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Founder Fridays No. 61
Helping startup founders and operators scale smarter.
This week our law firm had a fun thing happen. We won Inc. Magazine’s Power Partner Awards which honors excellent B2B companies. The cool thing about this award is that it’s based on client feedback, so thanks to all the founders who put in a good word for us.
We actually won in 6 categories, but are specifically excited about winning in the Generative AI category for our AI startup legal assistant Ace.
Did a savvy founder share this with you?
YC on Productivity
In this video, Y Combinator Group Partners are talking about productivity — what works for the founders they help, and, perhaps more importantly, what doesn’t. They discuss the following: 1) Avoid shiny objects and focus on the core mission. 2) Avoid productivity fads. 3) Real work versus fake work. 4) Divide your day up into two parts: Meetings and creative work. 5) Avoid multitasking. Y Combinator (16 minutes)
Kickstarting Network Effect
Network effects can be found powering almost every major technology company, from messaging apps and workplace collaboration tools like Slack and Zoom to marketplaces like Airbnb and Instacart to even the Internet itself. In this podcast, a16z looks at the role of network effects creator-driven social platforms, with Alexis Ohanian, cofounder from Reddit; Paul Davison, cofounder from Clubhouse; and a16z general partner Andrew Chen, whose new book The Cold Start Problem: How to Start and Scale Network Effects comes out this week. (See coldstart.com for more.) We cover: How do you cold start and get your first creators? How does your relationship to creators change as you scale? How is web3 changing the incentives and dynamics around network effects? Future (31 minutes)
Hot Air Balloon
A man in a hot air balloon is lost. He sees a man on the ground and reduces height to speak to him. "Excuse me, can you tell me where I am?" "You’re in a hot air balloon 30 feet above this field," comes the reply. "You must be a struggling CEO," says the man on the ground. "I am," says the balloonist, "How did you know?" "Well," says the man, "You don’t know where you are, you don’t know where you’re going, but you expect me to be able to help. You’re in the same position you were before we met, but now it’s my fault." This is a common scenario in board meetings. It’s not uncommon for a board member to try to help solve a problem that’s been brought up in a board meeting (in real time), and their advice comes across as generic and offensive. It’s not uncommon for a CEO to be overly dismissive of the board member’s advice (in real time), which then serves as the foundation for a fight (in real time). It’s best to take these conversations offline where both parties have time to dive into the issues and the rest of the board isn’t wasting their time. @fintechjunkie (3 minutes)
Founder FAQ: Where should I incorporate my startup?
Here’s a simple rule of thumb for choosing which state to incorporate your startup in: If you’re raising venture capital (VC), then incorporate in Delaware. If not, then incorporate in your home state. Westaway (6 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.