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@tdavidson	
  
Employees + Equity
Crash Course
@tdavidson
taylordavidson.com
@tdavidson	
  
VC
B2B
Marketing and
advertising tech
@tdavidson	
  
Employee Equity
@tdavidson	
  
How do startups
raise money?
@tdavidson	
  
Startups raise
venture capital by
selling part of the
company.
@tdavidson	
  
“Raise $1 MM at $5
MM post-money
valuation”
@tdavidson	
  
Expect to sell
10-30% in each
round of
fundraising *
* roughly
@tdavidson	
  
Seed, A, B, C, D +
@tdavidson	
  
Each round
creates it’s own
class of shares
@tdavidson	
  
Founders and
Employees own
Common, Investors
buy Preferred
@tdavidson	
  
Capitalization
Tables = who owns
what
@tdavidson	
  
Cap table
http://foresight.is
@tdavidson	
  
Cap table
@tdavidson	
  
Option Pools
10-20% of
shares
@tdavidson	
  
Why grant
options?
@tdavidson	
  
Options 101
- The right to buy stocks at a
predetermined price, or strike price
- Strike price set at fair market
value
- Have to be exercised
@tdavidson	
  
Align risk and reward
Reward long-term value creation
and thinking
Encourage employees to think
about holistic success
http://firstround.com/article/the-right-way-to-grant-
equity-to-your-employees
@tdavidson	
  
Why not
stock?
@tdavidson	
  
How much?
@tdavidson	
  
If i is the average outcome for
the company with the addition
of some new person, then
they're worth n such that i = 1/(1
- n). Which means n = (i - 1)/i.
http://paulgraham.com/equity.html
@tdavidson	
  
For example, suppose you're just
two founders and you want to hire
an additional hacker who's so good
you feel he'll increase the average
outcome of the whole company by
20%. n = (1.2 - 1)/1.2 = .167. So
you'll break even if you trade 16.7%
of the company for him.
http://paulgraham.com/equity.html
@tdavidson	
  
Save 20% for
employees
- Sam Altman, Y Combinator
http://blog.samaltman.com/employee-equity
@tdavidson	
  
“As an extremely rough stab at actual
numbers, I think a company ought to
be giving at least 10% in total to the
first 10 employees, 5% to the next 20,
and 5% to the next 50. In practice, the
optimal numbers may be much higher.”
- Sam Altman, Y Combinator
http://blog.samaltman.com/employee-equity
@tdavidson	
  
Why?
@tdavidson	
  
CEO: 5-10%
C-Level Exec: 1-3%
VP, Director: 0.5-2%
Manager: 0.25-1.00%
Board Directors: 0.5%
- Rob Grossman
http://rob.by/2013/negotiating-your-startup-job-offer/
@tdavidson	
  
“The only thing that matters in terms of your
equity when you join a startup is what
percent of the company they are giving you.
If management tells you the number of
shares and not the total shares outstanding
so you can’t compute the percent you own –
don’t join the company! They are dishonest
and are tricking you and will trick you again
many times.”
– Chris Dixon
http://cdixon.org/2009/08/28/the-one-number-you-
should-know-about-your-equity-grant/
@tdavidson	
  
Benchmarks?
angel.co/jobs
ackwire.com
wealthfront.com
@tdavidson	
  
Options are part of a
total compensation
plan (salary, benefits,
options)
@tdavidson	
  https://blog.wealthfront.com/stock-options-package-
valuation/
@tdavidson	
  
“Your offer is only
as good as your
negotiation”
@tdavidson	
  
Vesting
@tdavidson	
  
Four year cliff
25% after 1 year
Monthly / Quarterly after
@tdavidson	
  
Back weighted
10% after 1 year
20% after 2 years
30% after 3 years
40% after 4 years
@tdavidson	
  
> 4 years
Longer vesting should bring
larger overall grants
@tdavidson	
  
Refresher /
Evergreen
New grants during the 4
years
http://firstround.com/article/the-right-way-to-grant-
equity-to-your-employees
@tdavidson	
  
