Why is this Important? You need people who understand the business need, have connections, and can interact with others to validate your assumptions with a growth mindset. 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) and/or advisors who will compliment your skills for listing and testing assumptions||Consider the following when enlisting your team members:
Do not recruit people who cannot take constructive criticism
This is a good time to find advisors who have experience in your product space; people who know what they don’t know
Examine the composition of teams who have successfully developed similar products at this early stage of development
|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||Come to an agreement with members on equity distribution.
Get advice on equity distribution among founders and advisors.
Consider your equity needs in the future as you seek financing and hire new executives and employees
|University of Washington Entrepreneurial Law Clinic