how to get a job with a startup?
TRANSCRIPT
291©2015 ANAGARD, LLC, All Rights Reserved How to get a job with a startup?
HOW TO GET A JOB WITH A STARTUP?Duke University, Professional Masters Programs Seminar SeriesAugust 28th, 2015.
Dragana [email protected]: +1-919-876-1314
292©2015 ANAGARD, LLC, All Rights Reserved How to get a job with a startup?
AGENDAAbout ANAGARD, LLCGetting a job after a graduation with a startup
First raise money, then hire early employees Evaluate startup
People Business Model Cash burn rate Legal
Q&A
293©2015 ANAGARD, LLC, All Rights Reserved How to get a job with a startup?
CAREER PROGRESSION19 YEARS OF EXPERIENCE --- APPROACHING 20!!! 😁
Product Manager
Embedded Software Engineer
Software Engineer
Technology Commercialization (R&D)
Business Growth Consultant for Startups & Small Businesses
294©2015 ANAGARD, LLC, All Rights Reserved How to get a job with a startup?
BUSINESS GROWTH CONSULTING
MARKET RESEARCH
Customer DiscoveryTarget Market
SegmentCompetition
BUSINESS PLAN
Business Model Canvas
Business Plan Evaluation & Development
INVESTOR-READY CONSULTING
FundraisingPitch Deck
TECHNOLOGY COMMERCIALIZATI
ONTechnology – Product
–Market Fit
295©2015 ANAGARD, LLC, All Rights Reserved How to get a job with a startup?
JOBWhere to find a
by graduation date?
296©2015 ANAGARD, LLC, All Rights Reserved How to get a job with a startup?
• Large corporations recruit from campus
• Follow career office advice • Network
• Tremendous opportunities for growth
297©2015 ANAGARD, LLC, All Rights Reserved How to get a job with a startup?
A pony today,
an unicorn tomorro
w
$1B+ market
size
BUY Unicorn Detector
299©2015 ANAGARD, LLC, All Rights Reserved How to get a job with a startup?
Show me the Money
Who has raised money from investors?
2910©2015 ANAGARD, LLC, All Rights Reserved How to get a job with a startup?
SEED STAGE– UP TO $2M RAISED• Co-Founders– Few employees
• Angel investors• Equity crowdfunding• Bootstrapping
2911©2015 ANAGARD, LLC, All Rights Reserved How to get a job with a startup?
VENTURE CAPITAL ROUNDSSERIES A, B, C, D
2912©2015 ANAGARD, LLC, All Rights Reserved How to get a job with a startup?
STARTUPS FUNDRAISING FORM-D SEC FILLING
Is $Sold > $Offered? http://www.formds.com/locales
2913©2015 ANAGARD, LLC, All Rights Reserved How to get a job with a startup?
ANGEL LISTLOOK FOR COMPLETED FUNDRAISING ROUNDShttps://angel.co/done-deals
2914©2015 ANAGARD, LLC, All Rights Reserved How to get a job with a startup?
ANGEL LISTSTARTUP JOB OPENINGS• Social credibility• Compensation range (Salary, Equity)• Geographic preference• Risk tolerance (Seed, Series A, Series B, Series C round
completed)• https://angel.co/jobs
2915©2015 ANAGARD, LLC, All Rights Reserved How to get a job with a startup?
APPROACH CO-FOUNDERSEXPLAIN HOW YOUR EXPERIENCE WILL GROW THE STARTUP
2916©2015 ANAGARD, LLC, All Rights Reserved How to get a job with a startup?
RECOGNIZE A WALKING ZOMBIE50% OF NEW COMPANIES CLOSE WITHIN 5 YEARS
WALKING ZOMBIESeries A Crunch
13+ months since last raiseNo press coverage
GROWING COMPANYClosing fund rounds annually
Consistent quarterly PR announcementsHiring
Adding new advisors
Today’s Unicorns were founded around 5 years ago
2917©2015 ANAGARD, LLC, All Rights Reserved How to get a job with a startup?
Startup Interviews
Nothing is set in stone
2918©2015 ANAGARD, LLC, All Rights Reserved How to get a job with a startup?
