Building Your Startup Team – Service and Resource Providers

Part of building a successful team, includes building a successful team of resource providers. Here are some tips on service and resource providers.

  • You need strong legal counsel, accounting/audit and tax accounting support and banking
  • You may also need marketing, PR, social media management and advertising
  • In some cases, such as law, consider having multiple providers, especially for specialized work
    • Intellectual property, real estate
    • Great for backup if you have a time crunch
    • Feel free to have them compete for business for a specific, big ticket items such as prosecuting a group of patents
  • Ask for discounts – You’re small, they know it and the folks who “get it” will work with you on price, in exchange for loyalty in the long run
  • Some firms, especially smart law firms, will take equity in lieu of some fees or significant fee reduction
  • Be Loyal to the small handful of firms you pick – they are part of your team!
  • Refer and Recommend, they help you, you help them.
  • Make friends with your banker, they should add value!
    • Generally, your local “business banking services” are NOT what you are looking for – go to a venture bank
    • Make the bank earn your business!

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