Building a Team for a Startup
The importance of the team and its experience in the field in which the company operates is reflected throughout the life of the company – from the recruitment phase in which the investor examines the staff and whether he has the ability to execute the plan, and up to the ongoing management of the company including recruitment, and more.
The chances of a single entrepreneur raising money and executing their plan are very low, both statistically and in terms of the actual chance of implementing the business plan alone. The optimal situation for a start-up is two or three entrepreneurs, with at least one entrepreneur having a technical background relevant to product development (CTO) and the other with relevant business experience (CEO) .
If this is a complex and innovative technology, it is advisable to develop it from the company (in-house) and not through outsourcing. The main value of the company is the ability of the developers to develop the technology in question.
In the second stage, after there is technological proof that the product is close to maturity, it is time to attach (if not attached) the management side of the company. In our experience, an enterprise without a managerial side is inclined to over-expand the product while conducting with investors. Here, the mistake is – despite the importance of the product – it is important for investors to understand the business opportunity and its profit potential.
Before launching the product, the company must recruit the marketing manager (CMO) who is responsible for executing the marketing plan.
During the recruiting process, similarly to the fundraising process, the entrepreneur should be able to convince the potential partner in the project’s feasibility. In order to recruit a good team member, the entrepreneur must do their homework. The Business plan & presentation – PITCH DECK, are presented at the meeting, are basic tools for this task. Coming up with just the idea will be a strong indicator of immaturity and a lack of professionalism.
The chances of an enterprise with a professional and dedicated team to raise money from investors are much greater than a project without a whole team.
We at Tarago help entrepreneurs find the missing side in three stages:
- Mapping – identifying the skills required of the potential partner
- Identify Channels – Which channels to use to find and ultimately recruit the potential partner
- Methodology – defining methods of operation for the purpose of creating the connection and the manner in which the venture is presented to the partner.