STARTUPDUE DILIGENCE
People Business Viability Cash Burn Rate Legal
1 2 3 4
2919©2015 ANAGARD, LLC, All Rights Reserved How to get a job with a startup?
PEOPLE BUILD SUCCESSFUL BUSINESS
MANAGEMENTYour personal chemistry with team
Do founders have skills to execute the strategy
Employees
BOARD OF DIRECTORSAdvisors’ reputation & experience
2920©2015 ANAGARD, LLC, All Rights Reserved How to get a job with a startup?
TRANSPARENCY
• Ask to see a business plan• About half of new companies do
not have a business plan• Having a business plan doubles
the probability of funding
IDEAS ARE COMMODITY, EXECUTION OF THEM IS NOT – MICHAEL DELL
2921©2015 ANAGARD, LLC, All Rights Reserved How to get a job with a startup?
BUSINESS MODEL CANVASIS IT FINANCIALLY VIABLE?
The Business Model Generation http://www.businessmodelgeneration.com/canvas
2922©2015 ANAGARD, LLC, All Rights Reserved How to get a job with a startup?
WHY STARTUPS FAIL?
42% NO MARKET NEED
CUSTOMER DISCOVERY IS A
KEY
2923©2015 ANAGARD, LLC, All Rights Reserved How to get a job with a startup?
CASH BURN RATEASK TO SEE PRO-FORMA FINANCIAL STATEMENTS
Close a Series A round in 13 months from seed round, or perish!Due Diligence: 6 months to complete
Janua
ry
Februa
ryMarc
hAp
ril May June July
Augu
st
Septe
mber
Octobe
r
Novembe
r
Decembe
r
(Hypothetical) Cash on Hand
2924©2015 ANAGARD, LLC, All Rights Reserved How to get a job with a startup?
ZIRTUAL, INC• Raised ~ $3M two
months before a collapse• Closed the business
overnight via email to 400 employees
• Had no CFO! • Had no knowledge about
the burn rate!• Bought at discount by
Startup.co
FROM $7M TO ZERO IN ONE DAY
Payroll: 400 * 40 * 52 * $12 = ~$10M
2925©2015 ANAGARD, LLC, All Rights Reserved How to get a job with a startup?
FINAL STEP: LEGAL DOCUMENTSRead your contract three times, every single line!Get consultation from an employment attorney, orDuke Law School Student Clinic
People Business Viability Finance
Equity, options, vesting schedule, bonuses, salary
2926©2015 ANAGARD, LLC, All Rights Reserved How to get a job with a startup?
LEARNING FROM MISTAKES
Undercapitalization
Dysfunctional Team
Business Model Failure
Operational Inefficiencies
Inability to execute Excessive
Spending
2927©2015 ANAGARD, LLC, All Rights Reserved How to get a job with a startup?
ENTREPRENEURIAL COMMUNITY• Accelerators– First Flight Venture Center – experienced
entrepreneurs in residence, hands on 1-1 mentoring
– Triangle Startup Factory, ~$50k for significant equity stake
– Groundwork Labs– Cleantech Open Southeast Region $20k,
regional, $200k national award), no equity stake– Citrix Innovators Program – NC Wireless Center
• Incubators– HQ Raleigh (co-sharing place, community)– American Underground (Google Tech Hub)– Think House
– Duke, NCSU, UNC Entrepreneurship programs• Grants– NC IDEA $50k– NC Biotechnology Inception Loan $50k
• Angel Investor Groups– Blackstone Entrepreneurs Network– RTP Capital– Triangle Angel Partners
• Non-Profit Organizations for Entrepreneurs– CED (networking, comprehensive events
calendar)– NC Biotechnology Center– Small Business Technology Development Center
2928©2015 ANAGARD, LLC, All Rights Reserved How to get a job with a startup?
9360 Falls of Neuse Rd, #205Raleigh, NC 27615
Office: (919) 876-1314
@DraganaMendel
DRAGANA MENDEL
President, Managing Director at ANAGARD,
LLC
www.anagard.com
2929©2015 ANAGARD, LLC, All Rights Reserved How to get a job with a startup?
Q&A