your equity will be diluted by about 25% per round." Let's say your VP Product is making $175k per year. This is the first talk about equity stake and valuation. You value someone's contribution through equity when you think that they will be able to add long-term benefits, you would prefer that they don't move company part way through the process, and to keep them from being enticed by a better salary (a reason for equity tied to a vesting arrangement). Firstly, thanks Im glad you like the post! Equity awards, regardless of their form, are subject to vesting schedules. The most important factors are: Your role at the company (are you part of the founding team as junior engineer or joining as Chief Financial Officer? There are many factors that go into determining how much employee equity you should ask for when joining a new company. Small variations in year one do not justify massively different founder equity splits in year 2-10. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); How it works Equity is set by stage and position. Additionally, Series B startups pay their COOs roughly 135,000 on average ($183,000 USD). He says your offer letter should have wording such as, "One percent won't be subject to . You ask for 5%. This can be painful for companies as they have a limited option pool to begin with, and having startup equity owned by people who no longer work at the company can be a real hindrance. At that point, the option pool is coming from the founders shares and those of their earliest investor so Feld and Mendelson encourage founders to push back if they feel the VCs are asking for an unduly large option pool. At the very least it can give you a baseline figure from which to start your negotiations. It helps keep employees motivated with the tantalizing prospect of a big payday when the company is sold or goes public. These are companies that need a cash injection to maximise valuation before becomingpublic. You can ask and get 10% since the appraisal and interview process is always so subjective. Help center How much equity should startups give to investors? Other C-level execs would receive 1-5% equity that vests over time (usually 4 years). 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. Equity is also suitable for drawing a different kind of talent to your company: experienced people in the field who wont come to work for you full-time but, if their interests were aligned with yours, might serve as advisors who increase your chances of success. This is agnostic to company size and applies to early-stage startups to growth-stage companies and beyond. 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. A variety of definitions have been used for different purposes over time. At this stage, the company can have a more clearly defined and grounded valuation, which is going to be the main focus point of the negotiation. Equity, typically in the form of stock options, is the currency of the tech and startup worlds. But how much equity should founders grant the first engineers hired to help them build their product and the new hires that follow? 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. The entrepreneur can say, look, I strongly believe we have enough options to cover our needs, Feld and Mendelson advise. An engineer coming in at the mid-level can expect .45% versus .15% for a junior engineer. Founder's stock options. In short terms, equity refers to ownership of the company. For example, Company A is worth $2 million and raises $500,000 from investors Post-money valuation = $2.5 million ($2m pre-money valuation + $500k) If you look at the Series D (5th round including seed) numbers above, you can see that there was a total class of 60 companies. Ultimately, you still have to guess, but this at least gives you a ballpark estimate. Something to note before hopping to the top table too soon. Seed-funded startups would offer higher equitysometimes much higher if there is little funding, but base salaries will be lower. Let's say you just raised your Series B funding. To quote Paul Graham, there is a great deal of play in these numbers. How Much Equity Should I Ask For? More equity = more motivation. Alternatively - a vesting cliff and a vesting schedule can be used in conjunction. Analyzing the true picture of your long-term potential will allow you to more easily determine the correct mix.. Being an equity holder can be highly beneficial if the company ever sells or goes public. Startup advisor compensation is usually partly or entirely via equity. Let's say it is $4M tops. The mechanism is closer to bridge financing than straight up equity. It sounds nice, unfortunately it's an incredibly unlikely scenario. There are two types of CFOs: outward-facing and inward-facing. But if a head of sales or VP of marketing joins once a startup has a product to sell and promote, they may get between 1% and 2%, depending on experience. Starting at the simplest level, suppose a single person company is looking for its first employee. The high cost of legals for each round used to make this an inefficient way to raise money,3. July 12th, 2022| By: Sarah Humphreys. Hi Shlomi! 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 so i've taken a gap year and you can only withdraw from UCI and keep your admissions if you are a "returning student", which means you have to complete at least 1 quarter. All three questions are mathematically intertwined, so there are two approaches you can take:a) Decide how much money you want to raise, and go forward from there; orb) Start with how much of your company you want to sell, and work backwards. After an A, you want to put it back to 10 to 15%, depending on how many managers you need, Currier says. Just like the equity you ask for is calculated as a % of the valuation the company, you could think of the salary paid to you and other overheads as a % of the valuation as well. This is when the company (usually still pre-revenue) opens itself up to further investments. However, as a target figure, founders shouldn't share more than 33% of the equity in a seed round." Angel Investors For Series B, expect roughly 33%. How much should the CEO (co founder), CFO (co founder) and CTO (co founder) get respectively? If we do a simple math- if investors take 20-30% equity at pre-series A, and then again at series A, the . 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. In this situation, you should be especially diligent in your analysis because you will realize that even the best-laid plans sometimes fall completely short. 