FIWA Aug 03 - Julia K Szopa - Team and Advisors

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8/20/2019 FIWA Aug 03 - Julia K Szopa - Team and Advisors

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Julia K Szopa | julia@wellfitting.com

Team & AdvisorsJulia K Szopa

Founder Institute Warsaw

August 2015

TeamsOutperform

Singles

From First Round’s 10thAnniversary report

http://10years.firstround.com

What is Team?

Co-founders

Founding Team

next 5

• Co-founder is someone you join, not someone youfind and hire

• Founding Team are the people who work with youto grow the company from 0 to 1

• Hires are people who work to make living

Ok, how do I convincethese folks to join me?

Step 1:

Who do you need?

• Skills - avoid overlapping areas of expertise

• Time commitment

• Incentives - what can you afford to give inexchange?

http://slidepdf.com/reader/full/fiwa-aug-03-julia-k-szopa-team-and-advisors 7/19Julia K Szopa | julia@wellfitting.com

Step 2:

Identify names in your network

• Write a list potential candidates

• Grow your network until you can access them

• Successfully ask for intros

Step 3:

Pitch to potential teammates

• WIIFM - What’s in it for me?

• Show traction

• Show leadership - are you gonna be the last oneoff the sinking ship?

Step 4:

Set clear expectationsDo:

Trust• Agree on the area of

full responsibility

Avoid:

Blurred timeframes• Vague role

descriptions

• Confusion who’s thefounders

Team: Summary

1. Identify your needs Build personas

2. Identify names Grow your network

3. Pitch to candidates Show leadership

4. Set clear expectations Trust in responsibility

5. Learn their incentives Keep them with you

Advisors trust + vested interest

Who, when and why?

Don’t chase big nameswhen you’re just starting

Ask for advice before you askfor becoming your advisor

Set clear & reasonable

expectations

• time commitment?• workload?• timeframe?

Advisor Compensation• typically <1% (in Silicon Valley)

the earlier, the more (super crucial advisor ~ 2%)

• typically vested over 2 years, no cliff

• common stock

• Beware of “startup advisors”: if they want $, thenit’s called consulting!

Advisory Agreement• Sign advisory agreement in plain English

• conditions for termination

• vesting period & cliff

• advisor’s time commitment and role

• non-compete and non-disclosure

Advisors: Summary1. Identify your needs and stage

2. Don’t chase big names

3. Ask for advice first

4. Set clear expectations with advisors you wantformalized

5. Compensate in equity

6. Sign an agreement

Thanks!

julia@wellfitting.com

FIWA Aug 03 - Julia K Szopa - Team and Advisors

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