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You will need a very tiny font size to fit all of those terms on one page. But here are some thoughts from me that might help: 1. The industry-standard startu
by jamesmishra 5y ago
You will need a very tiny font size to fit all of those terms on one page.
But here are some thoughts from me that might help:
1. The industry-standard startup vesting schedule is over a 4-year term with a 1-year cliff. Document processors like Clerky set these terms by default when creating a new company or adding a new employee. However, it often takes 10 years for a company to have a successful IPO or acquisition, so a 4-year term might be too short. Similarly, many startups aren't off the ground until 24 months after incorporation, suggesting that a 1-year cliff might be too short. However, there is a huge social stigma to offering non-traditional vesting terms.
2. I don't know what "moving to full-time" means. All founders should be full-time from Day 1. If not, then they are either a contractor or a part-time employee.
3. Every startup should have a tie-breaker for disputes. By default, this should be the CEO founder. But for startups with two founders that want to be as equal as possible, the tie-breaker could be an external board member or an advisor specifically tasked as the tie-breaker.
4. Every founder, employee, and contractor should sign an IP assignment agreement. It's easy to find a template on the Internet with fairly standard terms, but even a simple IP assignment agreement will be many pages long.
- etothepii 5y agoIt's perfectly possible to start building a tech startup while working on it part-time. Lots of good tech ideas can be implemented and tested with a couple grand and some evenings and weekends. If you have the skills to execute you probably earn a 6-figure salary or are at a good college. Probably better to try (and fail) with a number of ideas with a few different co-founders before committing to full-time / dropping out.