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This blog represents my own views, not those of my employer, Brooklyn Bridge Ventures.

Do not pitch me a story or book review for me to write about. This is my personal blog. For more info on that, see this post.

 

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« Skin and Incentives | Main | Let's play 200 questions for charity »

Questions you and your co-founder need to have answered before you start (or ASAP)

  1. What's your equity split of this business and why?  Are we comfortable with the thinking behind that?
  2. What is the scope of our business?  What is outside the scope of what we want it to do?
  3. Are we allowed to do anything outside of the business?
  4. What is the expected time commitment?
  5. What are my roles going to be and how might that change over time in 3 months, 6 months?  Am I likely to be part of this company 3 years from now and in what capacity?
  6. What happens if I get hit by a bus tomorrow?  In 6 months?  In two years?
  7. How do we make decisions?  Can you outvote me?
  8. Can you fire me?  Can I fire you?
  9. If we fire one or the other, what do I leave with?
  10. Can I speak on behalf of the company to the press?  To partners?  To investors?
  11. How much money to we want to raise...now, in 6 months, 2 years, over the life of the company?
  12. Would I sell this for $5mm?  $10mm?  Am I waiting for the billion dollar exit?  Are you?
  13. How in love with this product am I?  Are their directions this could go that I'm not on board for?
  14. What values in our employees to we want?
  15. What do we value in our company culture?
  16. What do you think I am best at?  What do you think I need support for?  How will you help me succeed?  How will I help you succeed?
  17. How much equity are we allocating for future employees?  What do we think the first 5 hires will be?  10 hires?  20?
  18. What are our personal cash needs in the short term?
  19. Where do we want the business to be located?
  20. What do we need from investors?   Besides money?
  21. What's your timeline before you need to see some traction on the fundraising or revenue side before you think this isn't working?

Anything else people want to add from experience?  Any questions you wish you would have asked?

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