TiEChat with Paul Singh, Charter Member ,TiE Silicon Valley, on February 13, 2012
Q. What is the most important thing one
should look for when recruiting co-founders ?
A.
Complimentary skills, personal chemistry, professional respect and
past experience. Complimentary skills and personal chemistry
outweighs past experience though.
Q. What's your thoughts on adding ones
spouse as a partner?
A. if your spouse is qualified to be a
co-founder then it is a consideration. Many companies like vmware cisco bridge started out as spouses.
Q. Should one write a detailed biz plan
before they start a company?
A. Business plan should be written by
entrepreneur for him/herself. Business plan should include
founder's background, company's differentiation, competition, go to
market, finance. common to have Power
Point plan for investors with detailed financial.
Q. What should be the length of my
presentation to pitch to an angel or VC?
A. 10-12 slides, demo if
available.
Q. What sectors should #entrepreneurs be looking at right
now? What's hot?
A. Look for what you are passionate about.
mobile sector is hot but no real
big winners yet. social sector is still hot but
becoming more difficult to monetize. cloud sector is hot but requires
funding to proceed beyond prototype. healthit sector is hot but has too
many regulatory barriers. energy sector is hot but very
capital intensive
Q. What's the right time to incorporate a
company?
A. incorporate company soon and at least
as soon as you are sure you want to take the plunge. It is best to
consult a lawyer for incorporation advice. Many resources are
available @startupamerica. If doing company where you will
raise company do C-corp. S-corp is a good option if doing one
shareholder co with limited liability. if you are doing a
consulting co S-Corp or Limited
partnership is better
Q. How about idea outside of the domain
expertise. Is it worth proceeding with idea?
A. if you are passionate and confident
pursue outside your core domain.I have gone slightly away from my
last company
Q. What's important for a VC/angel? A
great product idea or a team?
A. Angels invest in early, product is more
important to them. VCs invest
after angels, team is as important as product.
Q. I am ready to pitch to a VC. What
should I expect in my first meeting?
A. Don't expect VCs to know your space as
well as you do. So educate.
Q. How
can I get a vc for my startup?
A. Research
VCs who know your space & then ask someone from your circle who
knows them to introduce you. Easiest and fastest way to
raise money is from friends and family. Should you do that? It
depends. Give friends and family convertible note with some
discount and value when outside investors come in. When outside
investors value the company after friends & family round, it
creates value.
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Posted by
Anand 
at Feb 13, 2012 2:45:41 PM