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Founders ask @Jason the same startup questions over & over so he put together the Startup Basics series from @TWiStartups. It covers everything you need to know to start a company, scale it, find investors, and legal factors. Here& #39;s a breakdown of the first 26 episodes: 
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E1: How to raise money from angel investors
Cold emails work when you& #39;re trying to get in touch w/angel investors but always try to get a warm intro.
The best way to reach Jason is through someone he knows.
https://www.notion.so/Startup-Basics-How-to-raise-money-from-angel-investors-E1-223b617ee394405fbecf0ce050ee86a2">https://www.notion.so/Startup-B...
Cold emails work when you& #39;re trying to get in touch w/angel investors but always try to get a warm intro.
The best way to reach Jason is through someone he knows.
https://www.notion.so/Startup-Basics-How-to-raise-money-from-angel-investors-E1-223b617ee394405fbecf0ce050ee86a2">https://www.notion.so/Startup-B...
E2: Do you need a co-founder for your startup?
Needing a co-founder to succeed is a myth.
It may be more optimal to recruit a founding team. https://www.notion.so/Startup-Basics-Do-you-need-a-co-founder-for-your-startup-E2-a933fa6c516c48129b25afcc5dc87c32">https://www.notion.so/Startup-B...
Needing a co-founder to succeed is a myth.
It may be more optimal to recruit a founding team. https://www.notion.so/Startup-Basics-Do-you-need-a-co-founder-for-your-startup-E2-a933fa6c516c48129b25afcc5dc87c32">https://www.notion.so/Startup-B...
E3: How to name your startup
Don& #39;t beat any ideas down. Let them all come out and go from there.
You can always change the name later if you want to. https://www.notion.so/Startup-Basics-How-to-name-your-startup-E3-eb769f5864fa4ac4834178f9071348ec">https://www.notion.so/Startup-B...
Don& #39;t beat any ideas down. Let them all come out and go from there.
You can always change the name later if you want to. https://www.notion.so/Startup-Basics-How-to-name-your-startup-E3-eb769f5864fa4ac4834178f9071348ec">https://www.notion.so/Startup-B...
E4: How to fire someone
When you have to fire someone, it& #39;s probably because you made a mistake in the hiring process.
You need to learn from these mistakes and get better at hiring. Take your time hiring — as much as you can. https://www.notion.so/Startup-Basics-How-to-fire-someone-E4-d1f74f72a71c4f0188e4f8413ec86f4d">https://www.notion.so/Startup-B...
When you have to fire someone, it& #39;s probably because you made a mistake in the hiring process.
You need to learn from these mistakes and get better at hiring. Take your time hiring — as much as you can. https://www.notion.so/Startup-Basics-How-to-fire-someone-E4-d1f74f72a71c4f0188e4f8413ec86f4d">https://www.notion.so/Startup-B...
E5: How to demo your product
Show your product first and then speak about yourself and why you built it.
The time it takes you to get to your product is negatively correlated with how good your product is. https://www.notion.so/Startup-Basics-How-to-demo-your-product-E5-728c812c5c6b40198a6a7fdbef957528">https://www.notion.so/Startup-B...
Show your product first and then speak about yourself and why you built it.
The time it takes you to get to your product is negatively correlated with how good your product is. https://www.notion.so/Startup-Basics-How-to-demo-your-product-E5-728c812c5c6b40198a6a7fdbef957528">https://www.notion.so/Startup-B...
E6: How to get press
Don& #39;t try to raise general awareness through the press.
Figure out exactly what you want to accomplish through your target outlets & approach accordingly.
Do you want more people to download the app? Do you want to raise money? https://www.notion.so/Startup-Basics-How-to-get-press-E6-9d805970009f4c319846176df8115b51">https://www.notion.so/Startup-B...
Don& #39;t try to raise general awareness through the press.
Figure out exactly what you want to accomplish through your target outlets & approach accordingly.
Do you want more people to download the app? Do you want to raise money? https://www.notion.so/Startup-Basics-How-to-get-press-E6-9d805970009f4c319846176df8115b51">https://www.notion.so/Startup-B...
