How to get a job with a startup?
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The document provides guidance on securing a job with a startup, focusing on essential steps such as evaluating a startup's business model and financial health, understanding fundraising stages, and conducting thorough due diligence on management and their strategy. It emphasizes the importance of networking, transparency, and learning from past startup failures. Resources like accelerators, incubators, and investor groups are also mentioned as valuable avenues for aspiring entrepreneurs and job seekers in the startup ecosystem.
How to get a job with a startup?
- 1. 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 Series August 28th, 2015. Dragana Mendel dmendel@anagard.com Office: +1-919-876-1314
- 2. 292©2015 ANAGARD, LLC, All Rights Reserved How to get a job with a startup? AGENDA About ANAGARD, LLC Getting 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
- 3. 293©2015 ANAGARD, LLC, All Rights Reserved How to get a job with a startup? CAREER PROGRESSION 19 YEARS OF EXPERIENCE --- APPROACHING 20!!! 😁 Product Manager Embedded Software Engineer Software Engineer Technology Commercialization (R&D) Business Growth Consultant for Startups & Small Businesses
- 4. 294©2015 ANAGARD, LLC, All Rights Reserved How to get a job with a startup? BUSINESS GROWTH CONSULTING MARKET RESEARCH Customer Discovery Target Market Segment Competition BUSINESS PLAN Business Model Canvas Business Plan Evaluation & Development INVESTOR-READY CONSULTING Fundraising Pitch Deck TECHNOLOGY COMMERCIALIZATI ON Technology – Product – Market Fit
- 5. 295©2015 ANAGARD, LLC, All Rights Reserved How to get a job with a startup? Where to find a by graduation date?
- 6. 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
- 7. 297©2015 ANAGARD, LLC, All Rights Reserved How to get a job with a startup? A pony today, an unicorn tomorrow $1B+ market size
- 9. 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?
- 10. 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
- 11. 2911©2015 ANAGARD, LLC, All Rights Reserved How to get a job with a startup? VENTURE CAPITAL ROUNDS SERIES A, B, C, D
- 12. 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
- 13. 2913©2015 ANAGARD, LLC, All Rights Reserved How to get a job with a startup? ANGEL LIST LOOK FOR COMPLETED FUNDRAISING ROUNDShttps://angel.co/done-deals
- 14. 2914©2015 ANAGARD, LLC, All Rights Reserved How to get a job with a startup? ANGEL LIST STARTUP 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
- 15. 2915©2015 ANAGARD, LLC, All Rights Reserved How to get a job with a startup? APPROACH CO-FOUNDERS EXPLAIN HOW YOUR EXPERIENCE WILL GROW THE STARTUP
- 16. 2916©2015 ANAGARD, LLC, All Rights Reserved How to get a job with a startup? RECOGNIZE A WALKING ZOMBIE 50% OF NEW COMPANIES CLOSE WITHIN 5 YEARS WALKING ZOMBIE Series A Crunch 13+ months since last raise No press coverage GROWING COMPANY Closing fund rounds annually Consistent quarterly PR announcements Hiring Adding new advisors Today’s Unicorns were founded around 5 years ago
- 17. 2917©2015 ANAGARD, LLC, All Rights Reserved How to get a job with a startup? Startup Interviews Nothing is set in stone
- 18. 2918©2015 ANAGARD, LLC, All Rights Reserved How to get a job with a startup? STARTUP DUE DILIGENCE People Business Viability Cash Burn Rate Legal 1 2 3 4
- 19. 2919©2015 ANAGARD, LLC, All Rights Reserved How to get a job with a startup? PEOPLE BUILD SUCCESSFUL BUSINESS MANAGEMENT Your personal chemistry with team Do founders have skills to execute the strategy Employees BOARD OF DIRECTORS Advisors’ reputation & experience
- 20. 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
- 21. 2921©2015 ANAGARD, LLC, All Rights Reserved How to get a job with a startup? BUSINESS MODEL CANVAS IS IT FINANCIALLY VIABLE? The Business Model Generation http://www.businessmodelgeneration.com/canvas
- 22. 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
- 23. 2923©2015 ANAGARD, LLC, All Rights Reserved How to get a job with a startup? CASH BURN RATE ASK 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 (Hypothetical) Cash on Hand
- 24. 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
- 25. 2925©2015 ANAGARD, LLC, All Rights Reserved How to get a job with a startup? FINAL STEP: LEGAL DOCUMENTS Read your contract three times, every single line! Get consultation from an employment attorney, or Duke Law School Student Clinic People Business Viability Finance Equity, options, vesting schedule, bonuses, salary
- 26. 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
- 27. 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 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
- 28. 2928©2015 ANAGARD, LLC, All Rights Reserved How to get a job with a startup? 9360 Falls of Neuse Rd, #205 Raleigh, NC 27615 Office: (919) 876-1314 @DraganaMendel DMendel@ANAGARD.com DRAGANA MENDEL President, Managing Director at ANAGARD, LLC www.anagard.com
- 29. 2929©2015 ANAGARD, LLC, All Rights Reserved How to get a job with a startup? Q&A