE 490L
• Have an idea that YOU are committed to
• Translate your idea into a vision
• Long term plan (roadmap)
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12. Duke ECE 490L
Why is it important to wait?
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13. Duke ECE 490L
People join teams to build.
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14. Duke ECE 490L
Entrepreneur
TechnologistInvestor
Inventor/
Innovator
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15. Innovator
• Great at coming up with a novel idea or product
• Poor estimator of costs
• May not know how to scale the technology
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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
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17. Investor
• Good sense of people
• Well connected
• Focused on monetary returns
• Impatient
• Capitalistic
• Dispassionate
• Not interested in tech details
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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
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19. Duke ECE 490L
Entrepreneur
TechnologistInvestor
Inventor/
Innovator
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20. Duke ECE 490L
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21. Team Dynamics
• Backgrounds and personalities of core members matter
• Reflects culture of the company
• Understand strengths and weaknesses of each other
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22. Duke ECE 490L
Communication is key to building.
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23. Duke ECE 490L
“If you are so smart, how come we
continually have to use outsiders?”
- Technologist
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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.
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25. Duke ECE 490L
Expanding the team.
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26. Duke ECE 490L
Recruiting is a sales process.
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27. Duke ECE 490L
What do the best sales people do well?
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28. Duke ECE 490L
They don’t sell.
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29. Duke ECE 490L
They get you to buy.
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30. Duke ECE 490L
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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
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32. Duke ECE 490L
Sourcing Interview Offer
Recruiting Process
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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
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34. Duke ECE 490L
Find common ground to form a connection.
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35. Gauge
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• 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?
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36. Interview
Duke ECE 490L
• Make interviewee comfortable
• Ask about background and interests
• Have them teach you something first
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37. Interview Evaluation Criteria
Duke ECE 490L
• Demonstrates
• Adaptable
• Capable
• Quality
• Acknowledge their limits
• Pushes back with poise.
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38. Duke ECE 490L
Make them solve REAL problems.
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39. Duke ECE 490L
Before you talk numbers...
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Sell your vision!
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41. Crafting an Offer
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• Role
• Numbers
• Leave room for negotiation
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42. How to Definitely Get Rejected
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• Low ball offer
• Aggressive deadline
• Not addressing their needs
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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?
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44. Duke ECE 490L
REJECTED
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Why?
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Not enough to recruit.
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47. Duke ECE 490L
Process for building.
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48. Duke ECE 490L
Process with change over time.
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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
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50. Duke ECE 490L
Examples of How Process Changes
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51. Duke ECE 490L
Talent
CommunicateBuild
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52. Duke ECE 490L
Keep people motivated.
Keep people communicating.
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53. Duke ECE 490L
What keeps talented people from innovating?
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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
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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.
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56. Duke ECE 490L
Sometimes people need to leave.
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57. Why People Leave
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• Not a culture fit
• Need a different environment
• More challenges
• Fewer challenges
• May no longer be interested in idea or direction
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58. Duke ECE 490L
Keep building!
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59. Duke ECE 490L
Be clear about reasons for departure with
rest of the team.
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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
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61. Retention
Duke ECE 490L
• Training and support
• Clear evaluation criteria for progress
• Acknowledging efforts and accomplishments
• Celebrating milestones
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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
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