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There’s never
been a better
time to turn it into
a great company.
Here’s a 16-step
guide to help you
do it right.
BY MICHAEL V. COPELAND
AND OM MALIK
ILLUSTRATIONS BY
WWW.XPLANE.COM
PROCEED TO STEP 3
sample plans. But the most important thing is a They’ll eventually learn the truth, and
when they do, your credibility will be com-
well-honed executive summary that’s no more than
promised. Permanently.
three pages long. Grab the reader’s attention by
starting with a simple two-sentence description of
your company and what it will do. (Rest assured,
you’ll use those two sentences often.) And no mat-
ter what, don’t fall in love with your business plan—
it’ll change many times in the months ahead.
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If your lawyer likes your business plan, he large companies. Allows for multiple classes of stock (a
common requirement for angel and VC investors). Tax-
or she may also become a crucial source
ation rates for C-corps are higher than for S-corps.
for later introductions.
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SEARCHING FOR ANGELS just money you want; you also want
brainpower, connections, and experi-
ence. “You always want at least one
What to look for in early-stage investors. heavy hitter in an angel round,” says
The right time to raise the first round of they specialize in early-stage startups. veteran Silicon Valley angel Jeff Clavier.
money varies from startup to startup. The main thing to understand is that Instead of treating their investment as a
Some companies—mostly software or not all money is the same. Friends and loan, some angels may expect a stake in
Web-based ventures—need little cash to family are a natural place to start, but your company, so set aside 10 to 15 per-
get off the ground. But if you’re building keep their investments modest to avoid cent of your equity to allocate among
a physical product, you’ll be looking for throwing your relationships off balance. early-stage investors. Get used to giving
funding earlier in the game. That’s Never take investments from anyone away ownership: In a venture-funded
where angel investors come in: Unlike who is not a so-called accredited in- startup, the original founders may ulti-
venture capitalists, who usually wait un- vestor—an individual with a net worth mately retain as little as 5 to 10 percent
til a company has a working product, of at least $1 million. Remember, it’s not of the original equity.
teleconferences. On the East Coast, that means hir- vals is ideal for adding sales staff or senior-
ing in Eastern Europe, where the end of their work- level talent. You’ll need to offer better com-
day corresponds to the middle of yours. West pensation than they have now, but the most
Coast companies should opt for China and India, effective lure is the opportunity for them to
where your day ends as theirs is getting started. put their stamp on an all-new venture.
PROCEED TO STEP 3
PROCEED TO STEP 3