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Federal vs Provincial?
- Canada Post PO Box
- UPS Store address
Partie générique (en français) - Partie spécifique - Particule
- Quincaillerie Saint-Jean inc.
- Épicerie Intermarché inc.
https://www.bmo.com/main/business/accounts/ebusiness-plan/ Free chequing account
https://www.hsbc.ca/small-business-banking-solutions/everyday-banking/#rbb-chequing No fee with $10k balance?
Simple HTML Invoice Template
A modern, clean, and very simple responsive HTML invoice template.
https://rotessa.com/ A better way to get paid. Withdraw money directly from your customer’s bank account when their payments are due. Schedule one-time or recurring payments to get paid on time.
Open-Source Subscription Billing & Payments Platform
How to communicate better?
"Bottom Line Up Front"
How to communicate effectively as a developer
Chat for distributed teams (Slack alternative) https://zulip.com/ Has an "official" terminal client
Free stuff (dev)
Issue tracking (Jira alternative)
https://linear.app/ Pretty, fast, keyboard-driven…
https://tooljet.io/ Build & deploy internal tools Open-source low-code framework to build & deploy internal tools with minimal engineering effort.
Finding a co-founder
https://www.startupschool.org/cofounder-matching YC's free online platform for finding a high-quality co-founder. Match with co-founders based on your preferences for interests, skills, location, and more, and start building your company.
Best "SaaS starter kit"
Ask HN: Main things to consider when building an app for business/enterprise?
Business Broker (for selling a business)
https://www.synthesia.io/ Create your own AI video.
https://jitsu.com/ The Open Source Segment Alternative
- Be hyper specialized Example: Scaling Facebook Ads for e-commerce brands, post-product market fit
- Make yourself essential to your clients
- Personify your brand
- Be selective with your clients
- Find a niche
- Create an infoproduct
- Presell it
- Use affiliates to drive traffic to it
Buy websites and add revenue
Build newsletters and monetize them
Pitching your early stage startup
Need to record a video introducing the co-founders to apply And fill in simple enough form https://www.ycombinator.com/howtoapply/
https://www.ycombinator.com/deal/ $125K post-money for 7% equity
Ernestine Fu: All You Need to Know About Venture Capital
Getting into VC and Staying in VC
As a partner: no application, all about connections (example: founded a successful company, early portfolio company…) Analyst / associate: after business school Always Be Closing or you'll be booted from the next fund
Dynamics of Negotiating A Financing Round
Assume it's a really good company Never show any dislike or distaste You never know if this founder is gonna start the next billion-dollar company Their first idea might be terrible, they second idea might be wonderful
Keep an open mind, be very friendly and positive to the founder in addition to pitching your partnership / your firm Start your reputation (demo day…) before you even meet a founder for the first time
Convincing the rest of your partnership
Max 2-3 deals per year (major (>20%) deals with a seat on the board)
You might see hundreds a deal, have 8-10 that you might fund and at the end of year you typically fund 2 or 3 deals For each of the hundreds of deal that you see, it might be one of the 8-10 and you'll want to fund VC firm is a partnership, need to convince the other partners, deals are usually a consensus between all the partners
Always assume it'll be competitive and that many other funds will want to invest You either want to be in really early (first term sheet) or very late (last term sheet)
Sourcing Deals and Finding Investment Opportunities
- Who's raising in App Stores rankings?
- Who's raising in Alexa ratings for top sites?
Attending demo days at incubators, accelerators..
- Anything available on the Internet or at a demo day: you're not the only one looking at it
- Make sure you have your network in place
- The best VC firms know all the companies at YC demo day before they even present
Best Investment Opportunities
- Tech (is there a strong product?)
