Post on 06-Jul-2015
description
Taking the U.S. leap
13 things you need to know before you jump.
@elamadej @innovationnest@elamadej @innovationnest
How would I know?
@elamadej @innovationnest@elamadej @innovationnest
My professional experience:
@elamadej @innovationnest
I’m a COO at a NYC startup.
@elamadej @innovationnest
@elamadej @innovationnest
I’m a partner at a VC fund.
@elamadej @innovationnest
13 things you need to know about biz in the U.S.
@elamadej @innovationnest@elamadej @innovationnest
You’ll have culture shock.
It’s a different environment. You’ll feel energized and exhausted in turns. Travel
there early to familiarize yourself.@elamadej @innovationnest@elamadej @innovationnest
You’re English is bat.
People will nod but they will not understand you >50% time. Speak slowly, know lingo,
read “Venture Deals”.@elamadej @innovationnest@elamadej @innovationnest
People are impatient.
People seem very nice and will be incredibly helpful at times… but most conversations will end quickly and will get you nowhere.
@elamadej @innovationnest@elamadej @innovationnest
You’ll waste a lot of time.
Travel, immigration, finding apartment, finding office space, car rental, local travel.
Everyone had to go through it. Hang on.@elamadej @innovationnest@elamadej @innovationnest
Your raise will take long.
You have to be later stage. Expect longer due-diligence. Expect lower valuation - more risk, exit strategy less
clear, no network to hire from. Reputation is everything.
@elamadej @innovationnest@elamadej @innovationnest
Talent war is on.
Gold-rush investment market leads to cut-throat work market. Read compensation
threads on Quora.@elamadej @innovationnest@elamadej @innovationnest
It’s freakin’ expensive.
Marc Andreessen: Average fully burdened cost per employee in SV is $200k and rising.
Raise for 12-18 months.@elamadej @innovationnest@elamadej @innovationnest
Employees are bosses.
Low employee loyalty, high expectations, equity is expected, benefits, lunches.
CULTURE!@elamadej @innovationnest@elamadej @innovationnest
Real-estate is hard to find.
$1000 per employee. NYC 3-10 years leases, big deposits and guarantors needed.
@elamadej @innovationnest@elamadej @innovationnest
Operations can kill you.
HR firm, payroll firm, accountants, bookkeepers, healthcare providers, state payroll, taxes, federal taxes, DE corp. tax, NY/CA corp. Tax, workers compensation, liability insurance… Use Zenefits, ZenPayroll & more.
@elamadej @innovationnest@elamadej @innovationnest
Fine print matters.
Many hidden costs. Many disclaimers. Arbitration and legal action actually happens.
YC poll avg. $1250/hour for a lawyer. @elamadej @innovationnest@elamadej @innovationnest
Hard to undo foundation.
Use good documents: YC’s SAFE, standard convertible notes, good lawyers. Clerky. 83
(b) election. Ask for advice.@elamadej @innovationnest@elamadej @innovationnest
It’s a hell of a ride!
It’s hard but you have more assets than you think. If you can make it in America…
@elamadej @innovationnest@elamadej @innovationnest
Ready? Excited?
Taking the U.S. leap
Thank you!
@elamadej @innovationnest@elamadej @innovationnest