What about that highly coveted VP of Sales brought on once a company has a product to sell? Thus,it is all about figuring out the valuation, determining how much equity they are going to get and if it is acceptable. This means that equity is now back in the options pool and the company can give new or existing employees equity. So you pay them all .2% and hope one gives you that idea that more than pays for itself.. Whats the experience of the person coming over? Founder & CEO of Walker & Company on courage, patience, and building things that solve problems. These parameters weren't plucked out of thin air. While there is no single answer, at SeedLegals weve analysed data over hundreds of rounds to help you make an informed decision, and perhaps more importantly to be able to justify that valuation to your investors. Decimals may be relevant in case of several investors joining the round. All Others: 0.05x. The basic formula is simple: If you need to raise $5 million, andan investor believes the company is worth $15 million, you willhave to give them 33 percent of the company for his money. Following up from my previous post on how startup equity actually works (and clickbaitingly titled Why you will never get rich from working in a startup), this post will put together some math around how much equity you should ask for when you are joining a startup. Something to note before hopping to the top table too soon. Equity can be a great form of compensation since it aligns incentives between employees and employers, and enables employees to help build long-term wealth. Do reach out to me if you're interested! As the company grows through achieving its business goals or additional funding rounds or improving cash flow, the equity offer to new employees may change significantly. It's a universal formula for solving this exact problem. After graduating with a degree in economics from the University of Washington, I went straight to work at Tableau Software as employee number 93. So, like a lot of questions, the answer is really, it depends. There are several ways to grant someone an equity interest in a company, including outright grants of Common Stock, grants of Common Stock with restrictions that allow the company to repurchase some or all of the stock subject to a vesting schedule (RSUs), stock options that give someone the right to purchase stock in the future, and warrants Valuation: 3M+To get to this point, you need to have figured out product/market fit, proof of repeatable business, and large market demand provable by data, a clear path to scale and new business acquisition, and have identified customer acquisition cost and customer lifetime value. Of course, youll need to make your own decision based on your risk tolerance. I would adjust these numbers down somewhat if the company is generating significant revenue (>$1M) or can be fairly valued (by a third party, such as a VC) at over USD $10M. Eventually, founders need to think about creating an employee option pool a more disciplined way to award equity over shaving off more shares with each new hire. There are so many stories like this that it seems normal, it seems common so common you find yourself wondering what you're doing working at any place besides a small startup. VCs and investors will usually say you should plan to raise enough to last 1218 months before you need to raise money again. A job with these sorts of perks might require more responsibility on behalf of employees since they'd have access to services such as healthcare coverageso it's likely that their pay would reflect that added responsibility by being higher than another comparable position without those benefits. Thanks to SeedLegals you can do a complete Bootstrap Round for just 700, just add investors and youre good to go. After dividing initial stakes among themselves, founders use it to lure talent and compensate employees for the salary cut that they almost inevitably will take when joining a startup. An engineer coming in at the mid-level can expect .45% versus .15% for a junior engineer. The second is whether or not this job offers benefits like healthcare or retirement planning options (such as 401(k)). It's not easy for seed-funded companies to move on to a Series A funding round. Great book. The answer to this question can be approached in a couple of ways. Either way, theres no substitute for a data-driven decision, and thanks to available data showing what actually happens across a range of funding round sizes, youre now well placed to not just come up with a number, but justify it. Raising is incredibly hard, so understand what you need to hit your KPIs, think about what would be nice in terms of breathing space, and be realistic about the amount that would in fact place too much pressure on you in terms of deliverables and managing investor expectations. Data Sources As you would imagine, this isn't an exact science, but I do have some ballpark figures to guide my own judgement. Around 5% is what existing shareholders will expect. You have to look at each situation individually.. See more at SlicingPie.com, I'd be happy to talk! Equidam Research Center In order to have a better chance of turning startup equity into real, non-Monopoly money, the best time for me to join is around the series C or series D time range in fact right before the series D may be the best spot of all for me. Most significant venture capital firms seek a 20% stake in each deal. would me working on bored to start up the company with a salary and an equity of 5% sounds reasonable or let me say beneficial for me . Equity is ownership of the business, while salary is a payment that comes from working somewhere. Index Ventures, for instance, has published a handbook aimed at helping entrepreneurs figure out option grants at the seed level. Middle Stage - Series A+ The percentages of equity are going to start going down as the startup matures. Equity is important for startups to gain a competitive advantage in the market. Founders and early employees are taking a huge risk by starting their own companies; its not at all unreasonable to expect them to be willing to take less money in exchange for being able to pursue their dreams. When calculating equity, or "equity value," it's important to know what the total value will be before you decide how much you're willing to offer up or ask for. Typically, employees have had up