The finding a team and co-founders stage is where startups enter the world of hiring, firing, and equity distribution. Successful startups use this stage to build a valuable, cohesive team of individuals with complementary skills who work together to build great products.
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Finding a Team and Co-Founders
Accelerated Vesting - A form of vesting that manifests more quickly than strategized in a company’s stock option plan. This allows individuals to receive monetary benefits from their options earlier.
Cliff Vesting - The practice by which employees are granted all long-term benefits, stock options, or retirement funds at a single point in time rather than being granted gradually.
Co-founder - A joint founder with whom equity is shared. (see 34 Questions to Ask a Potential Co-Founder)
Employment Terms - Legal document detailing the specific requirements and benefits of employment.
Equity Grants - Equity rewards, often in the form of stock, given to key employees. Oftentimes, there is a waiting period before employees can legally claim this equity. (see A Guide to Startup Employee Equity to learn more)
Functional Manager - The individual to whom another employee reports within a company.
Gantt Chart - A bar chart depicting activities for a given day, used for day-to-day scheduling.
Onboarding - The process through which new employees acquire necessary knowledge, behaviors and skills in order to become effective members of the company. (see What You Need for the Perfect Startup Team)
Project Team - The individuals assigned to work on a given project. They are held responsible for understanding the work required and executing upon this knowledge. (see The Ultimate Guide to Project Management Fundamentals for more info)
Scheduled Vesting - The schedule by which an employee is granted access to equity.
Scope - The boundaries of a given project.
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