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How to Build Effective Management Teams

How to Build Effective Management Teams. Christine Comaford General Partner and Managing Director. Bio. Engineer, entrepreneur, venture catalyst 5x entrepreneur, 2 IPOs, 3 M&A, $100 million raised in last 5 years Venture Catalyst specializing in Enterprise & Internet software

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How to Build Effective Management Teams

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  1. How to Build Effective Management Teams Christine Comaford General Partner and Managing Director Artemis Ventures, LLC 1998

  2. Bio • Engineer, entrepreneur, venture catalyst • 5x entrepreneur, 2 IPOs, 3 M&A, $100 million raised in last 5 years • Venture Catalyst specializing in Enterprise & Internet software • Partner: Kimball Atwood Artemis Ventures, LLC 1998

  3. Did You Know? 6 in 1,000,000 high tech ideas will result in a company that goes public Artemis Ventures, LLC 1998

  4. Did You Know? Founder CEOs own an average of less than 4% of their companies after the IPO Artemis Ventures, LLC 1998

  5. Did You Know? On average, 6 in every 1,000 business plans will be funded Artemis Ventures, LLC 1998

  6. Did You Know? 10% of startups in a given VC portfolio will succeed Artemis Ventures, LLC 1998

  7. Did You Know? The #1 reason a startup’s valuation is cut is an incomplete executive team Artemis Ventures, LLC 1998

  8. The Net-Net • Creating a successful startup is hard • 90% of startups fail • Most entrepreneurs don’t get insanely rich • VCs are increasingly harsh What makes the difference between success and failure? Artemis Ventures, LLC 1998

  9. Unfair Advantage Artemis Ventures, LLC 1998

  10. What it Means • Right market • Right product/service • Right timing • Right info • Right priority • Right connections • Right team Artemis Ventures, LLC 1998

  11. Agenda • Who You Need on Your Team • Building, Supporting, Retaining a Great Team • How to Find Execs and Staff • Your Extended Team Members: Who/How • Q & A Artemis Ventures, LLC 1998

  12. Who You Need • Visionaries (assorted positions) • Leaders(CEO, Managers) • Implementers (Sales, Marketing, Technology) • Infrastructure Builders/Supporters (Operations) Artemis Ventures, LLC 1998

  13. Surprise! • You need all above types NOW • Some slots can be filled with contractors for a while (implementers, infrastructure builders) • A rent-a-controller is better than NO controller... Artemis Ventures, LLC 1998

  14. Building, Supporting, Retaining • Hire top first, let them build their team • Communicate weekly • Remember they are human • Everyone should know their next promotion or 2 • Create, post, endorse values Artemis Ventures, LLC 1998

  15. Create and Post Values • Add Massive Value • Make and Keep Commitments • Take Ownership • Respect One Another • Be Positive - Artemis Ventures Values, version 1.0 Artemis Ventures, LLC 1998

  16. How To Find Team/Screen Fast • Best way = via schmoozing • Online job boards • LIFO helps gauge stress behavior, personality traits • Interview wisely: “The Manager’s Book of Questions” John Kador Artemis Ventures, LLC 1998

  17. How To Find/Screen (cont’d) • Outsource employee management (Trinet VCO, etc) • Know enough about employment law • Remember you are in California • Use extended team to help screen, do stealth reference checks Artemis Ventures, LLC 1998

  18. Your Extended Team • Board of Directors • Investors • Board of Advisors -- must have! Artemis Ventures, LLC 1998

  19. Who To Secure For Extended Team • Investors - this is a whole separate topic!! • Board of Directors - heavyweights in industry, customer, financial area; credibility boosters • Board of Advisors - same as Directors but should be project/area-oriented • Manage your extended team or they’ll manage you!!! Artemis Ventures, LLC 1998

  20. How To Secure Extended Team • Investors - per your capital acquisition strategy • Board Members - lure with amazing plan, compensation based on stage/involvement, pick people who will vote with you • Advisory Board Members - same as Board but pick people you can confide in -- they can’t fire you -- BOD can! Artemis Ventures, LLC 1998

  21. Do You Have These? • Right market • Right product/service • Right timing • Right info • Right priority • Right connections • Right team Artemis Ventures, LLC 1998

  22. The Net-Net • Minimize Risk • Maximize Return • What Are You Doing To Ensure These? Artemis Ventures, LLC 1998

  23. Entrepreneurial Resources • Read “Burn Rate” - Michael Wolff • Read “High Tech Startup” - John Nesheim • Good recruiter: Mike Huskins 415 • Check out www.fastcompany.com/career/index.html, www.vfinance.com, www.startupweb.com • Check www.artemisventures.com resources section -- updates often Artemis Ventures, LLC 1998

  24. Questions? Ask or Email cc@artemisventures.com Christine Comaford General Partner and Managing Director Artemis Ventures, LLC 1998

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