Founder Fridays No. 55
Helping startup founders and operators scale smarter.
Happy Friday. It’s a big Friday for us because Ace is officially live today!
Tagline: Ace - Chat GPT for startup law.
Description: Ace is your AI startup legal assistant. He helps you get authoritative answers to basic startup legal questions instantly for free. Ace is more accurate than Chat GPT because it's trained on over 240,000 words of verified legal writing. Click the button below to try it for yourself.
We truly believe this product could make the startup journey just a bit easier as well as save startups time and money. So, we want to get as many startups playing with this as possible. We’ve been burning the midnight oil to get to launch and would love your support.
Here’s how you can support the Ace launch (in order of priority):
Support us on Product Hunt if you have an account.
Post a screen shot or video using Ace on X / LinkedIn. (Mention me so I can repost.)
Like / Repost our post on X (Twitter).
Like / Repost our post on LinkedIn.
I’ve added some screenshots below so you can see what Ace looks like. Thanks in advance for your support. It means a ton to me.
Founder Psychology
As a psychologist, Dr. Emily Anhalt specializes in self-awareness — assisting individuals in recognizing patterns that hinder their progress and intentionally fostering new ones that promote success. However, in her practice (and now as a founder herself), she observes a dichotomy. The traits that enable a founder's success can simultaneously impede them and, if not addressed, pose obstacles for their teams and organizations. "Anything that contributes to your success can also be your undoing. For instance, hustling is beneficial. Setting high standards is commendable. But at what point does it become problematic?" Below are five typical traits of startup founders: 1) Work is their identity. 2) A greater ability to delay gratification. 3) Valuing autonomy and independence. 4) An equal helping of narcissism and imposter syndrome. 5) Something to prove. First Round Review (22 minutes)
6 Ps of Lean Product
When you think about generating leads, what comes to mind? Running ads? Producing thought leadership content? SEO? Before all of that, you need to ensure that you have a strong product marketing foundation in place with an approach called The Six Ps.1) Persona. Who are you marketing to? 2) Problem. Why does your persona need your product? (What are their unmet needs?) 3) Proposition. What is your value proposition, in one succinct sentence? 4) Product. What is the minimum viable product (MVP) you need to meet your audience’s needs? What features are essential? 5) Positioning. How do you position your product against competitors? What category are you in? 6) Promotion strategy. What’s the most effective way of reaching our audience? Bessemer Venture Partners (7 minutes)
Pay to Quit
Companies often have a hard time determining how motivated or committed their employees are, because employees know it goes against their own interests to declare themselves unmotivated or uncommitted. The solution to this problem is for companies to put incentives in place that encourage employees to reveal how they actually feel. In this article, the author, a behavioral economist, describes an incentive plan that has been deployed successfully to this end — the so-called Pay-to-Quit program, in which companies offer employees a significant sum of money to leave their jobs. Harvard Business Review (5 minutes)
Founder FAQ: What legal structure is best for my startup?
Choosing your legal structure is a pivotal decision. Sometimes the options can feel overwhelming, so the goal of this article is to help you understand the benefits and limitations of each structure so you can figure out what’s best for your startup. Here are the top three legal structures for startups: (1) Limited Liability Company (LLC). An LLC provides limited liability protection for its owners and allows them to maintain control over the company’s operations. This structure is often preferred by small businesses because it offers a flexible management structure and pass-through taxation. (2) Corporation. A corporation is a more formal / structured legal entity that is managed by a board of directors on behalf of the owners or shareholders. This structure is often preferred by venture-backed tech startups. (3) Public Benefit Corporation (PBC). The public benefit corporation is a new class of corporations for companies seeking to blend both profit and purpose. These companies believe that businesses can serve both shareholders and society. They balance the impact of their decisions on the environment, community, employees, customers, suppliers and investors (collectively known as stakeholders) rather than maintaining an exclusive focus on short-term maximization profits. Westaway (7 minutes)
Startup Funding Guides
I’ve put together a series of guides to equip founders to excel at fundraising. These guides break down the deal term by term and give you negotiation tips so that you can speak to investors with confidence.
Move Fast. Don’t Break Things.
Hi! I’m Kyle. This newsletter is my passion project. When I’m not writing, I run a law firm that helps startups move fast without breaking things. Most founders want a trusted legal partner, but they hate surprise legal bills. At Westaway, we take care of your startup’s legal needs for a flat, monthly fee so you can control your costs and focus on scaling your business. If you’re interested, let’s jump on a call to see if you’re a good fit for the firm. Click here to schedule a 1-on-1 call with me.
Post of the Week
Congrats on launching!