Team, Advisors & 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