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Founder Institute“Advisors & Team”

Rick Marini

Serial Entrepreneur & Angel Investor

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Founded 3 companies: Tickle sold to

Monster!" #ranc$%ut sold to '(age! and

 Talk)co *earst!)

Raised +,-M .rom Accel" Redpoint" Ma/0eld"1or2est" August" Floodgate and angels)

ompleted more t$an 45 angel investmentsincluding Snapc$at" Reddit" Angel6ist"6umosit/" Sprig" 6u7e" AltSc$ool" August 6ock"

(os$mark" etc)

M/ 8ackground

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 9es" investors 2ant to invest in a co$esive team t$at

2orks 2ell toget$er and can s$ip great products)

%utsourcing t$e 2ork" including t$e tec$" signals t$e.ounder can not attract a 2orld class team 2$ic$ isone o. t$e most important responsi8ilities)

 T$e team can 8e small 8ut t$e/ need to 8e dedicatedto t$e compan/ .or t$e long'term) Advisors are great8ut t$e/ 2ill not 8e spending signi0cant time insidet$e compan/ /ou need $ave a core team in place)

;o /ou need a dedicated team at launc$<

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Small" .ocused team (M" ;evs! and ;esigner)

1o Sales" Finance" *R" Marketing" #; /et)

;on=t 2aste time or mone/ over'$iring earl/ on)  >ust 8uild a product t$at 0nds market 0t 2? users)

 To raise +" 9%@ 2ill need to articulate /our visionto angels" =s plus candidates!)

Investors 8ack teams 0rst" ideas second) Ideas are eas/" e7ecution is $ard)

B$at are t$e rig$t roles .or a productlaunc$<

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Start 8/ leveraging /our o2n net2ork

current or .ormer co'2orkers or classmates)

omplimentar/ skills 0ll in t$e gaps  Tec$nical soul mate via Founder ;ating"

meet'ups" net2orking" spread t$e 2ord ?s$ake trees)

Industr/ or prior e7pertise" uniCue advantage onnection to t$e customer or market 8eing

served

S$ared vision across team .or t$e product

*o2 do /ou 0nd t$e rig$t team .orlaunc$<

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 9es ' /ou 2ill need someone /ou trust 2$o is

committed .or t$e long'term and 2on=t Cuit on /ou)

 9ou need someone to $ave open" $onestconversations 8e$ind closed doors '' not investors oremplo/ees)

Most emplo/ees 2ill not $ave t$e .ortitude to stomac$t$e .ull roller coaster 8c t$ings 8reak)

 T$e Cualities o. a spouse trust" 6T" $elp.ul" s$ared) Find someone 2it$ complimentar/ skills like 2e $ad

at Tickle 2it$ me e7ecution?ops!" >amesvision?product! and Stan tec$!)

;o /ou need a co'.ounder<

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(icking someone 2it$ t$e same skill set) 1eed to

cover tec$" product" design and articulate vision)

1ot optimiDing .or t$e rig$t 0t /ou need to align onproduct" design" tec$" compan/ culture" 0nancialmatters including comp and eCuit/!" $iring plan"e7it e7pectations" investors" 8oard meetings" etc)

Fig$ting over eCuit/ a non ,5?,5 split is 0ne) Its$ould 8e commensurate 2it$ t$e value providedand .ounders need to 8e mature and realistic)

ommon pit.alls 2it$ a co'.ounder<

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 9es I. /ou 2ant to gro2 /our compan/" t$en

t$e roles 2ill $ave to c$ange) (rogress G

c$ange) Several mem8ers o. t$e team 2ill not scale

2it$ compan/ gro2t$ and t$at is oka/ andcommon)

er/ .e2 people are good at ever/t$ing andpeople s$ould stick to 2$at t$e/ do 8est .ounding vs I(%)

Founders naturall/ 2ant to see t$eir 8a8/

gro2 8ut it takes a village and smart E%=set $el )

;o /ou e7pect roles to c$ange over time<

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Start'ups can not oer 8ig compan/ perks like: $uge

salaries" .ull 8ene0ts" 6T sta8ilit/" 2ork?li.e 8alance" etc)

Founders must sell a dierent stor/ t$at includes:' ;isrupting $uge companies dinosaurs!' Autonom/ to contri8ute ? 2ork on e7citing proJects' Stock options t$at could 8e 2ort$ millions' Fun" /oung" colla8orative culture o. peers

' T$e dream to actuall/ c$ange t$e 2orld

Recruiting: t$e entire team needs to 8e at tec$ eventsand al2a/s pitc$ing t$e compan/ K4?L)

Recruiting people 2it$ limited resources<

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*ere is t$e .unnel:

*o2 man/ candidates did 2e identi./ as targets<

*o2 man/ came in .or an intervie2< *o2 man/ did 2e make an oer<

*o2 man/ accepted our oer<

*o2 did 2e do on retention< ;o t$ose emplo/ees $elp recruit more talent<

A pla/ers attract A pla/ers" # pla/ers attract pla/ers

B$at are t$e recruiting metrics to track<

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 T$ere are a couple 8uckets:

E7perts $ave deep e7pertise in a speci0c area like data science"

gro2t$ $acking" SE%" etc) 1ot a 8ig name 8ut can solve a speci0cpro8lem)

*ig$ level e7perienced entrepreneurs or operators 2$o $ave seen itall" $ave great connections .or .unding or recruiting and adds credi8ilit/$alo eect!) 

onnect to t$ese people t$roug$ /our net2ork 2arm connections! andt$en /ou must sell t$em on /our vision and 2$/ spending time on /ourcompan/ is 2ort$ t$eir time

ompanies o.ten $ave 8et2een K'K advisors" avg o. 4)

*o2 do /ou 0nd t$e rig$t advisors<

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Set clear e7pectations in t$e Advisor Agreement

 including time and speci0c delivera8les)

 Time: could 8e .rom $our?mont$ to da/?2eek) Moret$an da/?2eek is paid consulting)

1ormall/ all eCuit/ 8ased and no cas$)

ECuit/ grant s$ould 8e commensurate 2it$ ! timecommitment" K! e7pected results and 3! reputation)

ECuit/ ranges 8et2een 5)K ' K)5" average 5)4)

Responsi8ilities and comp .or advisors<

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I $ave 8een an Advisor to several companies originall/ it 2as

.or m/ direct e7pertise and later .or $ig$ level

Most o. t$e 2ork .or Advisors is done in t$e 0rst 5 da/s"solving a pro8lem" and t$en goes into maintenance mode

Engage Advisors t$at can $elp /ou 8reak t$roug$:to enter a ne2 market" get connections .or .unding ? recruiting

talent ? sales ? introductions" etc)

 9ou s$ould spent real time solving t$ese pro8lems up .rontNt$en call t$em onl/ as needed ' 8ut keep t$em updated viaemail 2it$ investors!

*o2 do /ou manage advisors<

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 T$anks

Rick Marini

 T2itter: OrmariniAngel 6ist: rmarini