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The founder's dilemmas by Noam Wasserman

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Prezi David Hooker

on 5 December 2018

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Transcript of The founder's dilemmas by Noam Wasserman

Zipcar
Equity Splits Among Founders
100%
Equity Splits Among Founders
100%
Zipcar
We shook across the table 50/50 and
I thought “great!”
That was a really stupid handshake because who knows what skill sets… milestones… commitment. That first handshake
caused a huge amount of angst
over the next year and a half.
"
Most companies
fail
. It’s an unsettling fact for bright-eyed entrepreneurs, but old news to start-up veterans…
"

- New Venture Labs
6,000 startups

16,000 founders

31,000 executives
THE FOUNDER'S DILEMMAS
NOAM
WASSERMAN

Usually can't do it alone!
Founding team stability
Venture age (# of months)
% of founding teams fully intact
Data: Wasserman and Marx, “Split Decisions,” AOM 2008 (379 Tech ventures, 2006 survey)
Founding teams: prior relationships
Wasserman (2008), 966 founders from 308 private IT ventures
Family
Friends
Prior Coworkers
Favorable
Circumstances
Market
Favorable
Circumstances
Personal
Favorable
Circumstances
Career
Leaping in
Exiting
Team
Tensions
Roles
Rewards
Relationships
Family
best friends
Acquaintances
Past
co-workers
Damage to relationship if startup blows up
Likelihood of discussing “Elephants”
All of a sudden…
I was rejected from my entire social circle.
The venture IPO’d
to settle the founders’ divorce.
Michael
Georg
Phuc
Trust Before
Trust After
Michael
Georg
Phuc
Equity Splits Among Founders
100%
Zipcar
Equity Splits Among Founders
100%
Zipcar
No agreement!
Ockham
1. Unequal split
2. Dynamic split
CAUSES OF FAILURE IN VC-BACKED VENTURES
Product devt.
Functional mgmt.
Market probs.
35%
PROBLEMS
65%
Gut
Passion
Anectode
Rule of
Thumb
Vs.
ENTREPRENEURIAL EXPERIENCE
I have not founded a startup yet I founded and exited from one startup
Full transcript