to 90 days after leaving a company to exercise their options, which can be costly and come with a large tax bill. Here are some cold hard facts from CB Insights, documenting the startup class of 2008-2010. Over time, founders will need to tinker with the option pool as everyones shares are diluted with each venture round. These would usually be for restricted stock or stock options with a standard 4-year vesting schedule. Jos Ancer gives another good overview for early stage hiring. Definition Advisors are people with extensive or unique experience who help a company in a formal or informal capacity. The further you move away from the founder team, the greater the dilution of a person's commitment to the "mission" of the startup; and that means more cash to keep them committed. Series B comparatively has less risk associated with the investment but typically an investor will get less share of the company per dollar invested. The first people get more, and it goes down over time.. If a founder is making $100K/year as an engineer at Google, they're likely going to want more than that as a founder of their own company but still may be willing to take less (or nothing) in exchange for having complete control over the direction of the company. Great article, I was wondering regarding your example: Salary is 4.5% and you add 0.5% to get to 5 but I would think you should be asking for 2% extra as the calculation is done over 4 years, or am I missing something? The larger your slice of the pie (in terms of percentage), the more confident investors will feel about backing your project since they know their investment will be safe if things go sour later down line so figure out how much money you need before making any decisions about who gets what percentage share. Shukla ended up giving him a 3% equity share in the company. Key Functions: 0.1x. In terms of which you should take more of, it depends on how risk-averse you are are you willing to bet on the odds of the company being successful (i.e. Typically between seed to series A funding an option pool of 7.5-10% would meet the needs of the average UK startup. Take a look at the funnel below for more info: The most important information in this graphic is the 70% number in the bottom left hand corner. The dream is alive: find a young, promising startup, put in four years of hard work, and end up a deca-millionaire. Another reason is when the company doesn't have salary money available but the potential is very strong. Community member, Michael Von, weighs in for those signing on to a company as a C-Level Executive like a Chief Marketing Officer or a Chief Financial Officer and wondering how much equity they should ask for with this insight: 1 - 1.5% equity would only be beneficial for a multi-million/billion-dollar company. However, what type of CFO a company hires can have a tremendous impact on the compensation package structure. $50,000 vs. $90,000, $75,000 vs. $150,000, $150,000 vs. $300,000 etc. For Series A, expect 25% to 50% on average. A four-year vesting schedule, for example, would mean that youd get 1/48th of your total equity options each month (12 months x 4 years = 48). Professional License Angles Take a Significant Ownership Stake Angel investors usually take between 20 and 50 percent stake in the companies they help. Youre reading a preview of an online book. The AngelList salary data is extensive. Its called a runway for a reason if you dont have lift off before you reach the end, things will come to a sudden stop! The entrepreneur can say, look, I strongly believe we have enough options to cover our needs, Feld and Mendelson advise. Range:5% same amount of other founders. b) converting their preferred stock to common stock and receiving a sum proportionate to their equity stake. Lets say you have a one-year cliff, and a year vesting period. If youre interested in asking for more equity than they offer, weighing out all the factors will help determine how much would be appropriate and beneficial for both parties involved.. A long time ago, someone told Sarah that she was going to do great things. Any compensation data out there is hard to come by. The general rule of thumb for angel/seed stage rounds is that founders should sell between 10% and 20% of the equity in the company. Now the employee has 0.35% after Series B closed, but should be at 0.5%. So now it is up to you to convince the founder that what you bring to the table will increase the average outcome of the company by 5.2%. The high cost of legals for each round used to make this an inefficient way to raise money,3. i do have a question though what if my participation in the project is the idea itself and working on it during all the stages , yet the whole capital is from the investors. Hi Shlomi! Conservative or sensible? This type of equity package is very common, especially for first employees of growth-stage companies with less resources than larger companies. It's not just about the money. Equity is the value of a company's stock, which you earn as a percentage of the companys profits (or losses). FAQs You receive the option to buy shares from the company at some point in the future (or immediately, if it's an "incentive stock option"). For that reason, at pre-seed and seed stage, it is not uncommon for . Tracksuit raises $5M to make brand tracking more accessible. Small variations in year one do not justify massively different founder equity splits in year 2-10. A good CTO knows how to manage people and build a team, what strategy to choose for product development, and how to put efficient programming processes in place. Of the 1098 companies that had some kind of seed funding, only 15 had an exit for more than $500m. How much equity should a CFO get in a startup? In my opinion, later stage startups are a much better balance of risk and reward, with a similar depth of experience and culture that people are looking for at startups. Lets tackle that now. This is worth breaking down in further detail. This can be a challenge with startup equity, as it may not have a current market value or any liquidity (meaning the ability to actually sell it for its fair market value). Founders start with 100% ownership. When the founders are always on the founding trail, product and sales can suffer,2. If you work for a startup that doesn't yet have much profit potential but has great potential for growth due to its mission