E7: Should I incorporate as an LLC, S-, or C-corp?
Getting funded is hard, so don& #39;t limit your options by forming your company the wrong way.
One of the conditions to getting funded by VCs is being a C-corp.
(Related: Episodes 10 and 15) https://www.notion.so/Startup-Basics-Should-I-incorporate-as-an-LLC-S-or-C-corp-E7-faa8bae2a7814fdf8478df2c7dc02a6b">https://www.notion.so/Startup-B...
Getting funded is hard, so don& #39;t limit your options by forming your company the wrong way.
One of the conditions to getting funded by VCs is being a C-corp.
(Related: Episodes 10 and 15) https://www.notion.so/Startup-Basics-Should-I-incorporate-as-an-LLC-S-or-C-corp-E7-faa8bae2a7814fdf8478df2c7dc02a6b">https://www.notion.so/Startup-B...
E8: How to negotiate a term sheet
A week to review is fair and most investors are happy to extend that in good faith.
You shouldn’t feel bad to do a market check before you sign any term sheets that you& #39;ve already received.
(Related: Episode 16)
https://www.notion.so/Startup-Basics-How-to-negotiate-a-term-sheet-E8-ebf31d815ffc45219b09a799251838e7">https://www.notion.so/Startup-B...
A week to review is fair and most investors are happy to extend that in good faith.
You shouldn’t feel bad to do a market check before you sign any term sheets that you& #39;ve already received.
(Related: Episode 16)
https://www.notion.so/Startup-Basics-How-to-negotiate-a-term-sheet-E8-ebf31d815ffc45219b09a799251838e7">https://www.notion.so/Startup-B...
E9: Knowing when to pivot
Are you engaged? (internal)
Are you engaged? (external)
Do people want to work with you?
Do VCs want to be involved? (not the most important signal)
Is there traction for your product? https://www.notion.so/Startup-Basics-Knowing-when-to-pivot-E9-80b8894ee3f44ddea1d815362740ebe4">https://www.notion.so/Startup-B...
Are you engaged? (internal)
Are you engaged? (external)
Do people want to work with you?
Do VCs want to be involved? (not the most important signal)
Is there traction for your product? https://www.notion.so/Startup-Basics-Knowing-when-to-pivot-E9-80b8894ee3f44ddea1d815362740ebe4">https://www.notion.so/Startup-B...
E10: How to protect your intellectual property
It& #39;s not a perfect science. You just have to do the best you can.
There are baseline steps you should take to protect your IP, like IP assignment agreements.
(Related: Episodes 7 and 15) https://www.notion.so/Startup-Basics-How-to-protect-your-intellectual-property-E10-6cab041b70cd45a7bb761aa560ad2afc">https://www.notion.so/Startup-B...
It& #39;s not a perfect science. You just have to do the best you can.
There are baseline steps you should take to protect your IP, like IP assignment agreements.
(Related: Episodes 7 and 15) https://www.notion.so/Startup-Basics-How-to-protect-your-intellectual-property-E10-6cab041b70cd45a7bb761aa560ad2afc">https://www.notion.so/Startup-B...
E11: What should investors and founders expect from each other?
Do your research before picking investors.
What are their expectations in terms of information type and frequency?
How often will an investor be available to you when you need them? https://www.notion.so/Startup-Basics-What-should-investors-and-founders-expect-from-each-other-E11-3906fef631044ade8465eb56df86d11b">https://www.notion.so/Startup-B...
Do your research before picking investors.
What are their expectations in terms of information type and frequency?
How often will an investor be available to you when you need them? https://www.notion.so/Startup-Basics-What-should-investors-and-founders-expect-from-each-other-E11-3906fef631044ade8465eb56df86d11b">https://www.notion.so/Startup-B...
E12: How to save money running your startup
Be cheap.
Save money.
Put the money you save back into your product. https://www.notion.so/Startup-Basics-How-to-save-money-running-your-startup-E12-66fb7ea01b504ff087d21e4d6dcde5e7">https://www.notion.so/Startup-B...
