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Solo or Team
In recent Harvard dataset, only 16.1% of technology- and
science-based ventures were solo founded.
People Choose to go solo when they already have many of
the required resources
May want to keep all the equity and control
May Be tempted to keep things simple in the early stages
Requirements
Human capital encompasses the knowledge and skills derived from
team members formal education and prior experience;
Social capital reflects the connectionsalong with the credibility and
legitimacythat team members bring to the venture through their
interpersonal networks;
Financial capital refers to money or similar tangible resources that can
be used in the founding process.
Solo or Team
The vast majority of high potential startups have
more than one founder.
Chosen well, co-founders and early hires increase a
companys access to human, social, and/or
financial capital.
How do you choose?
4
Team--Downside
Each individual added to a founding team increases
however, is
Acquaintances
Past co-weorkers
Damage if
relationship
blows up
GAP
Likelihood of
discussing
Elephant
9
35%
35%
65%
Senior
manageme
nt team
65%
10
Question - 3
Does Apple Computer have a good
founding team?
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13
Attributes
Wozniak
Complimentary
Skills
Technical
Network
Low
Goals
Invent a personal
computer, impact
mankind for the better
Concurring
Values
Jobs
Visionary. Salesmanship,
driving force, making
connection
High
Make money, gain control,
make a dent in the
universe
Wayne
Legal, business
High
Make money (?) Keep a
high quality of life, stay
healthy
Honest/fair play,
friendship, the past
Money as
motivator
Low
High
Low
Styles
Level-headed, honest
Hot-headed, passionate
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Team
The tangible reasons for making a team include the
human, social, and financial capital that can be
brought to the venture by the right cofounder
The intangible reasons for adding cofounders
include task preferences, collaborative
Founders, when trying to fill holes in a founding team, often look for
people with complementary skills, .but neglect to consider and
value
system, motivations, and personal styles
and goals.
discuss all of the potential partners other attributes, such as
Some factors should be differing and complementary, but for others, the
team must be on the same page, or it will face major conflicts.
Even team with a perfect mix of skills can blow up if they neglect these
other differences.
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Question - 4
Woz
Jobs
Markkula
Woz
Jobs, Markkula
Jobs
Markkula
Scott
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Question - 5
Assess the founding team in terms
of its relationships, roles, and
reward systems.
21
Rewards: When and how should the founders divide equity among
the startup team?
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24
Team
Tensions
Roles
Division of labor, positions,
skills
Decision making
Rewards
Splitting the pie
Compensation
28
Decision Making
36
FOUNDING TEAM
Even with strong, complementary, and effective
founding teams, problems will arise as the venture
grows and changes. Founders must continually
reevaluate what is working and what is not working
on a founding team and within a new venture.
38
Friends as Founders
Even if you *think* you know them, you
must recognise that friends change over
time.
One person gets more risk averse, the
other has more risk appetite. One person
gets married or has kids and starts to deprioritize the business. One person loses
the passion for what you do. Or you have
disagreements about strategy, recruiting,
funding, etc.
It is best to consider these eventualities
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Friends as Founders
Make sure you have founder vesting for all
of you.
Make sure you have a very clearly
established governance structure. Have a
clear path to resolving conflicts if they
arise.
Discuss topics such as funding, risk
orientation, how long each of you wants to
be doing this business, what happens
when one partner wants to leave or one
isnt performing?
40
41
HR RESOURCES
Assembling strategic human resources at three
levels of the organization:
within the founding team,
within the board of directors,
and regarding the operating/technology team.
42
Stage 1: Start-up
Employees hired at the start-up stage are
jack-all-trades;
Are young and inexperienced, and need a
high level of training and supervision.
They tend to be flexible, comfortable with
taking risks, enthusiastic,
May have limited alternative employment
options.
43
Stage 2: Transition
The advent of External funding/VC funding brings
pressure to professionalize the venture.
The movement from product development to
marketing changes the ventures focus
- from the technical expertise of the
founders/founding team
-toward the need for more professional sales and
marketing employees..
44
Stage 2: Transition
The size of the company is also a
factor.
As it grows there is a need for
more middle level managers,
more formal processes,
and less centralized consensusdriven decision making
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Stage 3: Maturing
Decision making is decentralized across
functions and hierarchical.
The key employees hired at this stage are
usually specialists and experienced A-players.
CEOs often resort to executive search firms and
referrals from VCs to obtain these employees.
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Scaling up
Seven Important People Practices of Successful
Organizations
Employment security
Information sharing
Selective hiring
Limited
differences
in Status
Compensation
linked to
organizational
performance
People
practices of
successful
organizations
decentralized
decision
making
Regular Training
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