This opens the door for them to compete with a lot of these platforms. Since they already have the hardware on site (iPad) they start to become a competitor for StyleSeat, MyTime, Noshlist, NoWait, etc.
194 karma · joined May 3, 2013
- What share would you offer him (already working 2 years on the project already and invested money in it etc.)? It depends on what type of skills they bring to the table. A vesting schedule is best so that over time they are compensated, but if they walk away a few months into it you aren't screwed.
- How would you organize it legally ? Depends on how your projects are organized. LLC or C Corp managing the other entities probably works, but there are a lot of variables and this is where a lawyer would come in.
- Would you meet him in person first ? ABSOLUTELY! This is basically a marriage...you don't want to start that on a blind date.
- Are there other things you should be careful for ? Be careful of over committing equity and not knowing the person well enough.
Another useful thing might be to read this article by Mark Suster: http://www.bothsidesofthetable.com/2011/05/09/the-co-founder...
It can have some good uses if you can get them wanting to ask more which would hopefully lead to a story.
But you have companies like Esri who make $1B/year on maps and yet most people have no idea who they are. (www.esri.com)
Not to mention, if you are going to quit your job to build a company you don't get excited and call yourself a junior engineer. Or full stack guru.
But with Google owning Zagat it makes sense that Yelp wouldn't be the first result. I feel we often mistake Google for a search only company even though they are increasingly becoming the GE of tech and have every right to start giving their subsidiaries the premium "organic" results.
The big thing I think this does is open them up to competition in the long run. It would have to be anything special, maybe a s simple as the Google from 5 years ago (before they bought another company in seemingly every sector)
And from the looks of the design it seems like Bing is starting to look a lot like the Google of old.
Is it just me or is the flat, iOS 7 and Apple-esk design starting to flow into mainstream sites?
No knowing how you left the first job, it might be worth while to contact them and see your old job back assuming you liked it and are willing to move closer.
All extremely valuable to limit long term risk. Over time someone(s) will have to leave the group and having this ironed out up front saves a lot of time, effort, and money down the road.
One thing to consider is cash contributions (if any) that might alter the allotted equity. Other than that, equal partners with vesting is a good way to go.
1) Hatching Twitter 2) The Everything Store (Amazon Story) 3) Mindset: The New Psychology of Success --This one was particularly interesting when thinking about employees and recruiting and what to look for in people that you are working with. After the author introduces the concept it gets a little dry for a chapter or two, but then really interesting after that. 4) The Hard Thing About Hard Things - this one was inspiring from a management/CEO perspective. When thinking about building a company that people enjoy working for (and all the tough stuff that comes with it) this is a great read.
Going out to events and looking into your existing network is a great starting point. But if you are going to be working closely with someone for 3-10 years on a project there is a lot to consider.
Mark Suster has a great post about "hiring" your co-founder worth a read: http://goo.gl/Fkejjp
www.sendgrid.com
There is a really good post by Mark Suster that talks about hiring your co-founder. It is a the best of both worlds in some cases because you get someone that is on the same commitment level, but you don't have to give up all the equity that comes with a 50/50 split.
Here is the link: http://www.bothsidesofthetable.com/2011/05/09/the-co-founder...
Room and board is typically the highest expense after tuition and if you can cut that down to nothing it can go a long way.
It also doubles as a great way to meet people who are working their way through school.
5) Not expected.
6) Definitely. Especially if #4 is present.
Capitalism gives people the ability to be driven by generally selfish factors, but there is a line between selfish motivation and greed.
Unfortunately that line is more of a moral one which can make it harder to define.
That makes me feel better.
It's good to be flexible but to have enough of a belief in what you are doing that if the first offer isn't the right offer you are willing to walk away in search of the right deal. Having a ceiling is generally good.
You want to make sure you can last 2-3 rounds before giving up a majority stake.
As a tangible example, our startup (team of 7) we actually use both within our title. Co-Founder and CEO. Externally this is good, because it provides initial guidance for others who are getting to know the company and aide them in making some initial judgements. For example the CEO is going to be the one responsible for raising money, acquiring customers, recruiting, etc.
So if it walks like a duck, and quacks like a duck, no reason to wait to call it a duck.
And they haven't made themselves available to speak with us after our initial attempts.
Gladwell wasn't trying to say that everyone could become an expect by putting in 10,000 hours, but rather he could explain the "Outliers" in our society because of the intense amount of work (hours) and favorable situations. Bill Gates enjoyed coding yes, but he had an opportunity to code much earlier than others. You look at Gates, Steve Jobs, and Bill Joy, all born in the mid 1950's with the opportunity to capatailze on a new industry. All with their 10,000 hours when they became of age and enough entrepreneurship take advantage of the newly developed market (or in some ways create the market).
Any reason they couldn't seed the additional resources of the Alumni and remain a for-profit entity?