Be cheap.
Save money.
Put the money you save back into your product. https://www.notion.so/Startup-Basics-How-to-save-money-running-your-startup-E12-66fb7ea01b504ff087d21e4d6dcde5e7">https://www.notion.so/Startup-B...
E13: When should I sell or shut down my company?
Whether purchase offers are piling up or you& #39;re facing a shutdown - preparation is key.
There are many different pieces to this process that make it very difficult for a founder. https://www.notion.so/Startup-Basics-When-should-I-sell-or-shut-down-my-company-E13-c7fe2ec126bf4b1a9ec31d9e00b03b5d">https://www.notion.so/Startup-B...
Whether purchase offers are piling up or you& #39;re facing a shutdown - preparation is key.
There are many different pieces to this process that make it very difficult for a founder. https://www.notion.so/Startup-Basics-When-should-I-sell-or-shut-down-my-company-E13-c7fe2ec126bf4b1a9ec31d9e00b03b5d">https://www.notion.so/Startup-B...
E14: Founder Institute CEO Adeo Ressi shares lessons from running his global startup powerhouse
FI is an educational program for entrepreneurship that is cheaper than a college course.
A way to see if you& #39;re ready to leave your job for your idea. https://www.notion.so/Startup-Basics-Founder-Institute-CEO-Adeo-Ressi-shares-lessons-from-running-his-global-startup-powe-f4efeeda710e445894b2125ce8084ead">https://www.notion.so/Startup-B...
FI is an educational program for entrepreneurship that is cheaper than a college course.
A way to see if you& #39;re ready to leave your job for your idea. https://www.notion.so/Startup-Basics-Founder-Institute-CEO-Adeo-Ressi-shares-lessons-from-running-his-global-startup-powe-f4efeeda710e445894b2125ce8084ead">https://www.notion.so/Startup-B...
E15: Avoiding Co-Founder legal disputes & C-Corp vs. LLC
Everybody& #39;s happy until they& #39;re not.
Cleaning up legal issues will cost a lot more money and time to fix later on. Set everything up properly from the beginning.
(Related: Episodes 7 and 10) https://www.notion.so/Startup-Basics-Avoiding-Co-Founder-legal-disputes-C-Corp-vs-LLC-with-Becki-DeGraw-E15-10a88220f68145e8b40746367b120ba1">https://www.notion.so/Startup-B...
Everybody& #39;s happy until they& #39;re not.
Cleaning up legal issues will cost a lot more money and time to fix later on. Set everything up properly from the beginning.
(Related: Episodes 7 and 10) https://www.notion.so/Startup-Basics-Avoiding-Co-Founder-legal-disputes-C-Corp-vs-LLC-with-Becki-DeGraw-E15-10a88220f68145e8b40746367b120ba1">https://www.notion.so/Startup-B...
E16: Negotiating a Term Sheet — Deal killers, what terms are worth fighting for
The purpose of a term sheet is to determine if the founder & investors can come to an agreement.
Use pro forma cap table when comparing term sheets.
(Related: Episode 8) https://www.notion.so/Startup-Basics-Negotiating-a-Term-Sheet-Deal-killers-what-terms-are-worth-fighting-for-more-wi-dfb6fedd7dfb4b9ab6d04cf8908bbdb4">https://www.notion.so/Startup-B...
The purpose of a term sheet is to determine if the founder & investors can come to an agreement.
Use pro forma cap table when comparing term sheets.
(Related: Episode 8) https://www.notion.so/Startup-Basics-Negotiating-a-Term-Sheet-Deal-killers-what-terms-are-worth-fighting-for-more-wi-dfb6fedd7dfb4b9ab6d04cf8908bbdb4">https://www.notion.so/Startup-B...
E17: Understanding Financing Structures
SAFEs are more founder-friendly than convertible notes but both have conversion terms.
Pricing a round results in a legal bill and puts a valuation on your startup.
