Read on Twitter
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's a breakdown of the first 26 episodes: 
E1: How to raise money from angel investors
Cold emails work when you'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
Cold emails work when you'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
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
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
E3: How to name your startup
Don'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
Don'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
E4: How to fire someone
When you have to fire someone, it'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
When you have to fire someone, it'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
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
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
E6: How to get press
Don'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
Don'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
E7: Should I incorporate as an LLC, S-, or C-corp?
Getting funded is hard, so don'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
Getting funded is hard, so don'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
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've already received.
(Related: Episode 16)
https://www.notion.so/Startup-Basics-How-to-negotiate-a-term-sheet-E8-ebf31d815ffc45219b09a799251838e7
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've already received.
(Related: Episode 16)
https://www.notion.so/Startup-Basics-How-to-negotiate-a-term-sheet-E8-ebf31d815ffc45219b09a799251838e7
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
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
E10: How to protect your intellectual property
It'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
It'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
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
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
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
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
E13: When should I sell or shut down my company?
Whether purchase offers are piling up or you'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
Whether purchase offers are piling up or you'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
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'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
FI is an educational program for entrepreneurship that is cheaper than a college course.
A way to see if you'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
E15: Avoiding Co-Founder legal disputes & C-Corp vs. LLC
Everybody's happy until they'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
Everybody's happy until they'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
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
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
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
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
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
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
E19: How to ace diligence & avoid common mistakes
Being prepared for diligence will help demonstrate that you will manage, track, and spend investors' 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
Being prepared for diligence will help demonstrate that you will manage, track, and spend investors' 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
E20: Startup taxes deep dive
If you'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
If you'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
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
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
E22: Budgets, models & what investors are looking for
Always take a little extra money.
Don'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
Always take a little extra money.
Don'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
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'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
For standard meetings, keep the details in your minutes at a minimum.
For board meetings specific to events that may result in litigation, it'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
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
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
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
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
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
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
Here'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-Basics-This-Week-in-Startups-4361a8ddda2c4d76bb3beea82c8a33da