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. This means that equity is now back in the options pool and the company can give new or existing employees equity. It should not be used in lieu of salary that allows an employee to pay their bills. Existing investors will demand around 5%. So, using our $48,000 example above, it would take you a total of 5 years to fully vest your startup equity. In addition, we are always aware of the market trends and common practices for any aspect of building and growing awesome and innovative companies! By that point, she had founded or cofounded several venture-backed startups (shes up to five). Buy it now for lifetime access to expert knowledge, including future updates. Thanks. Truth is, even if it may seem that they are neglecting valuation, investorsare simply lookingat it from another perspective. The growing time it takes companies to go public or be acquired is also affecting other stock option terms. Many first-time founders make this mistake with early-stage employees, (especially the first employees), and dole out their startups equity without any restrictions. Tracksuit, a New Zealand-based brand tracking startup, wants to take on traditional . 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. , Did feel like a continuation of previous one!!! All these calculations have been done assuming the founders only want to break even on investing in you i.e. 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. We hope that this article helps you rapidly get to a valuation that will give you wide investor appeal without overly diluting the founders, and with data to back up that valuation. Any shorter than 12 months runway and its going to be hard to hit key milestones or show any real traction which means you are going to be unable to justify your next round valuation. Any compensation data out there is hard to come by. If it's just a matter of cash then maybe you don't need equity at all. The opportunity cost and risk of working at a series A startup is way too high when the risk-free option (Google, AWS, etc) is paying so well. The standard, she knew, was a roughly 1.5% to 2% stake for a key employee at the executive level. Lewis Hower connects Silicon Valley Bank and VC/startup communities as a Managing Director with SVB Startup Banking. Startup equity is often given as equity grants in these cases. Remember, we welcome comments, questions, and suggested topics at thewonderpodcastQs@gmail.com. Some advisors say to raise as much as you can. You measure how much new stock to give by how much ownership a certain position should have based on the life and timing of the company. Lets take the total amount that the company spends on you to be 1.5x your salary (including overheads etc). I dont want to say its like a decaying exponential, but its something like that. The problem is that these early stage success stories AREN'T normal in fact they aren't even really common. They apply if each of these roles were filled just after an A round and the new hires are also being paid a salary (so are not founders or employees hired before the A round). Rebecca Bellan. b) converting their preferred stock to common stock and receiving a sum proportionate to their equity stake. Access 20,000+ Startup Experts, 650+ masterclass videos, 1,000+ in-depth guides, and all the software tools you need to launch and grow quickly. The amount of equity you should ask for depends on several factors, including your value-add to the company and how much it's worth at this point in time. Adds Anu Shukla, Usually, the VCs are going to ask for a completely empty option pool where every share is available.. Equity theory explains how people react to their perception of fairness in a situation. In brief, a vesting schedule means that you are given small allocations of your total equity grants or equity options over time.. Not cool. Currently, they are valued around $60b, meaning that the value of the initial stock grant would have grown over 300%. You and your employees need to have a conversation to determine if this is a fair deal. The averageequity stake, and thus the valuation assuming same investment amount- ,varies based on the stage of the startup. 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. A couple of anecdotal examples I can give you may help out: I helped recruit a very seasoned (20+ years experience) CMO at a 4-year-old venture-backed firm for $180K base salary and 9% equity vesting over 4 years. The AngelList salary data is extensive. For post-series B startups, equity numbers would be much lower. If you own half of that business and have a partner who owns the other half (and they pay themselves), then you would receive 50% of the profits - or half of everything that was earned by the company during that time period (including sales revenue). 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. Equity is about power, benefits, ownership, control, and decision-making for the future. Startup founders and employees usually get common stock. Index Ventures, for instance, has published a handbook aimed at helping entrepreneurs figure out option grants at the seed level. This particular post is a mixture of both experience and other sources. 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. It's not just about the money. And even though that person was her own reflection looking in the mirror, those words have carried her through the thick of it all. equity levels were: Hires #21 [sic] through #27: up to 0.25%0.6%. Yet theres also the growing recognition that building a successful company usually takes a lot longer than four years, and options are about retaining people to build something great. 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. We see a lot of role and title inflation going on at the seed stage, which is best avoided, warns Reshma Sohoni, co-founder and general partner at Seedcamp, a European seed fund quoted in the Index handbook. 70% of the 1000 companies that were seed funded in the 2008-2010 timeframe had no exit. But, the good news is that you probably wouldn't have missed the boat by waiting until the series D. Uber raised $1.7b in 2014 for their series D at a $17b valuation. Equity is the value of a company's stock, which you earn as a percentage of the company's profits (or losses). It really depends on your situation. Meanwhile, the salaries are WAY below market e.g. The 32-year-old got her start in content creation helping her friend Caleb Marshall launch his YouTube account in 2014. Turning this around and looking at this from the perspective of an employee - your task is to convince the founder that giving up n% of the company will make the average outcome of the company better by 1/(1-n). Of those companies, 10 went on to reach Unicorn status, and 7 exited before raising a Series E. This means that there was a ~28% success rate (financially) for those who joined those Series D companies. That may be fair, but the problem is, there just isn't enough room on the cap table. 