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HR Issues In a Startup :
Team, Talent, Make/Buy/Rent, and
More….

Robert Siegel
Lecturer, Stanford GSB; General Partner, XSeed Capital
@robsiegel
Stanford Graduate School of Business
February 27, 2014
Agenda
The Executive Team

Technical Talent

Compensation Philosophies

Best Practices
Stanford Graduate School of Business
Robert Siegel

Stanford Graduate School of Business
Agenda
The Executive Team

Technical Talent

Compensation Philosophies

Best Practices
Stanford Graduate School of Business
Executive Staff
Your ability to scale is directly related to
the capability of your direct reports
- Hard to get stars if you are unproven

Think athletic team

Vice Presidents
- Marketing
- Sales

- Engineering/CTO
- Product
Stanford Graduate School of Business
Outlier Leaders
Executives who come later

Game changers

Fixers

Smaller pieces, bigger pies

Stanford Graduate School of Business
Agenda
The Executive Team

Technical Talent

Compensation Philosophies

Best Practices
Stanford Graduate School of Business
Managing the Technical Function
Make or buy or rent

Can you judge the deliverables?

Throwing away the MVP

Finding a technical co-founder
- And if you’ve never worked together before…

Stanford Graduate School of Business
Truisms
All that matters is if the product
works and is on time

Hire people who have delivered
and shipped product before

Development includes customers,
product/market fit, QA, scalability

Stanford Graduate School of Business
Agenda
The Executive Team

Technical Talent

Compensation Philosophies

Best Practices
Stanford Graduate School of Business
Paying Your Team
Pay what is fair (cash and stock)

Don’t overpay and don’t underpay

Assume comp is an open book

There are best practices – you
don’t need to reinvent the wheel

Stanford Graduate School of Business
New Hires – Seed Stage
Non-founding CEO – 4.0% to 8.0%

VPs – 1.5% to 3.0%

Directors – 0.5% to 1%

Managers – 0.2% to 0.4%
All others – < 0.2%
Stanford Graduate School of Business
New Hires – Series A
Non-founding CEO – 4.0% to 6.0%
VPs – 1.0% to 2.0%
Directors – 0.4% to 0.8%
Managers – 0.1% to 0.3%
All others – < 0.1%
Stanford Graduate School of Business
New Hires – Series B
Non-founding CEO – 3.0% to 5.0%
VPs – 0.75% to 1.3%
Directors – 0.3% to 0.6%
Managers – 0.1% to 0.2%
All others – < 0.1%
Stanford Graduate School of Business
Other Data Sources and Perspectives…
Title

Range (%)

CEO

5 – 10

COO

2–5

VP

1–2

Independent Board Member

1

Director

0.4 – 1.25

Lead Engineer

0.5 – 1

5+ years experience Engineer

0.33 – 0.66

Manager or Junior Engineer

0.2 – 0.33

Stanford Graduate School of Business
How to Divvy Up the Pie…
Classic startup – founders
• Not all equal
• Experience, background,
skillsets

Mix of title and position is
less of an issue with a
founding group
• Aforementioned variables more
important

It’s all about “t-comp”
Stanford Graduate School of Business
Holistic POV
Investors
Employee pool
• It needs to be refreshed after each round if
you take venture money
• You will be diluted; get comfortable with it

Founders
• What’s left over…
• You will be diluted; get comfortable with it

Stanford Graduate School of Business
Other Special Attributes of Executives
Early exercise
• Tax benefits

Vesting schedules
• Accelerated vesting up front if a
founder
• Acceleration on acquisition
(double trigger)

Stanford Graduate School of Business
Agenda
The Executive Team

Technical Talent

Compensation Philosophies

Best Practices
Stanford Graduate School of Business
Best Practices
Startups are not democracies

HR from Day 1:

Informal feedback
360 degree reviews

Scott Brady methods

Stanford Graduate School of Business
Other Random Insights
Your team is a reflection of you

Saloner’s First Law

How the CEO keeps his/her job

If there is a problem with the
business, figure it out before your
Board does

Stanford Graduate School of Business
Robert Siegel: HR Issues in a Startup

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Robert Siegel: HR Issues in a Startup