or product line, then it would make sense for your salary to be lower than if you were working at a well-established company with high profits but little room for growth. Also, such companies generally come with solid valuations of more than $10 million. Equity is also known as "shareholder's equity" which means that when you buy shares in a company, you become an owner. Amount invested: it is mostly determined by the company because investors trust that at this stage, it knows exactly how much they need. To use this calculator, you'll need the following information: Last preferred price (the last price per share for preferred stock) Post-money valuation (the company's valuation after the last round of funding) How much lower will depend significantly on the size of the team and the companys valuation. Now multiply this by the number of months runway you need. Florea has since created her own channels, and she has amassed over 200,000 TikTok followers.. Making a living off of YouTube was practically unheard of when Florea and her . document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); How it works They are companies that generate stable revenues, as well as earn some profits. A variety of definitions have been used for different purposes over time. As the company grows, so does the company valuation and market value of the company equity, and therefore the equity stake of the individual., This can result in capital gains taxes being due on the employee equity. Pricing Probably both, but either way if youre not showing revenue getting funding in the UK beyond Prototype stage is going to be tough. Can you imagine slaving away at a company for 5-6 years, to have it exit for $50m and have your .5%only be worth $250,000 (total, BEFORE tax). It's paramount to keep in mind that salary and equity compensation are two very different things. Type of investors involved: later stage, growth VCs. Of those that reached series A (500~), only 307 made it to Series B. It's almost impossible to tell what the next game changer will look like. and then look at your monthly burn rate again. The general rule of thumb for angel/seed stage rounds is that founders should expect to sell between 10% and 20% of the equity in the company. First of all, as I already established, the chances of any series A or series B company ending up a Unicorn are in the 2-3% range so it's highly doubtful that anyone would get lucky enough to find the next Uber. 0.125-1.5% of equity, with standard vesting. All about startups, technology, entrepreneurship, venture capital, and tech community growth in the UK and Europe. As you advance to the next funding round, you should realistically expect further dilution. Then the dollar value of equity you offer them is 0.5 x $175k, which is equal to $87.5k. Some things to keep in mind when you receive your equity: You're not really "given" equity. Rebecca Bellan. Every time a friend thinks of starting a new venture, I hand her/him a copy (thank you for providing the availability of a discounted multi-copy option, Mike!). At the very least it can give you a baseline figure from which to start your negotiations. A common scenario, however, is for a VC to buy 20% of a company, where that might look like this: pre-money company valuation: $5 million VC investment: $1 million post-money company valuation: $6 million founder equity stake: 80% VC equity stake: 20% This blog is the story of my financial journey. But take the time to understand the value of what youre giving away, and bring discipline to the process early by creating an employee pool. Your Name and Contact Information (address, phone, email) Copy of EAD Card. The first VC round makes up Series A. Let's assume that the venture capitalist puts your company's current value at $4 million (pre-money valuation) and decides to invest $2 million. This means that if they invested another million dollars into the company in exchange for 20% equity (1/5), then they'd still only have 20% control over decisions but would make four times more profit. What is the most you think the [company] will be worth? These numbers simply give you a framework to think about equity negotiations with prospective startups. Most large venture capital firms want to own 20% of each investment. Enjoy! and youre seeing good signs of early traction, enough to get investors excited. Now that we have gotten that out of the way, lets focus on the next big question. My name is Ross Perez, and I am the Real Finance Guy. Listen to the audiohere. The upper ranges would be for highly desired candidates with strong track records. Even accounting for potentially lucrative early stock options, the statistics show that series A startups fail much more often than they succeed. 2) What percentage of the company should I sell? Let's say you just raised your Series B funding. Also, a super-interesting question to ask is "What would happen if I asked for $20K more in cash" and see how much of that equity vanishes into a hole. In this case, you shouldnt even talk about valuation: focus on the incentives each personshould have in working towardsan exit. To make a 150 page book short, he makes decamillions in 4 years off of his stock options, and witnesses technology history in the making to boot. Properly parceling out equity is a challenge for first-time founders. It is based on the idea that people are motivated to seek fairness in their interactions with others. He needed to remain motivated to stick around for the long-run, Shukla explains, and we also knew through subsequent rounds of funding he would become diluted.. You'll need to ask for the stock's price per share during the last financing round, and then make your own determination as to whether it has appreciated in value since then. What's clear from the graphic above is that later stage startups are much more likely to have a successful exit at significant valuation. It is common for startups to bring on advisors with a recognized name, specific background or skills, or access to a network. All of these lines of reasoning screw up in four fundamental ways: It takes 7 to 10 years to build a company of great value. Some were willing and able to work for a minimal salary and higher equity, whereas others asked for higher cash compensation because of their personal circumstances. Startup founders and employees usually get common stock. You may have to settle for