founder institute presentation on startup team and advisors

@ETHANAUSTIN

HI FIVE!

STARTUP SUCCESS=

75% HUSTLE +

25% LUCK @ethanaustin

INCREASE YOUR LUCK BY SURROUNDING YOURSELF WITH AMAZING PEOPLE

@ethanaustin

ORDER OF OPERATIONS1. CO-FOUNDER2. TEAM3. ADVISORS

CO-FOUNDERS

YES!!!!!

OPTIMIZE FOR PASSION. EVERYTHING ELSE IS A NICE TO HAVE.

HOW DO I FIND THE RIGHT CO-FOUNDER?

HACKER + HUSTLER.

YOU AND YOUR CO-FOUNDERS WILL CREATE THE LASTING CULTURE FOR THE COMPANY. CHOOSE WISELY.

WHAT IS THE IDEAL FOUNDING TEAM MAKE UP?

@ethanaustin

THE ABSOLUTE MINIMUM AMOUNT NEEDED TO CREATE A FULLY CAPABLE TEAM (USUALLY 2-3 FOUNDERS)

HOW MANY CO-FOUNDERS SHOULD I HAVE?

@ethanaustin

TEAM

“AN INSPIRED AND PASSIONATE TEAM IS THE GREATEST COMPETITIVE ADVANTAGE A STARTUP CAN EVER HAVE.”

@ethanaustin

“PEOPLE DON’T BUY WHAT YOU DO, THEY BUY WHY YOU DO IT.”

- Simon Sinek

HOW DO I FIND THE RIGHT PEOPLE TO LAUNCH MY COMPANY?

FIND PEOPLE THAT CARE ABOUT YOUR “WHY”

HOW CAN I RECRUIT PEOPLE TO FILL ROLES WHEN I HAVE LIMITED RESOURCES?

FIND PEOPLE THAT CARE ABOUT YOUR “WHY”

OFFER FREE CHIPOTLE (KIDDING)

NOT KIDDING

FIND PEOPLE THAT CARE ABOUT YOUR “WHY”

OFFER FREE CHIPOTLE

1. OPTIMIZE FOR PASSION2. HIRE GREAT ATHLETES + LEARNERS3. LATER ON, HIRE SPECIALISTS

HOW DO IDENTIFY THE RIGHT ROLES FOR LAUNCHING AND DO THEY CHANGE OVER TIME?

@ethanaustin

YAY ADVISORS!!!

1. CREDIBILITY2. DOMAIN KNOWLEDGE3. MENTORSHIP4. CONNECTIONS

WHY DO I WANT ADVISORS?

1. USE YOUR ACCELERATOR2. ENTREPRENEUR GROUPS3. USE YOUR NETWORK

HOW DO YOU FIND THE RIGHT SET OF ADVISORS?

JUST SAY HELLO :)

#1 BEST WAY TO FIND THE RIGHT ADVISORS?

HOW DO I MANAGE MY ADVISORS?

1. SET CLEAR EXPECTATIONS2. TREAT EACH RELATIONSHIP DIFFERENTLY3. PURPOSEFUL ENGAGEMENT

HOW DO I MANAGE MY ADVISORS?

1. STARTUP SUCCESS REQUIRES LUCK.2. INCREASE YOUR LUCK BY SURROUNDING YOURSELF WITH GREAT PEOPLE3. TO FIND GREAT CO-FOUNDERS, TEAM MEMBERS AND ADVISORS, OPTIMIZE FOR PASSION.4. ONCE YOU’VE SURROUNDED YOURSELF WITH GREAT PEOPLE EVERYTHING ELSE JUST KIND OF WORKS OUT.

TAKEAWAYS