| You've got an awesome idea, and you're launching a | | | | your invitation. Make them proud to be considered |
| new venture. But now, you've got problems. There's | | | | for your start up's board. |
| stuff to be done, and you don't know how to do it. | | | | Targeting your board members is fairly easy. My |
| You also don't have the money to hire employees. | | | | general rule of thumb is having a board member from |
| You need a start up team, and I'm going to show | | | | each category: |
| you how to build it. Without spending money. When | | | | - My business clients or potential contracts I may be |
| I'm done with you, you're going to be ready to roll | | | | pursuing. If I'm pursuing my first contract with a |
| with an awesome start up team. I'm even going to | | | | certain company, I invite a leading representative |
| include free resources at the end of this article for | | | | from their company to join my board. (This is |
| your start up. | | | | extremely important to investors). |
| Why? I've been in your shoes. | | | | - My industry. If you have a software company, |
| The first place to start is identifying who you need | | | | pursue someone who is very successful in this area. |
| on your team. This will consist of board members, a | | | | - A marketing professional and/or legal professional. |
| co-founder, and strategic alliances. What skills are you | | | | They offer insight you'll always need. |
| lacking? Be honest. You'll need to look for these skills | | | | Equity Partners |
| in your team members. | | | | The only partner you should ever have here are |
| Co-Founders | | | | co-founders and a developer. Your developer should |
| Let's start with the Co-Founder. I always recommend | | | | double as the CTO if you have a technology or |
| a co-founder as your "right hand man" (or woman, I | | | | software company. Many developers will take on |
| don't discriminate). Once the business is funded, | | | | extra projects based on equity earn in agreements. |
| co-founders usually assume the title of COO (who is | | | | This is where they are compensated through stock |
| the right hand man of the CEO, the title you'll be | | | | based on their work. |
| likely to assume). So keep in mind co-founder/COOs | | | | There are many things to include here, such as how |
| need to be very "action oriented" as they'll carry out | | | | much stock to give a developer, that can be |
| operational duties of the business. | | | | accessed in links provided at the end of this article. |
| Your co-founder should accompany you to pitching | | | | Strategic Alliances |
| events & company presentations. If you're an | | | | I've saved the best for last. You can have strategic |
| introvert by default, I recommend partnering with an | | | | alliances with as many other companies (and start |
| extrovert. You'll also want a "pitcher" to be business | | | | ups) you want. Think of it as "you're giving them |
| minded. Your passion is great, but investors want to | | | | something, they'll give you something." |
| talk business. | | | | Benefits from strategic alliances include receiving |
| Advisory Boards | | | | services/goods without paying, increased credibility to |
| The typical start up team has 3-4 advisory board | | | | investors, increased exposure, and not becoming "too |
| members. Advisory boards are not paid for this | | | | top heavy". |
| position. You can offer a gift, as well host dinner | | | | Ideas are one in a million. It's the start up team that |
| meetings. These are often well respected members | | | | will execute that idea. That's why start up teams are |
| of your community. In invitations, flatter your board | | | | an investor's first consideration when approached |
| members. Go to Staples and buy nice letterhead for | | | | with an idea. |