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Jessica Alter, CEO & Co-Founder of FounderDating at TheFamily 

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Jessica Alter, co-founder & CEO of FounderDating, has shared her advice on the biggest mistakes to avoid when choosing your founding team and early advisors.

Jessica founded a "dating website" for cofounders. One that actually works. It became the largest network of its kind, and created so much value that it was acquired earlier this year by OneVest!

Jessica is also a badass speaker and a very cool gal ;)

You can watch all TheFamily videos here: https://www.youtube.com/startupfood

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Jessica Alter, CEO & Co-Founder of FounderDating at TheFamily 

  3. 3. WHAT DON’T YOU KNOW? 7 … there's a lot you don't know You are here
  6. 6. COFOUNDERS: FOCUS ON THE PERSON, NOT THE IDEA ▪ Hard selling an idea never works ▪ Fall in love with the person…not the idea –
 the idea will change 10 “ When I get an email pitching me an idea, I hear ‘I need someone to build my idea. I can't pay you in cash, so have some equity.’ That's not attractive to me. I have a LinkedIn account full of spam from recruiters, developer groups I belong to get spammed by people like this as well. This is why FounderDating exists. I don't want to work on a wine app. I want to work with awesome people, and if the idea we pick is a wine app, so be it.” Jimmy Jacobson, FD Member
  7. 7. IMPORTANT ACRONYMS 11 GSD FSO Get Sh*t Done– Figure Sh*t Out–
  8. 8. DON’T UNDERESTIMATE 12 Closing a Cofounder is your first sales/marketing challenge. Every new hire is another one.
  9. 9. WHERE DO I START? 13 Work Together Ask Questions Fight & Make Up
  10. 10. WHY DO I NEED AN ADVISOR? 14 Consigliere ConnectorsSMEs
  11. 11. ADVISOR HOW TO 15 Reaching Out AND Working Together 1. Get an intro – social proof 2. Why me? – tell them how they can help and that you’ve been thoughtful 3. Value me ▪ 3 meeting rule ▪ Come prepared ▪ Follow up on what I suggested (even if you don’t do it)
  12. 12. EQUITY 16 Cofounders ▪ Don’t be stingy ▪ Execution > Ideas…7-10 years to build a company ▪ Cofounder ≠ 50/50 ▪ Resentment breads failure Advisors ▪ Don’t forget ▪ Align incentives ▪ Fairly common to do .1 to .3% depending (see chart on our site)
  13. 13. HOW CAN I BE SURE? 17
  14. 14. PLEASE REMEMBER… 18 “Starting a startup is too hard for one person. Even if you could do all the work yourself, you need colleagues to brainstorm with, to talk you out of stupid decisions, and to cheer you up when things go wrong.” – Paul Graham, Y-Combinator “Comparison is the death of happiness.” – Unknown
  15. 15. @founderdating or @jalter info@founderdating.com http://www.facebook.com/FounderDating APPLY to JOIN QUESTIONS? ASK OUR MEMBERS 19 “The network you have may be great. But finding someone that is great in your network, and is ready to start something serious right now is much tougher than it seems. FD links you with people that you know are amazing, and gives you an instant bond and connection with them, allowing a lot of other time-wasting steps in the process of finding a cofounder or a meaningful project fall by the wayside.” – Adam A. (NYC) “There's no way I would have met my co-founder without FD. Sometimes 6 degrees of separation is too many and non-competes cut off a lot of your natural co-founder market.” – Tom Leung, Yabbly (Seattle)