The document discusses cofounders and hiring/firing for startups. It asks how many cofounders are needed, how to create a shared story and vision, and what skills the founding team requires. It recommends conducting background checks on cofounders and putting agreements in writing. The document also discusses offering equity as incentive for cofounders and employees, common mistakes around equity distribution, and the challenges of hiring talent given limited pay and job security at startups. It provides suggestions for where to find talent and advises giving new hires a trial period to evaluate their skills and fit.

1. COFOUNDERS, HI
RING AND FIRING
JAKARTA FOUNDER INSTITUTE 2013 – SANNY GADDAFI

2. COFOUNDERS
JAKARTA FOUNDER INSTITUTE 2013 – SANNY GADDAFI

3. DO YOU NEED COFOUNDERS?
How many?
How do you create story together?
What skill do you need on the founding team?

4. LONG TERM COMMITMENT
Background check
Verbal agreement
Try it
Execute it
Lawyers are expensive

5. COFOUNDER CALCULATOR*
Which founders are coding most of the site/app?
Who had the original idea and told the others?
Which founders are working part-time and will join full-time once you get
funding
If this founder left, it would severely impact your chances of raising funding
If this founder left, your development schedule would be severely impacted
If this founder left, it would probably prevent us from generating revenue
quickly
Who comes up with most of the features?
Who has a spreadsheet with budget estimates or simulations
So far, who pays for basic business expenses like printing business cards,
web hosting?
Who pitches investors?
Who is well connected with your target industry, providing introductions to
potential customers, journalists and influencers?
* From http://foundrs.com

6. THE INCENTIVE (EQUITY)
Not everybody understand and appreciate it
Don’t give it away easily
It should be earned, not given
Most precious asset
Is more expensive than cash
Don’t give it to a part-timer contributors

7. COMMON MISTAKES
Jumping too fast
Issuing too much equity
Not imposing vesting restrictions
Not requiring the execution of employment document

8. HIRING AND
FIRING
JAKARTA FOUNDER INSTITUTE 2013 – SANNY GADDAFI

9. ALWAYS HIRING
Desperate of talent
Never, ever stop
Give time to learn
Do not hire someone nobody knows
Startup is hard, look for passionate and smart people
You don’t need managers, you need contributors

10. CHALLENGES
Great talent are rare and in high demand
You can’t pay well and can’t offer any security
Freelancer earn more than you do

11. WHAT YOU CAN OFFER
Sell your dream
Give them status (cheap)
Equity (is earned, not given)
Respect
Show them how they can make impact on the business
Bonus pool

12. WHERE CAN I FIND TALENT?
Linkedin (doh!)
Twitter (reference mode)
Facebook groups (community of developers/marketers/etc)
Student association
Job fair
Build relationship with universities that have internship
program

13. FIRING FAST
3 months trial, check if the CV is true :p
Create a KPI
Ask the employee to create a timeline
Always do a performance review