A prevalent frustration for many startup founders is around being able to onboard the right talents into their teams. In most cases, these founders - especially those centered around tech - lack the required capital to fund these talents as they are usually expensive. Some out of desperation, dish out shares as equity as a form of compensation to these talents, and in most cases, do this wrongly without proper guide and then issues are joined in the nearest future.
As a result of this gap, founders end up either overwhelming themselves with tasks for lack of manpower or bringing into their teams the wrong sets of talents which eventually takes it's toll on the business.
Here are some considerable ways founders could adopt in getting the needed talents for their business with little or no funds;
📌 Bootstrapping with Influence.
As a founder, you could be surrounded with people who share vertical or similar interests with you who you can share your vision with. Through your influence from the solution you are birthing, they could be very willing to work with you to birth your business vision, even with the understanding that they might not get paid at the instance. There are many out there looking for something working to be part of, something to give their life a meaning once they figure such engagement brings a kind of solution to a need. Sharing how you intend to add value to your environment through your solution could easily buy the hearts and will of these young talents around you. They can come in as volunteers or ad hoc staff in the meantime. Once the business begins to yield revenue, then a remuneration structure can be set up for them. I have countless times seen this strategy work.
📌 Incentivizing/Flexible Approach.
Unlike the first approach, there are some talents that might not be willing to volunteer all the way. However, they still buy into the vision and understand you might not be able to afford them. Here the founder can retain these talents by incentivizing them with their basic needs for them to work with him/her. Needs such as their internet data, fuel or transport money where and when applicable, airtime, lunch etc. Things as little as this could be quite satisfying for some talents who have bought into your vision and they will be willing to walk the mile with you. Also, giving them room to be flexible in their availability such as allowing remote work, allowing them time to run their other engagements and not stifling or boxing them up etc. can also be an added advantage. I have witnessed this work as well.
📌 Offering Vesting Shares
This I consider a more critical approach and would require a more careful and guided implementation. Here the founder offers equity to this talent with the clause that the shares only vests after certain laid out terms and milestones have been achieved by the talent. In this case, the talent has a drive to work and is doing so with an aim of owning part of this business he/she considers viable. Here, a Vesting Shares Agreement is needed where certain terms are laid down clearly.
This model should however be used on key and significant talents for the business and not just every talent needed.
.jfif)