(Related: Episodes 8 and 16) https://www.notion.so/Startup-Basics-Understanding-Financing-Structures-SAFEs-Convertibles-Notes-Priced-Rounds-more-fc18fd333353411b957871315b4d641e">https://www.notion.so/Startup-B...
SAFEs are more founder-friendly than convertible notes but both have conversion terms.
Pricing a round results in a legal bill and puts a valuation on your startup.
(Related: Episodes 8 and 16) https://www.notion.so/Startup-Basics-Understanding-Financing-Structures-SAFEs-Convertibles-Notes-Priced-Rounds-more-fc18fd333353411b957871315b4d641e">https://www.notion.so/Startup-B...
E18: Employment Agreement deep dive — IP assignment, offer letters, side hustles
Handshake, verbal, or email agreements can lead to "she-said he-said" situations.
Properly drafted and signed agreements are critical.
(Related: Episodes 10 and 15) https://www.notion.so/Startup-Basics-Employment-Agreement-deep-dive-IP-assignment-offer-letters-side-hustles-more-w-fb01fb6b11d84b818b0999516136be02">https://www.notion.so/Startup-B...
Handshake, verbal, or email agreements can lead to "she-said he-said" situations.
Properly drafted and signed agreements are critical.
(Related: Episodes 10 and 15) https://www.notion.so/Startup-Basics-Employment-Agreement-deep-dive-IP-assignment-offer-letters-side-hustles-more-w-fb01fb6b11d84b818b0999516136be02">https://www.notion.so/Startup-B...
E19: How to ace diligence & avoid common mistakes
Being prepared for diligence will help demonstrate that you will manage, track, and spend investors& #39; money wisely.
The amount of diligence done by investors depends on the size of the deal. https://www.notion.so/Startup-Basics-How-to-ace-diligence-avoid-common-mistakes-with-Scott-Orn-E19-745bc09fa6a740bc93047660883e9d85">https://www.notion.so/Startup-B...
Being prepared for diligence will help demonstrate that you will manage, track, and spend investors& #39; money wisely.
The amount of diligence done by investors depends on the size of the deal. https://www.notion.so/Startup-Basics-How-to-ace-diligence-avoid-common-mistakes-with-Scott-Orn-E19-745bc09fa6a740bc93047660883e9d85">https://www.notion.so/Startup-B...
E20: Startup taxes deep dive
If you& #39;re losing money, you may not owe any taxes but you still need to file a tax return.
If you have employees in other states or have sales in another state, you may be triggering a tax nexus. https://www.notion.so/Startup-Basics-Startup-taxes-deep-dive-with-Scott-Orn-E20-550b896e7553464aac0af54d13752651">https://www.notion.so/Startup-B...
If you& #39;re losing money, you may not owe any taxes but you still need to file a tax return.
If you have employees in other states or have sales in another state, you may be triggering a tax nexus. https://www.notion.so/Startup-Basics-Startup-taxes-deep-dive-with-Scott-Orn-E20-550b896e7553464aac0af54d13752651">https://www.notion.so/Startup-B...
E21: Five things you need to nail to scale
Clean bank account
Credit card w/no personal guarantees
The right accounting software
Proper payroll set up
Tax compliance
Get these right and you will send all the right signals to investors and employees. https://www.notion.so/Startup-Basics-Five-things-you-need-to-nail-to-scale-with-Scott-Orn-E21-0366b0bc63014698a63bc0253ff00aae">https://www.notion.so/Startup-B...
Clean bank account
Credit card w/no personal guarantees
The right accounting software
Proper payroll set up
Tax compliance
Get these right and you will send all the right signals to investors and employees. https://www.notion.so/Startup-Basics-Five-things-you-need-to-nail-to-scale-with-Scott-Orn-E21-0366b0bc63014698a63bc0253ff00aae">https://www.notion.so/Startup-B...
E22: Budgets, models & what investors are looking for
Always take a little extra money.
Don& #39;t be afraid of diluting a little bit more than you planned because that money could be the key to getting you to the next round of funding. https://www.notion.so/Startup-Basics-Budgets-models-what-investors-are-looking-for-with-Scott-Orn-E22-aa8d85dfa3124de3a8a125ee148ff2f7">https://www.notion.so/Startup-B...