Technical
considerations
https://blog.wealthfront.com/stock-options-package-
valuation/
@tdavidson	
  
Reporting % on
fully diluted
shares?
https://blog.wealthfront.com/stock-options-package-
valuation/
@tdavidson	
  
What happens to
vested shares if
leave before fully
vested
https://blog.wealthfront.com/stock-options-package-
valuation/
@tdavidson	
  
Early vesting on
acquisition
https://blog.wealthfront.com/stock-options-package-
valuation/
@tdavidson	
  
How are
options priced?
https://blog.wealthfront.com/stock-options-package-
valuation/
@tdavidson	
  
Early exercise of
options?
https://blog.wealthfront.com/stock-options-package-
valuation/
@tdavidson	
  
When was last
409a appraisal?
https://blog.wealthfront.com/stock-options-package-
valuation/
@tdavidson	
  
What was last
funding
valuation?
https://blog.wealthfront.com/stock-options-package-
valuation/
@tdavidson	
  
When is next
funding round?
https://blog.wealthfront.com/stock-options-package-
valuation/
@tdavidson	
  
How to evaluate a
startup employer
@tdavidson	
  
Which is better?
a)  .01% as employee #100
b)  5% as employee #3
@tdavidson	
  
-  Do I trust this team?
-  Do I believe the product will succeed?
-  Is this the right company?
-  How much has company raised and on what terms?
-  How much runway the company has and when they’ll
need to raise again?
-  What is my percentage ownership?
-  What is the market rate salary and equity comp?
-  Is there an exit strategy?
-  What is the estimated valuation at exit?
-  How long is my vesting schedule?
-  What are the tax implications?
@tdavidson	
  
You’ve been hired:
now what?
@tdavidson	
  
New funding
rounds = Dilution
@tdavidson	
  
Dilution?
Issue more shares, own
smaller %
But (hopefully) at larger price
per share
@tdavidson	
  
Acquisition or IPO
@tdavidson	
  
All exits not created
equal
http://rob.by/2013/negotiating-your-startup-job-offer/
@tdavidson	
  
Consider:
Preferred / Common
Liquidation Preference
Valuations
@tdavidson	
  
Raised $18 MM
Sold for $20 MM
$2 MM to distribute?
http://rob.by/2013/negotiating-your-startup-job-offer/
@tdavidson	
  
Details matter
Taxes matter
Timing matters
Legal matters
@tdavidson	
  
It’s your
responsibility.
@tdavidson	
  
Buffer: Open Equity
http://open.bufferapp.com/buffer-open-equity-formula/
@tdavidson	
  
Case study: Buffer
http://open.bufferapp.com/buffer-open-equity-formula/
@tdavidson	
  
Case study: Buffer
http://open.bufferapp.com/buffer-open-equity-formula/
@tdavidson	
  
Additional Resources
•  AngelList: http://angel.co/jobs
•  CrunchBase: http://crunchbase.com
•  Visualization of dilution: http://visual.ly/visualizing-dilution
•  Fed Wilson’s Cap Table Template: http://avc.com/2011/09/mba-mondays-cap-tables/
•  Mark Suster Cap Table and Valuation:
http://www.bothsidesofthetable.com/2010/07/22/want-to-know-how-vcs-calculate-
valuation-differently-from-founders/
•  Anonymous Startup Salaries: http://www.ackwire.com/
•  Wealthfront: https://www.wealthfront.com/tools/startup-salary-equity-compensation
•  Buffer: http://open.bufferapp.com/buffer-open-equity-formula/
•  Salary Negotiation: Make More Money, Be More Valued by Patrick McKenzie:
http://www.kalzumeus.com/2012/01/23/salary-negotiation/
•  Best practices on financial modeling: http://foresight.is/best-practices
•  An Introduction To Stock & Options by David Weekly:
•  Book:
http://www.scribd.com/doc/55945011/An-Introduction-to-Stock-Options-for-the-Tech-
Entrepreneur-or-Startup-Employee
•  Video:
http://blog.dweek.ly/introduction-to-stock-options-startup-founder-entrepreneur-
employee/

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