Why is this Important? You need people who understand the business and can interact with others to validate your assumptions. This also is the time to come to key understandings between the principal players.
|Key Actions||Things to Consider||Tool Kit|
|Enlist team member(s) who will compliment your skills for listing and testing assumptions||Consider the following when enlisting your team members:
Do not get people who cannot take constructive criticism
This is a good time to find an advisor who has experience in your product space / who knows what he/she doesn’t know
This is a good time to come to an agreement with members on equity distribution – who owns the IP? Who is an advisor? Etc.
Examine the types of teams who make up the boards of successful companies
|Sign Confidential Information & Invention Agreements||All team members should sign this agreement in order to protect the new company
All IP should be assigned to the company when it is formed.
|Confidentiality & Invention Agreement Templates|
|Discuss how to divide equity among Founders||Get advice on equity distribution among founders and advisors. Find out what is normal practice.
|University of Washington Entrepreneurial Law Clinic