Always take a little extra money.
Don& #39;t be afraid of diluting a little bit more than you planned because that money could be the key to getting you to the next round of funding. https://www.notion.so/Startup-Basics-Budgets-models-what-investors-are-looking-for-with-Scott-Orn-E22-aa8d85dfa3124de3a8a125ee148ff2f7">https://www.notion.so/Startup-B...
E23: How to run an efficient board meeting
For standard meetings, keep the details in your minutes at a minimum.
For board meetings specific to events that may result in litigation, it& #39;s critical to beef up your minutes w/ as many details as possible. https://www.notion.so/Startup-Basics-How-to-run-an-efficient-board-meeting-with-Becki-DeGraw-E23-7999cdb1ce0f495fbfbef5636195773d">https://www.notion.so/Startup-B...
For standard meetings, keep the details in your minutes at a minimum.
For board meetings specific to events that may result in litigation, it& #39;s critical to beef up your minutes w/ as many details as possible. https://www.notion.so/Startup-Basics-How-to-run-an-efficient-board-meeting-with-Becki-DeGraw-E23-7999cdb1ce0f495fbfbef5636195773d">https://www.notion.so/Startup-B...
E24: Stock option grants deep dive
With stock options is you have a 1 in 10 chance of winning the lottery, rather than 1 in millions.
Stock options can be netted out instead of the employee paying out of pocket to buy the shares at the exercise price. https://www.notion.so/Startup-Basics-Stock-option-grants-deep-dive-with-Becki-DeGraw-E24-9e940749b24041c394896adca873f11e">https://www.notion.so/Startup-B...
With stock options is you have a 1 in 10 chance of winning the lottery, rather than 1 in millions.
Stock options can be netted out instead of the employee paying out of pocket to buy the shares at the exercise price. https://www.notion.so/Startup-Basics-Stock-option-grants-deep-dive-with-Becki-DeGraw-E24-9e940749b24041c394896adca873f11e">https://www.notion.so/Startup-B...
E25: Common First-Time Founder Mistakes
Missed 83(b) elections
Not buying any stock after incorporating
Not selecting board members and electing officers
Waiting until funding to set up a company structure
Secondary shares
Starting as an LLC https://www.notion.so/Startup-Basics-Common-First-Time-Founder-Mistakes-with-Becki-DeGraw-E25-e94e029edcd64346bae3c28f834581b6">https://www.notion.so/Startup-B...
Missed 83(b) elections
Not buying any stock after incorporating
Not selecting board members and electing officers
Waiting until funding to set up a company structure
Secondary shares
Starting as an LLC https://www.notion.so/Startup-Basics-Common-First-Time-Founder-Mistakes-with-Becki-DeGraw-E25-e94e029edcd64346bae3c28f834581b6">https://www.notion.so/Startup-B...
E26: Common First-Time Founder Mistakes (Part 2)
Co-founder legal disputes
Not vesting shares
No IP protection
Seeking non-standard terms https://www.notion.so/Startup-Basics-Common-First-Time-Founder-Mistakes-Part-2-with-Becki-DeGraw-E26-f00eb6d05ef9443d9bd7aa62e8d14fb2">https://www.notion.so/Startup-B...
Co-founder legal disputes
Not vesting shares
No IP protection
Seeking non-standard terms https://www.notion.so/Startup-Basics-Common-First-Time-Founder-Mistakes-Part-2-with-Becki-DeGraw-E26-f00eb6d05ef9443d9bd7aa62e8d14fb2">https://www.notion.so/Startup-B...
Here& #39;s a list of all the detailed episode notes:
https://www.notion.so/Startup-Basics-This-Week-in-Startups-4361a8ddda2c4d76bb3beea82c8a33da">https://www.notion.so/Startup-B...
https://www.notion.so/Startup-Basics-This-Week-in-Startups-4361a8ddda2c4d76bb3beea82c8a33da">https://www.notion.so/Startup-B...