less, but the [company] has to know that without a reasonable percentage, motivation would drop substantially for most startup partners. We give some overview here of early-stage Silicon Valley tech startups; many of these numbers are not representative of companies of different kinds across the country: important One of the best ways to tell what is reasonable for a given company and candidate is to look at offers from companies with similar profiles on AngelList. Shares and stock options are both forms of equity. Leo Polovets created a survey of AngelList job postings from 2014, an excellent summary of equity levels for the first few dozen hires at these early-stage startups. This is more common with established companies that are generating revenue. A personal friend of mine with 10+ years in the Sales and Marketing space just got hired (last week) as the Head of Sales & Marketing at a Series A venture-backed Financial Technology firm for $100K salary and 1.5% equity. Why you will never get rich from working in a startup. Type of investors involved: (early stage)VCs. Of course, for the Series E the numbers were even more impressive with 50% of the class ending up in the Unicorn group. Startups with a revenue-generating model, valuing up to $30 million to $60 million are able to raise approximately $30 million during the Series B funding stage. RSU - A restricted stock unit is a medium of employee compensation with a vesting period in order to receive company shares. Remember, we welcome comments, questions, and suggested topics at thewonderpodcastQs@gmail.com. You may also find yourself being offered equity to compensate for the difference between your market rate and the cash compensation. Director Level: 0.25x. This chapter will help you prepare for negotiating a job offer that includes equity, covering negotiation tips and expectations, and specific reminders on what you can ask and what is negotiable when it comes to equity. In the very early days, employees are often paid more than founders / senior executives. If the answer is 50%, then it's certainly not reasonable to think the valuation has gone up 5x during that 1-year period. Because advisors may not add value for as many years as an employee, a common vesting schedule for an advisor is two years with a three-month cliff. This is really what will decide the amount of equity you will have to trade for money. Happy to reach out by email to find out more and give more specific feedback. At SeedLegals our goal is to make it fast, easy and efficient for companies to raise money at any time, and to intentionally set up funding rounds with this new flexibility in mind. Youre somewhere between Idea and Launch, with a valuation to match. ESPP - An employee stock purchase plan is a company-run program that participating employees can purchase company shares at a deducted price. Valuation Report So, if your starting point is figuring out the cash you need, then simply look at your monthly burn rate, add in the team members you plan to hire, marketing spend, dev costs, etc. The Holloway Guide to Equity Compensation, for instance, is an 80-page handbook that explains arcane terms such as cliffs, claw backs, single trigger and double trigger that any entrepreneur must know to even understand what their lawyers and advisors are telling them. After a seed round, you want to have that employee pool at around 10% or 12%, plus or minus, says James Currier, a four-time founder who is now a managing partner at NFX, an early-stage venture capital firm. The real rule is never work for free. Equity is the value of a company's stock, which you earn as a percentage of the company's profits (or losses). For those who joined right after the series C in 2013, just one year earlier, they would have seen a nearly 20x return (series C post-money valuation was about $4b). C-Level employees should generally be paid about 1015% more than managerial positions within an organization, and board members should also receive an additional 510% on top of this. It's important to understand what you're asking for and why. Note that Silicon Valley numbers will often be much higher so dont be tempted to use those for any markets outside the US, or investors will think youve been drinking too much Silicon Valley Kool-Aid. Of those companies that offer an EMI, a sizeable proportion also opt for a pool of 5% or 15% of equity. Exit Value. Right off the bat, I have a 50% better chance of securing a profitable exit than if I join a Series C or below. There are the reasons why the company raised a Series B ($10M to $20M) Let's give a final look at the number of employees by round: Growth expected to be for ~100 employees You're right in the strictly mathematical terms of it :) however what we should understand, and what I should probably update my article with now, is that this is simply a heuristic to give you a starting point in negotiations. Negotiation in these cases is based on todays or the near-future valuation of the startup. By the way, think of yourself as a partner, not an employee. Of course, any idea you might have about this will ultimately have to withstand the test of the market. These can be tough situations and the founders need to be well incentivised and in control. So when you are asked about why you are raising x, remember to correlate your answer to milestones and not survival, the resources you will need to achieve these and the length of time it will take to get you there. Index Ventures, for instance, has published a handbook aimed at helping figure... Equity to compensate for the difference between your market rate and the company $ 75,000 vs. $ 150,000 $! Keep in mind that salary and equity compensation are two very different things uncommon for the of... The market order to receive company shares for Series a funding round facts from CB Insights, documenting the.! 2 ) what percentage of the companys profits ( or losses ) should be at 0.5 % expect. The UK and Europe 's clear from the graphic above is that later stage startups are much more likely have. A significant ownership stake Angel investors usually Take between 20 and 50 percent in... Some cold hard facts from CB Insights, documenting the startup matures venture round well incentivised and control... Finance Guy cliff, and suggested topics at thewonderpodcastQs @ gmail.com are with! 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