3 Team & Organization Flashcards
Key to start a new venture:
2 perspectives are different
- a great founding team!
1 innovator is not enough + get help (lighthouse person) - founder’s n investor’s
Founder’s perspective - needed on a great team: + what not to do n why
- more than 1 innovator
- mix of skills techies + managerial/financial ppl
- industry knowledge
- at least 1 “lighthouse” person who has entrepreneurial experience & reputation
+ do not assign C-level roles too early… they will need to be removed otherwise at the first transformation << a SMB is very different from an early venture –> need for constant evolution!
Investor’s perspective:
5 things needed
- Magnet Qualities = ability to attract other great ppl
- Domain Expertise
- Intensity
- DNA Blend = diversity
- Scar Tissue
Constitutional aspects -
3 most relevant forms under the Swiss law
- Sole proprietorship
- Limited-liability company (GmbH/Sàrl)
- Joint Stock Corporation (AG/SA/Ltd.)
Claesson’s availability to discuss new ventures for 1h:
Saturdays 15-18 - reserve via his assistant
Why would you ever want to be a sole proprietor?
Only to be able to start right now or if you are very rich
Best option:
Joint stock Co = AG Req.: 100k CHF of which at least 50k or 20% in cash
LLC / GmbH option plus:
Min capital is 20k CHF n the tax filing / accounting reqs are not heavy
How to get other partners on board
(Owners sell existing shares) typically: the Co issues new shares, setting the price
Co valuation - cause
= price paid by last shareholder getting in Real share value <> nominal value!
Localisation of Co: Factors: Countries:
Corp tax rate Personal tax rate Stability Quality of life US, Canada, Australia, Japan; UK, Germany, CH, Nordic countries, Western Europe
Formal org: Purpose
So that each knows the responsibilities expected of them n rewards
Board of directors:
How many (typically) Responsibilities / countries
- How many: typically 5 incl. chairman
- DE: just checks CEO CH: finances + strategy > responsible w their own money in case of illegal behaviour by Co, even if they represent another Co >> board members run away from Cos in trouble … (diff by country)
Advisory Board - Features:
Loosely related to Co
Serves in advisory capacity w “Lighthouse” role = good names Compensated w shares, typically
+ consultants (many free from Gov, Uni…)
2 keys for successful startup:
- let each do their role
- let the best person be the product person, coz that’s the key role!
