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The 6 People/Roles Every Startup Needs

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Click to buy it from Amazon www.amazon.com Rated 5.0/5: Buy The Tech Entrepreneur's Survival Guide: How to Bootstrap Your Startup, Lead Through Tough Times, and Cash In for Success by Bernd Schoner: ISBN: 9780071823975 : Amazon.com ✓ 1 day delivery for Prime members
Most technology startups never make it to the funding stage, and only a small percentage of those that are venture-backed generate a positive return for their investors. An even smaller number of startup founders enjoy a truly prosperous exit. Bernd Schoner cofounded his tech startup during the dot-com bust, navigated it through market crises and internal turmoil, brought it through the global financial meltdown intact, and eventually sold it to a multibillion-dollar, multinational public technology company. In The Tech Entrepreneur's Survival Guide, Bernd shares what he learned and what he wished he knew at the time. He explains the major phases in a technology company's life cycle, helping entrepreneurs avoid common pitfalls and survive crises when they strike. He guides readers from the initial bootstrapping process through venture-capital financing and provides valuable advice on how to sell a technology company profitably--even in a challenging economic environment. Every chapter presents solutions to realworld issues that could otherwise have fatal consequences for a tech venture. Aspiring tech entrepreneurs will learn to: •Set up shop: build the team, assemble necessary startup assets (including technology and intellectual property), get legal and financial affairs in order •Secure capital: ask for money, nail the term sheet, ask for more money •Get out: know when to sell, who to sell to, and how to make it a happy exit for all stakeholders, including the employees Written with deep insight, refreshing candor, and a dash of humor, this comprehensive guide to the often harsh realities of startup life is indispensable for entrepreneurs at any stage.
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Not surprising, technical expertise is the one skill a high-tech founding team can’t do without. You need to have a genius or two to get your team off the ground. The genius’ competency can be highly specific. Let’s face it– your genius is your diva. They will ask for things you’re not sure how you’re going to get done. They will potentially ask you to take a chance on them and look you down with that passion in their eye that compels you to say “yes.” If you’re lucky, your genius will not only bring technical expertise to the table, but also a set of commercial contacts too– an entourage of sorts.
Running a new company in a consensus-driven democratic process has its limits, especially when hard decisions need to be made that affect everybody’s lives. Consensus usually requires compromise, which is not necessarily in the best interest of a new tech venture. A founder group with a clear leader in its midst has it easier. Being the leader doesn’t mean more stock or equity, nor does it mean the leader will necessarily be CEO. It just means that the co-founders trust one of their own and are willing to follow, if indeed there is conflict and controversial decisions need to be made.
Any competent marketer can study an industry, get quick insights into how it works, understand who the key players are, and identify products that may prove lucrative for a small venture. However, it takes a long immersion in the marketplace to call yourself an insider, to understand the subtleties of the competitive landscape, to recognize people as true assets (oftentimes despite their titles), and to look through the propaganda of technical collateral and PR campaigns. That’s why the industry veteran is helpful.
Young high-tech companies are at constant risk of forgetting that they actually need to sell the wonderful technology they invented. A Sales Animal on the founder team helps to contain that risk. The combination of technical insight, founder authority, and sales experience is a hard-to-beat advantage in the competitive marketplace.
Professional controllers and CROs are readily available for hire to fill the financial gaps on your team. Remember, though, that financial talent often has its own agenda. Understandably, they are trying to build a career, or make money quickly, or own as much stock as possible by the time your venture is readying itself for an exit. If you can put a skilled co-founder in charge of overseeing the finance function, you may enjoy a little bit of extra peace of mind.
In the midst of silly little problems like ordering office supplies and keeping the office network running, it is easily forgotten how glamorous the role of high-tech entrepreneur can be. The world wants to think of tech founders as superstars, who are doing what the average man or woman cannot. Groom the superstar on your team and you can use her as the backbone of your marketing, recruiting, and PR strategy. Fortunately, almost any combination of eccentricity, nerdiness, and charisma qualifies a co-founder to become a star.
Every start up is different, but the roles he mentions make sense to me. I think one of the most important roles that some companies overlook is the role of client services. After your Sales Animal has closed a sale, it’s critical to keep customers happy and feeling cared about. Turnover in customer’s is hard on any business, but even harder in a start up where resources are scarce and energy to find new customers is limited. Customers in a technology start-up may be called to serve as references for other potential customers or investors, so in my opinion they should always feel like you are doing your best to do the right thing by them. What do you think?
The following is a guest post from Bernd Schoner. Schoner was the founder of ThingMagic, LLC, a garage-grown RFID technology company led by a small group of MIT Media Lab graduates. Young and fresh-face, Schoner guided his company through the ups and downs of a start up that ultimately sold to Trimble Navigation, a multi-billion dollar, multinational tech company, where he currently works as the VP of Business Development. According to Bernd Schoner, author of The Tech Entrepreneur’s Survival Guide: How to Bootstrap Your Startup, Lead Through Tough Times, and Cash In for Success The Tech Entrepreneur’s Survival Guide (Amazon affiliate link) (McGraw-Hill, May 2014), assembling your founding team is a make-or-break move that every business faces. In fact, he says that it “determines the path and outcome of a new venture more than any decision in the life cycle of a company.” In his new book, Schoner sheds light on the six core roles needed for a new tech start up.