by Naomi Kokubo, Editor of Founders Space
The best way is to tap into your network of friends and colleagues. It’s always better to start with someone you know well and have worked with in the past. That said, all too often you know people with similar backgrounds and skill sets to your own. So how do you find a co-founder with a complimentary skill set?
Are there any good tax deductions I should be looking out for?
by Naomi Kokubo cofounder of Founders Space
Yes. Here are 14 of the top tax deductions you should be aware of:
1. Auto Expenses
2. Expenses of Going Into Business
3. Books, Legal & Professional Fees
4. Bad Debts
5. Entertaining Clients/Customers
8. New Equipment
Should I quit my day job to ensure my startup gets off the ground?
by Naomi Kokubo, Cofounder of Founders Space
Yes! Maybe? No! All three answers may be correct.
Yes, if you truly believe in your startup and you have enough money in the bank to survive for at least one year, while you get things going. Keep in mind, the money you need goes beyond personal living expenses. You’ll need funds to bootstrap your company too.
One of our founders asked the question, “How many days off should I give my employees each year? We’re a startup, and every day counts! What do other startups do in this regard?
I think every startup struggles with this question. You want to be nice to your employees, but at the same time, a startup needs to go all out until it’s profitable. Just keep in mind that people do need time off. As a starting point, here’s a good reference:
I hear Microsoft is offering help to startups. What sort of program do they offer?
The program is called BizSpark and it’s under the Microsoft Startup Zone.
Microsoft really has its act together when it comes to helping startups. We are thoroughly impressed. BizSpark seems too good to be true… free software, free support, free business referrals. It is true, and you shouldn’t hesitate to sign up if you plan on using any Microsoft technology or software at all.
Do you know of an online term sheet creator for stock and bridge financing?
Yes, we do. Orrick’s Term Sheet Creator is helpful for drafting start-up and venture financing documents, ranging from a founder’s round to stock and bridge financing. Keep in mind, this doesn’t replace having a good attorney. We still highly recommend you get professional counsel.
The Term Sheet Creator includes the following…
Founders Term Sheet