I have been working on my project (https://dividedwefall.com/) for a couple years, but am looking to scale up operations and fundraising. We have a few volunteers currently working on the project, but am looking to recruit C-Suite team members in key roles (Development, Communications, Human Resources).
What are the best methods/resources/tips for recruiting top tier talent without being able to compensate them at this time?
3 answers:
Hey Josef, I can share some knowledge that I have, but I recently started my startup.
First, you need to set the requirements and expectations for the C-level role. Other people can perform some tasks that you think only C-level people should do for a smaller cost. I assume you have done this. Further, try to combine responsibilities to create fewer roles and put several hats on fewer people's heads. E.g., combine HR and Comms. This is important to properly manage your resource (reduce the expenses) to fund these roles.
As for compensation, you have not many options :) You will need to compensate using equity. There are different approaches to that. One of them, using the method described in the Slicing Pie, calculate everyone's contribution and type of contribution and reward appropriately. Another one, you can agree on to provide X% of the equity in advance and vest it monthly/quarterly/annually. The third option I learned is defining how many shares can be earned per hour by the role and allocate shared at the end of the week or month.
I cannot say much about resources, but I'm sure it highly depends on how you will pitch the idea to convince people to join your startup.
I hope this helps you to move further in your journey.
All the best, Muza.
Interesting question.
If your idea is that good, or unique, you should be able to do some fund raising / contact risk equity agencies.
The only possibility.
How did M. Zuckerberg raise his first money, or Page / Brin....
Just Jeff Bezos had some money, borought from his dad, to start amazon without extern help.
Good luck.
Hi,
Generally speaking, It doesn't last long with people you meet through some online service or event. Always choose someone you have spent some time with.
I think the best patterns are among the following three.
University friends: If you are in the same major, your interests are close and you have spent a lot of time together, so you know each other well. Example → Google, Facebook
Colleagues from work: They know each other's work style and habits to some extent, and the relationship is highly stable. Example → Oracle, Rakuten
In the case of the "old friends", the personal relationship is strong and the possibility of a quarrel breaking up is low. Example → Microsoft
- Microsoft: Bill Gates, Paul Allen (Old friends)
- Apple: Steve Jobs, Steve Wozniak, Ronald Wayne (Colleagues from work)
- Google: Larry Page, Sergey Brin (University friends)
- Facebook: Mark Zuckerberg, Eduardo Saverin, Andrew McCollum, Dustin Moskovitz, Chris Huges (University friends)
- Oracle: Larry Ellison, Bob Miner, Ed Oates (Colleagues from work)
- Airbnb: Brian Chesky, Joe Gebbia, Nathan Blecharczyk (Old friends)
You may want to work together on a side project that interests you. Just do the projects you like, with the people you like. That way you're more likely to find a good co-founder, and you'll have a good idea for a startup.
Good luck!