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TechCrunch are promoting a Free Startup Docs: How Much Equity Should Advisors Get? It’s worth checking out.
One of the things which grabbed me was the definitions of company phase included in the Founder Advisor Standard Template. The schedule defines the characteristics of a company at three stages: idea, startup and growth. I’m including the definitions below.
What stage are you at? Are there things you’ve been overlooking: market validation, defining the minimum viable product, hiring to support growth…
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Stage 1: Idea
| Team: |
The team consists of only part-time founder(s). |
| Customers: |
The company is in discussions with potential customers to determine demand in the market. The pricing/revenue structure has been developed, but needs market validation. |
| Revenue: |
The company has no revenue. |
| Investors: |
At least one group consisting of the founder(s), their friends or family has invested. |
| Product: |
The specifications for a minimum viable product including wireframes and system designs are complete. |
Stage 2: Startup
| Team: |
The team consists of full-time founder(s) and is in the process of hiring initial employees as needed. |
| Customers: |
The company has received letters of intent or customer commitments and the market need has been validated. |
| Revenue: |
The company may be collecting revenue. |
| Investors: |
Investment may have been raised via friends/family or professional investors (angel, venture capital, etc.). |
| Product: |
The launch of the minimum viable product is imminent. |
Stage 3: Growth
| Team: |
The team consists of full time founder(s) and is in the process of hiring employees as needed. |
| Customers: |
The company has achieved significant traction and user-based growth. Revenue: The company is collecting revenue. |
| Investors: |
Prior investment may have been raised and the founders are prepared to pitch to professional investors if additional capital is needed. |
| Product: |
The product has been launched and is periodically refined based on customer feedback. |
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