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Like this: Using this method will create incentive for your co-founders to continually provide value to the company or risk losing their equity in the company.
We will go into more detail on the red flags revolving around equity and vesting down below.2| Set clear expectations — Startups are the wild west of responsibilities, and wearing multiple hats will be a common requirement for founders of a young startup.
Everyone you consider bringing on as a co-founder is guilty until proven innocent, nothing should be taken at face value without research.4| Only bring on a co-founder that brings useful skills — Your first gut reaction when coming up with an idea will be to fill your team with people you feel are necessary.
However you should ONLY bring on a co-founder to your executive team that brings a skill you couldn’t just go buy.
First and foremost lets go over some basics that apply to everyone you choose to bring on to your founding team:1| Vesting Schedule — Everyone joining your team needs to be on a vesting schedule.
The temptation early on will be to give the founding members full vested equity immediately, before any real work has been done.
This completely removes any urgency for them to provide any work, if they already own 25% there is no incentive for them to work hard.
Startups require hard work, long hours, extreme focus, and most importantly creativity to make them a success.
— Keep in mind bringing on a co-founder is like adopting a new member of your family, you are going to be spending 80 hours a week working with this person and it is important that you can get along.
Taking breaks as a team is also important to prevent burnout and engineering-block, so having similar interests will help to incorporate team building into your startup culture early on.
Corporations have time on their side and giant pools of applicants to sort through before making the decision on hiring a new employee, you have neither of those things on your side.
If you are approaching someone with a great business idea offering them an early position in the company you need to do your research.