Week 4 Notes
Lean startup came from the business model canvas
o More tailored towards a start-up company
o Focused more on the pain of the customer
Building a team
o You need to be personable
o Be able to attract the right people and knowing what these people are
o Many advantages of being part of a team
o How we make decisions
o Usually we make decisions as a team but we know that VP writes software, when it
comes to hiring another VP, we want VP to hire him, not the finance person
You need a management team
o One person cannot be all 3 roles
o If you die, then everything collapses
o Do your disagreement within closed doors
For investors
o “been there – done that”
 Have taken a start-up to greatness or had success in the industry
Quick note of valuation
o Pre money value – the value of what you have created
 When you get investment, the money goes into the company to grow it not the
o Post money – the value of the firm after the money that has gone in
Pre-money is sensitive to the percentage of what you give to the investor
On average, you can only connect with 150 people (real connection) that’s why you have a
teams that are not greater than 150 people
You want to own sock in a private Canadian company because of capital gain
o Phantom stocks – fake shares, an agreement that says that when we sell the company
you will deemed to own 5% o the company and you will get 5% of the proceeds and
benefits and pay 0$
 You don’t get a vote, nor a dividend
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