- Team (what's the founders track record? evidence that they have a vision? an idea is cheap, it's about how you execute it)
- Product/Market Fit (is this actually a need that's being met? 100% of 10M market < 1% of $1B market)
Term Sheet Basics
Pre and Post-Money Valuation
- A company has $3M worth of assets
- An investor comes in and put $1M in the company
- Pre-Money Valuation is $3M
- Post-Money Valuation is $4M
Preferred Stocks vs Common Stocks
- With Preferred Stocks, investors get their money back first
- It only really matters when a company sells for below their valuation price
- Snap has investors holding common stocks but this is very uncommon
Board of Directors
With a significant amount of capital usually comes a board seat
Common board for early stage companies:
- Lead Investor
- Independant Board Member
For later stage companies:
- Lead Investor #1
- Lead Investor #2
- Independant Board Member
Goal of the board is to guide the CEO and hold them accountable
For example, approval of board before any X amount of capital spent
Right of First Refusal (ROFR)
As an investor, if a company is selling secondary shares, you'll be able to purchase those shares before anybody else
The right of keeping a % of the company shares in later financing rounds by adding capital and not being diluted
As a lead investor, drag along means that you make all major business decisions for all the smaller (typically angel) investors
Employee Option Pool
VCs prefer that the employee option pool is created before their investment (typically 15-20%, diluting the founders) Best entrepreneurs refer that the employee option pool is created after the round of investment, diluting everybody
No Shop Agreement
Usually 40 days (VCs want it longer (60-90 days) and entrepreneurs shorters (30 days)) Means you're not shopping around the term sheet / valuation (otherwise process never ends) Term sheets aren't binding, though usually everybody goes through the deal as your reputation is on the line
3 types of companies in a typical portfolio:
- unicorns, $1B outcome
- dragonites, potential to have a high ROI
- the walking dead, consistently operating but probably won't make a huge exit for you
VCs would typically focus on the top 2-3 companies in their portfolio of ~10
Walking dead strategies:
- Being an activist: Sequoia merged Elon Musk's X.com and Peter Thiel's company creating PayPal
- Ignoring it
VC Firm Composition, Governance and Dynamics
Every VC firm has those four roles:
- Analysis and Market Research
- Investments and Portfolio Management
- Fund Raising
The more senior you are, the more towards sourcing, investment and fund raising you are
Generally speaking, towards the beginning of the life of the fund, that's where the investments that are true to the spirit of the fund are made In the middle, that's when the crazy investments are made And towards the end, investments are made very carefully as it might impact being able to raide for the next fund
GP / LP Dynamics
GP = General Partners
LP = Limited Partners
LPs invest in VC funds
High net worth individuals, corporations, institutional investors, universities…
Every VC fund is a partnership, is there good synergy between the partners?
What's their investment thesis/strategy? Particular sector?
Are the GPs well suited to source and close investments?
Typically a 2-3% management fee
$100M fund, $2-3M for the GP to manage the fund
Other: 20% carried interest => 80/20 split of profits
$1B fund, LPs get $800M, GPs get $200M
"Everything I Wish I Had Known About Raising a Seed Round"
https://www.atlassian.com/agile/scrum/sprint-planning Sprint planning is an event in scrum that kicks off the sprint. The purpose of sprint planning is to define what can be delivered in the sprint and how that work will be achieved.
Peopleware: Productive Projects and Teams
by Timothy Lister and Tom DeMarco
"How to Get Rich" by Naval: https://threadreaderapp.com/thread/1002103360646823936.html
Engineer turned marketers for SaaS businesses: https://www.gkogan.co/ Studio that builds SaaS apps for marketers: https://www.incremen.to/ "Founder reads": https://founderreads.com/
How to handle clients in a freelancing / agency relationship?
- It's a relationship like any other, and you earn each other trust through your interactions over time. So you need to be extremely reliable and responsive if you want to be perceived as trust worthy.
- If something bad happened, be transparent and the sooner you say it the better. It's extremely uncomfortable, and you'll try to delay it because you don't want to say shit happened, even if it wasn't your fault.
- Never bring up a problem without a solution, or a potential solution, or a recommendation for a solution. No one wants problems, we all have plenty of those. Even if it's something out of your control, you should always spin a solution for it.
- Always reply, never leave someone hanging.
Becoming a broker: https://www.collegeimmobilier.com/
Blog from a group of companies
Hacker News: Successful one-person online businesses?
Reddit launch list
SaaS growth articles
Making money with courses
Case studies of successful companies
Startup Playbook by Sam Altman
Startup CTO's Handbook
The Startup CTO's Handbook, a book covering leadership, management and technical topics for leaders of software engineering teams