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Startup employeeRecruitment software – B2B SaaSFast-growing co’s in 87 countries
Startup recruiterHiring for fast-growth technology companies (Mind Candy, Wonga, Google, eBay)
@_roblong
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VC for a daypicking a startup to work for
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Startup jobs are investments
The job
- Seed stage startup (<$1m raised)
- 0.5% equity with 3-year vesting
- $20k below market salary
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Startup jobs are investments
Should you invest?
- $60k for 0.25% at exit(assume 3 rounds of 25% dilution)
- $150m exit for a 6x return in 5-8yrs(to match the risk profile)
- ..and that would be a good scenario!
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Think like a VCExpect high levels of transparency
Evaluate the business fundamentals
Do your own research
Accept uncertainty, embrace risk
Don’t throw dice, make a calculated bet
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Product
Is the product solving a real problem?
Is it good / better than the alternatives?
What’s the competition?
What do people use now?
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Market
Who wants this product and how badly?
How much are they willing to pay?
How easy it is to reach them?
What’s the addressable market size?
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Business ModelHow will the company make money?
What’s the lifetime value of customers?
What’s the customer acquisition cost?
Can the company build cost-effective and scalable distribution channels?
Check metrics vs industry benchmarks
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TeamStartups are accelerated learning.
But you only learn if you work alongsidegreat / smart / cooperative people
You’re betting your career on theability of the founders to achievea rare success
This should be 80% of your decision
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FinancingIs it well-funded? Check history andask for future financing plans
Ask for burn rate, run rate, runway
What milestones/achievements will beneeded to achieve next funding or profit
Ask VCs or angel investors for feedback
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Work lifeWorkplace culture is more than free pizza
Learning and training opportunities
Work practices, tools, methodologies
Work ethic – startups are hard workbut beware of management by heroics
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Due DiligenceAsk for references
Ask to speak to employees or investors
Get feedback from friendly investors orentrepreneurs
Google founders, employees
Ask customers
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Be diligent, NOT paranoid
Startups are messy and risky. Don’t expecteverything to add up 100%
If it doesn’t feel a bit risky, you came late
Do it before 30 if you can
If it fails, it’s not the end of the world
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Are you hiring?
Workable is a beautifully simple recruitment tool for startups and fast-
growing companies. Try it out at www.workable.com