MEFTI - Building a winning team
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In this two-part workshop, we first explore what makes a good founding team, and invite participants to reflect on what roles (hacker, hipster, hustler) they prefer and what skills they bring to the table. We further invite them to think about what they are passionate about. In the second part of the workshop, we explore the importance of defining clear roles and responsibilities, and go through Harvard University Professor Linda Hill's 5 key takeaways for good team process.
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MEFTI - Building a winning team
- 1. MIT Entrepreneurship and FinTech Integrator Building a winning team August 2018
- 3. Two ways to start a startup 3
- 4. 4
- 5. 5
- 6. Roles != Majors != Skills
- 8. What’s your preferred role? What skills do you bring to the table? What are you passionate about? 8 + PASSION
- 9. Diversity | Balance 9 Gender Cultural background Experience Role preference Functional discipline Practical skills Leadership styles … etc
- 10. Shared passion and purpose 10
- 11. Forming a team: Reprise • Team first approach for MEFTI • Know who you are and what you like / where you shine • Solve for diversity: Roles, Majors, Skills • Shared passion and purpose 11
- 12. BUILDING AN EFFECTIVE TEAM
- 13. 13
- 14. “A group of people working together does not automatically equal a team.” – Linda Hill, Harvard Business School 14
- 15. 6 Ingredients that makes an effective team 1. Clear roles and responsibilities 2. Clear working approach 3. Effective decision making process 4. Equitable participation from all members 5. Managing influence 6. Working through conflict 15
- 16. The RACI model (a.k.a. what does everyone do?) • R: Responsible • A: Accountable (i.e. the project lead) • C: Consulted • I: Informed 16 1. Clear roles and responsibilities
- 17. 17
- 18. 2. Clear working approach 18
- 19. 3. Effective decision making process 19
- 21. 5. Managing Influence5. Managing Influence
- 22. 6. Working through conflict 22
- 23. 6 Ingredients, reprise 1. Clear roles and responsibilities 2. Clear working approach 3. Effective decision making process 4. Equitable participation from all members 5. Managing influence 6. Working through conflict 23
- 24. Resources • Note on team process by Linda Hill and Maria Farkas - Harvard Business Review https://hbr.org/product/note-on-team- process/402032-PDF-ENG • Effective Meetings: A Checklist for Success https://hbr.org/product/effective-meeting-a-checklist-for- success/C0103A-PDF-ENG
- 25. AMA 25
Notas del editor
- Here are some real startups that started in different ways. Lightmatter was cofounded by Thomas Graham, a MEMSI Jan 2017 alumni. This is a startup that is making an optic chip for accelerating AI algorithms. It is massively faster and takes less energy than using a GPU to run AI / ML algorithms. The tech cofounders worked on it for years before they formed a team with Thomas, won the MIT 100k last year, and raised $11m this year. This was def. an idea first startup. Hubspot is the exact opposite. The cofounders Dharmesh Shah and Brian Halligan met at Sloan while taking project based classes on eship. They knew they wanted to do something together, in marketing, but not sure what. So they started a company and gave it a generic name that can mean anything. They started experimenting and ended up building a one-stop-shop marketing platform that went public in 2014, and has a market cap of $4.4b.
- TEAM FIRST Do we have a position on this? Hell yeah. A lot of times, in many startups, the most overrated thing in a startup is the idea. Ideas are a dime a dozen. Anyone can have ideas. BUT the team is what will make it work. Tech based startups like Lightmatter are a little different – but it still comes down to the team making things work. Lightmatter has raised $11m and are on an arms race to get a first working chip prototyped. The only way they can get it done is if the team is cohesive, has complementary skills and works well together like a well oiled machine. The #1 reason startups fail is a bad team. So we want to take a few minutes to talk about what makes a great team.
- KNOW WHO YOU ARE/WHAT YOU LIKE You’ve filled out the applications and we have asked you to pick one of these three roles that you like to play. Show of hands. How many people feel they are a hustler? Hipster? Hacker? How many people feel they fit in more than 1 box? That is perfectly normal, I myself have played all 3 roles. What I find though is that I like 1 over another, and I therefore choose to play that role if the team allows me to. That’s something for you to think about as well. What role do you like to play? Hold that thought. Let’s meet some real winning teams and see who they are and what they are about.
- The moral of this story? You need to know that people’s majors don’t necessarily equal the role they play. Likewise their majors also don’t represent all the skills they bring to the table.
- Don’t think your major dictates who you are Hubspot - $4.4b – unicorn Waypoint – delta v team 2018 – sold to PTC less than 1 year after company formation Biobot Analytics – delta v alum, YC alum, raised $2.5m and Mariana here has not even graduated.
- Let’s do an exercise. We want you to take 3 minutes, take a piece of paper, and put down your name, you preferred role (use a sticker we provide), and write down some of the skills you can bring to the table. Turn the paper over and write a few words about what you are passionate about. All done? Now share it with your table.
- WINNING TEAMS HAVE DIVERSITY