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"). Lets say you have a one-year cliff, and a year vesting period. The upper ranges would be for highly desired candidates with strong track records. Youve read Paul Grahams article, and understand that the amount of equity you should ask for is based on some basic math. However, while equity compensation may provide significant upsides, beware: It can create complications relative to cash compensation. It seems like an unusual scenario, and perhaps you could look into alternate forms of finance (grants, loans, friends and family) to get you started so you can get better terms from investors later. 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. This person was previously a CMO at a Fortune 500 company. They're based on what an early equity investor is looking for in terms of return. 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. 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. At a companys earliest stages, expect to give a senior engineer as much as 1% of a company, the handbook advises, but an experienced business development employee is typically given a .35% cut. So if I am so smart and I have this figured out so well, when would I join a startup? That means you and all your current and future colleagues will receive equity out of this pool. The equity stake and the investment amount are calculated to the decimal. 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. In business, equity refers to the amount of money each shareholder would get if all the company's assets were liquidated and debts paid off. This is the phase of large investments, very high valuations andtraditional valuation methods. All Others: 0.05x. FREE Workshop Wednesdays Industry News GitLab's CEO on Building One of the World's Largest All-Remote Companies Founders can reward their early employees by giving them some equity ownership of your business. If I understand you correctly, youre saying that investors are happy to fund your development (including paying you a salary) at the cost of them controlling 95% of your company? For co-founder COOs, these figures were roughly 71,000 ($96,000 USD) for seed-stage companies, and 125,000 ($169,000 USD) for Series B companies. 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. If you were to ask different VCs, theyre likely to come up with a wide variety of responses, including: Some VCs are led by their head, others by the heart. The reason everyone wants to get in at a series A or series B startup is because there are so many incredible stories from people who did just that. Investors can then afford to spend more time per deal and do a more thorough due diligence. Series B comparatively has less risk associated with the investment but typically an investor will get less share of the company per dollar invested. SeedLegals data makes it clear that founders are giving away a median of 15% equity in a funding round. Option #3. 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. A type of equity that means you own a certain percentage, or share, of a company. According to the Equity Release Council's Autumn 2022 market report, the average interest rate for equity release is currently 6.10%, with typical lifetime mortgage interest rates ranging from 5% to 8%. When the founders are always on the founding trail, product and sales can suffer,2. Then the dollar value of equity you offer them is 0.5 x $175k, which is equal to $87.5k. 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. 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. You have to look at each situation individually.. This theory focuses on determining whether the distribution of resources is fair to both relational partners. n is 5%, so 1/(1-0.05)=1.052. What youre hoping for is that one advisor who tells you something that triples the value of your company, he says. Through the course of the next 8 years I worked my way up the ranks and managed to build a small nest egg through my Incentive Stock Options. Around 5% is what existing shareholders will expect. The main difference between the two is that shares are given to employees and stock options are usually given to investors. Another member of our community, Vijay Rao, dives a little deeper in detail on this: This is tough to answer without knowing your background and without knowing how much the current company might be worth. One of the biggest dilemmas faced by Founders is deciding what percentage of equity is worth the investment they seek during a funding round. If you look online, you'll find that the most amount of equity being offered to early employees is around 2%. How much equity should youask for? Don't believe me? So youre already getting 4.5% of the company as your salary. 15% would give you $600,000. Ultimately, your company valuation is whatever you and your investors agree it is. They are exposed to a high-risk/high potential scenario, hence will likely want a decent slice of equity to get a meaningful return if things go well, and also to have a meaningful level of influence and control of key company decisions if they dont. Focus: Valuation Range: 5% - 15%, average 10% . Tweet. Then if you have to spend a little extra to get someone really exceptional, as Shuklas RewardsPay had to do, youll know where you stand. Here are the most common forms: Founders stock. (The company expectsto be left with (at a future date) at least as much as it had today.). Most significant venture capital firms seek a 20% stake in each deal. Giving out equity may feel painless. Director Level: 0.25x. Equity should be used to entice a valuable person to join, stay, and contribute. Your Name and Contact Information (address, phone, email) Copy of EAD Card. You may find her singing in her car, cleaning things as stress relief, or using humor in uncomfortable situations. How Much Equity Should I Give Up in Series A? Another reason is when the company doesn't have salary money available but the potential is very strong. Partners Generally when building your pitch deck, youll need to make three key decisions:1) How much money should I raise? Youre close to launching, you now want to raise money for that last mile of product development and for marketing. This button displays the currently selected search type. Valuation is the starting point of each and everynegotiation. 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. Founder compensation is another topic entirely that may still be of interest to employees. Anu Shukla had found the perfect VP of Engineering to help her build her latest startup, a company called RewardsPay. 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. The series D has about 10x-15x more annual revenue but lower margins. The next stage of the startup funding process is Series A funding. How much equity should a CFO get in a startup? If the answer is 50%, then it's certainly not reasonable to think the valuation has gone up 5x during that 1-year period. First, there are many different types of companies; some are more likely to succeed than others. 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