  • 1. HR Issues In a Startup : Team, Talent, Make/Buy/Rent, and More…. Robert Siegel Lecturer, Stanford GSB; General Partner, XSeed Capital @robsiegel Stanford Graduate School of Business February 27, 2014
  • 2. Agenda The Executive Team Technical Talent Compensation Philosophies Best Practices Stanford Graduate School of Business
  • 3. Robert Siegel Stanford Graduate School of Business
  • 4. Agenda The Executive Team Technical Talent Compensation Philosophies Best Practices Stanford Graduate School of Business
  • 5. Executive Staff Your ability to scale is directly related to the capability of your direct reports - Hard to get stars if you are unproven Think athletic team Vice Presidents - Marketing - Sales - Engineering/CTO - Product Stanford Graduate School of Business
  • 6. Outlier Leaders Executives who come later Game changers Fixers Smaller pieces, bigger pies Stanford Graduate School of Business
  • 7. Agenda The Executive Team Technical Talent Compensation Philosophies Best Practices Stanford Graduate School of Business
  • 8. Managing the Technical Function Make or buy or rent Can you judge the deliverables? Throwing away the MVP Finding a technical co-founder - And if you’ve never worked together before… Stanford Graduate School of Business
  • 9. Truisms All that matters is if the product works and is on time Hire people who have delivered and shipped product before Development includes customers, product/market fit, QA, scalability Stanford Graduate School of Business
  • 10. Agenda The Executive Team Technical Talent Compensation Philosophies Best Practices Stanford Graduate School of Business
  • 11. Paying Your Team Pay what is fair (cash and stock) Don’t overpay and don’t underpay Assume comp is an open book There are best practices – you don’t need to reinvent the wheel Stanford Graduate School of Business
  • 12. New Hires – Seed Stage Non-founding CEO – 4.0% to 8.0% VPs – 1.5% to 3.0% Directors – 0.5% to 1% Managers – 0.2% to 0.4% All others – < 0.2% Stanford Graduate School of Business
  • 13. New Hires – Series A Non-founding CEO – 4.0% to 6.0% VPs – 1.0% to 2.0% Directors – 0.4% to 0.8% Managers – 0.1% to 0.3% All others – < 0.1% Stanford Graduate School of Business
  • 14. New Hires – Series B Non-founding CEO – 3.0% to 5.0% VPs – 0.75% to 1.3% Directors – 0.3% to 0.6% Managers – 0.1% to 0.2% All others – < 0.1% Stanford Graduate School of Business
  • 15. Other Data Sources and Perspectives… Title Range (%) CEO 5 – 10 COO 2–5 VP 1–2 Independent Board Member 1 Director 0.4 – 1.25 Lead Engineer 0.5 – 1 5+ years experience Engineer 0.33 – 0.66 Manager or Junior Engineer 0.2 – 0.33 Stanford Graduate School of Business
  • 16. How to Divvy Up the Pie… Classic startup – founders • Not all equal • Experience, background, skillsets Mix of title and position is less of an issue with a founding group • Aforementioned variables more important It’s all about “t-comp” Stanford Graduate School of Business
  • 17. Holistic POV Investors Employee pool • It needs to be refreshed after each round if you take venture money • You will be diluted; get comfortable with it Founders • What’s left over… • You will be diluted; get comfortable with it Stanford Graduate School of Business
  • 18. Other Special Attributes of Executives Early exercise • Tax benefits Vesting schedules • Accelerated vesting up front if a founder • Acceleration on acquisition (double trigger) Stanford Graduate School of Business
  • 19. Agenda The Executive Team Technical Talent Compensation Philosophies Best Practices Stanford Graduate School of Business
  • 20. Best Practices Startups are not democracies HR from Day 1: Informal feedback 360 degree reviews Scott Brady methods Stanford Graduate School of Business
  • 21. Other Random Insights Your team is a reflection of you Saloner’s First Law How the CEO keeps his/her job If there is a problem with the business, figure it out before your Board does Stanford Graduate School of Business