Team and Advisors
Team and Advisors
Requirements:
NOTE: You will need to create an offering over the next couple of weeks, and it is important that you recruit the right set of people, or Roles, to complete the offering.
1. (Identify Advisors) Identify 2 different types of experienced Advisors that will be able to provide feedback on your business from different points of view. Write the desired industry and background for each target Advisor, and identify at least 3 potential candidates for each. Write each candidate's name, title, company, email address, and Linkedin link or biography. These Advisors may include FI Mentors.
2. (Recruit Advisors) Contact each of the Advisor candidates about helping to work on your Product Definition below, which will be a test of the relationship. If the test goes well, discuss bringing the Advisor on to a formal advisory role compensated with equity, potentially using the FAST Agreement for the structure (http://fndri.com/16hjIur).
3. (Product Definition) Spend at least 1 hour each working with at least 2 of your Advisor candidates to define your Next Release, which may be your first minimum viable product, or “MVP”. The Next Release should be the simplest thing that you can deliver to test the riskiest assumption of your business. It could be as simple as a landing page with a form, or as complicated as an ecommerce system. For a hardware project, it might launching a Kickstarter or Indiegogo campaign with all of the necessary materials. Write a 500 word description of the Next Release and the assumption that it is designed to test.
4. (Initial Team Design) Identify between two and five Roles that you need to create your Next Release. Roles may be as cofounders, employees, vendors or consultants. Research related Postings by other startups for the Roles, which may be on job sites or freelancing marketplaces. Write a Posting for each Role based on best practices from your research, and include any cash or equity compensation that you can afford.
5. (Role Targets) Use LinkedIn, freelance marketplace and other research resources to identify at least 3 people for each Role who you either know or are connected with. Write each target’s name, title, company, email address, and Linkedin link or biography. Work to find the best target for each position, and rank each person from best to worst for each position.
6. (Recruiting Process) Develop a multiple step recruiting process, including standard outreach emails for each step and materials or interview questions for each appropriate step. The process may differ for each of the positions. For example, a sample recruiting process may be (a) distribute posting for the position, (b) review resumes, (c) send rejections, (d) organize phone screen, (e) organize competency test, (f) face-to-face interview, (g) test project, (h) check references, and (i) negotiate an offer.
7. (Hiring Key Performance Indicators) Identify 3 key performance indicators, or “KPIs,” for adding the Roles that you will track and announce each week to your Working Group and at the end of each Hotseat in the sessions. For example, these KPIs might be the number of candidates, number of interviews, and number of offers. The goal of your KPIs is to add at least 2 Roles over the next few weeks.
8. (Working Group Approval) Share the Product Definition, Roles, Targets, Process and KPIs with your Working Group and solicit feedback to improve the work. Improve the work, and then have your Working Group sign a resolution that they approve the changes, following a Board Resolution template (http://fndri.com/s6k3w7). Upload the Resolution to Google Docs, and paste a link to the Resolution in the assignment field. Make sure you set the sharing setting to "Anyone with the link.”
9. (Initial Outreach) Reach out to all of the Targets for the Roles following the Process approved by the Working Group. Complete as many steps as possible in the process for each Role. Write 1 sentence about the progress with each Target and identify the step in the process that you have reached.
10. (Seventh Mailing) Expand The List to include at least 12 more people, including all of the names of Targets and Advisors. Send a seventh mailing to The List outlining your plans to expand the team as you complete your Next Release. Include the KPIs for hiring, which will now be a permanent feature of The List, and ask for recommendations for additional targets and feedback on the KPIs.
1. (Identify Advisors) Identify 2 different types of experienced Advisors that will be able to provide feedback on your business from different points of view. Write the desired industry and background for each target Advisor, and identify at least 3 potential candidates for each. Write each candidate's name, title, company, email address, and Linkedin link or biography. These Advisors may include FI Mentors.
2. (Recruit Advisors) Contact each of the Advisor candidates about helping to work on your Product Definition below, which will be a test of the relationship. If the test goes well, discuss bringing the Advisor on to a formal advisory role compensated with equity, potentially using the FAST Agreement for the structure (http://fndri.com/16hjIur).
3. (Product Definition) Spend at least 1 hour each working with at least 2 of your Advisor candidates to define your Next Release, which may be your first minimum viable product, or “MVP”. The Next Release should be the simplest thing that you can deliver to test the riskiest assumption of your business. It could be as simple as a landing page with a form, or as complicated as an ecommerce system. For a hardware project, it might launching a Kickstarter or Indiegogo campaign with all of the necessary materials. Write a 500 word description of the Next Release and the assumption that it is designed to test.
4. (Initial Team Design) Identify between two and five Roles that you need to create your Next Release. Roles may be as cofounders, employees, vendors or consultants. Research related Postings by other startups for the Roles, which may be on job sites or freelancing marketplaces. Write a Posting for each Role based on best practices from your research, and include any cash or equity compensation that you can afford.
5. (Role Targets) Use LinkedIn, freelance marketplace and other research resources to identify at least 3 people for each Role who you either know or are connected with. Write each target’s name, title, company, email address, and Linkedin link or biography. Work to find the best target for each position, and rank each person from best to worst for each position.
6. (Recruiting Process) Develop a multiple step recruiting process, including standard outreach emails for each step and materials or interview questions for each appropriate step. The process may differ for each of the positions. For example, a sample recruiting process may be (a) distribute posting for the position, (b) review resumes, (c) send rejections, (d) organize phone screen, (e) organize competency test, (f) face-to-face interview, (g) test project, (h) check references, and (i) negotiate an offer.
7. (Hiring Key Performance Indicators) Identify 3 key performance indicators, or “KPIs,” for adding the Roles that you will track and announce each week to your Working Group and at the end of each Hotseat in the sessions. For example, these KPIs might be the number of candidates, number of interviews, and number of offers. The goal of your KPIs is to add at least 2 Roles over the next few weeks.
8. (Working Group Approval) Share the Product Definition, Roles, Targets, Process and KPIs with your Working Group and solicit feedback to improve the work. Improve the work, and then have your Working Group sign a resolution that they approve the changes, following a Board Resolution template (http://fndri.com/s6k3w7). Upload the Resolution to Google Docs, and paste a link to the Resolution in the assignment field. Make sure you set the sharing setting to "Anyone with the link.”
9. (Initial Outreach) Reach out to all of the Targets for the Roles following the Process approved by the Working Group. Complete as many steps as possible in the process for each Role. Write 1 sentence about the progress with each Target and identify the step in the process that you have reached.
10. (Seventh Mailing) Expand The List to include at least 12 more people, including all of the names of Targets and Advisors. Send a seventh mailing to The List outlining your plans to expand the team as you complete your Next Release. Include the KPIs for hiring, which will now be a permanent feature of The List, and ask for recommendations for additional targets and feedback on the KPIs.
v3.1
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