Working with Advisors and Your Board

Team, Adviso rs & Board Kent Goldman @kentgoldman @firstround Team TEAM Choose your co-founders carefully  Always be on the lookout for upgrades  Build a “budget” for your equity  Don’t be afraid to hire a “co-founder” after the company has been founded  Fire faster (especially at the early stages)  409a Valuations… Do it. Know the impact of secondary sales.  ADVISORS ADVISORS Look for advisors who want to work with your business independent of personal financial benefit  Engage with and test them around specific challenges and problems  Compensation should mirror the term of expected benefit; even better ask them for cash  Don’t be afraid of the “Gift Basket”  BOARD BOARD Build a board with members that complement one another  Know the cap table impact on voting alignment  Expect to provide D&O insurance and reasonable travel expense  Outside board members should be compensated with equity; normal equity vesting schedules preferred 