Identifying Needs and Making Decisions
There are several critical decisions to be made at the onset of the company’s launch for NC State Innovators:
- What is the purpose of the startup?
- What is the extent of their involvement in the company?
- How will the conflicts between your roles at the University and your company interests be managed?
- How much time does the University innovator have to dedicate to this startup effort?
- What will be competing for the innovators time during the first two years?
- What are the skill sets of the NC State Innovator(s) and are they the required skill sets to launch a company, attract funding, manage employees, and run the business in compliance with existing laws and regulations?
In the early days it might be necessary for NC State Innovator(s) to have positions within the startup company in order to build enough value or market traction in order to attract the proper leadership team. Ideally, the leadership team should be full time external people that are experienced in startup formation and growth and have experience in the particular industry sector.
Forming an Advisory Board
Need a balanced and diverse team with good chemistry.
Forming a Board of Directors
- Typically the Board of Directors should be limited to 5 people
- Board of Directors should be people who add value and connections
Additional Resources – Videos
- Advisory Board
Additional Resources – Web Links
Triangle Innovation and Entrepreneurial Ecosystem Resources
Additional Resources – Books
- The Founder’s Dilemmas
Written by: Noam Wasserman
- Dead on Arrival: How to Avoid the Legal Mistakes That Could Kill Your Start-Up
Written by: Roger Royse