Evert
None of us has gravitated toward a conventional "job."
Sure, there are creature comforts such as consistency (e.g., 72-degrees and florescent), predicability (e.g., 9 am - 5 pm) and balance (e.g, home in time for dinner with our 2.2 kids). But it feels sterile and uninspiring - a routine we loathe, devoid of purpose.
If we want to start something new, but do it quickly, a lot has to come from outside. We're repulsed by coddling hatcheries or hermetic petri dishes meant to shoehorn the most creative stage of a company into a box within a box. The same network for hire model sans office may yield insufficient velocity. Instead, we champion the explosive consumption best demonstrated by starfish stomach eversion. Talk about letting oneself be vulnerable and leaving it all out on the field, that little guy is committed! Step into our paradox: the world is our office, and we have none at all - so we often borrow yours, or the kitchen counter.
Back to would-be-great companies, the minimum reagents to make something fundable include:
(1) Inspiration - unfair advantage followed by a credible plan to exploit it
(2) Perspiration - evidenced by early work of founder(s) with sufficient skill and will
(3) Momentum - whether begged or borrowed, we need to hitch a ride to win within 1-3 years
We're likely to stumble across some interesting ideas in our chosen vocation. A few may reach the conviction necessary to meet (1) above. The judo move is finding the right entrepreneur to take (2) forward as her own, and live it. In parallel, we can scour our network to find (3) in industry, while often collaborating with other aligned capital partners to advance our thinking.
Unless one of us steps in to be the principal founder or CEO, we anticipate minority ownership. The first priced equity round should deliver 20-40% ownership to each of the following:
(a) founder(s)
(b) near term team
(c) us eversionists - yes, new word!
(d) purely financial investor(s) - if time or capital intensity requires early co-investment
Other strategic partners may buy ownership to align incentives. In general, a customer should not be an owner at or near formation. Instead, strategics could fund non-recurring engineering to better align outcomes. Taking strategic capital too early can end in calamity, despite the best of intentions.
What idea needs to be executed at speed, why are you the right entrepreneur for the job and/or from where can we steal momentum to win?
Sure, there are creature comforts such as consistency (e.g., 72-degrees and florescent), predicability (e.g., 9 am - 5 pm) and balance (e.g, home in time for dinner with our 2.2 kids). But it feels sterile and uninspiring - a routine we loathe, devoid of purpose.
If we want to start something new, but do it quickly, a lot has to come from outside. We're repulsed by coddling hatcheries or hermetic petri dishes meant to shoehorn the most creative stage of a company into a box within a box. The same network for hire model sans office may yield insufficient velocity. Instead, we champion the explosive consumption best demonstrated by starfish stomach eversion. Talk about letting oneself be vulnerable and leaving it all out on the field, that little guy is committed! Step into our paradox: the world is our office, and we have none at all - so we often borrow yours, or the kitchen counter.
Back to would-be-great companies, the minimum reagents to make something fundable include:
(1) Inspiration - unfair advantage followed by a credible plan to exploit it
(2) Perspiration - evidenced by early work of founder(s) with sufficient skill and will
(3) Momentum - whether begged or borrowed, we need to hitch a ride to win within 1-3 years
We're likely to stumble across some interesting ideas in our chosen vocation. A few may reach the conviction necessary to meet (1) above. The judo move is finding the right entrepreneur to take (2) forward as her own, and live it. In parallel, we can scour our network to find (3) in industry, while often collaborating with other aligned capital partners to advance our thinking.
Unless one of us steps in to be the principal founder or CEO, we anticipate minority ownership. The first priced equity round should deliver 20-40% ownership to each of the following:
(a) founder(s)
(b) near term team
(c) us eversionists - yes, new word!
(d) purely financial investor(s) - if time or capital intensity requires early co-investment
Other strategic partners may buy ownership to align incentives. In general, a customer should not be an owner at or near formation. Instead, strategics could fund non-recurring engineering to better align outcomes. Taking strategic capital too early can end in calamity, despite the best of intentions.
What idea needs to be executed at speed, why are you the right entrepreneur for the job and/or from where can we steal momentum to win?
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