We really need someone out front creating buzz and connecting with our tribe. Our team is big enough to turn out a good product, support customers, and close deals, however, we currently don't have have anyone dedicated to PR, social media, and events and I think we're missing a lot of opportunities because of it. Finding a passionate marketing guru in our industry will be difficult and it seems like equity could help light the fire for an A player. Should giving up equity be standard practice for small software team? I've heard of giving up equity for an amazing designer, what about a CMO?
You are right to say you are missing opportunities. What you need is a good VP of Community. You don't want a seasoned CMO from the "old school". You need someone who understands the online world and is able to be a champion for your tribe. It really is a full time job that requires focus and good people skills that transfer to the digital world.
As for equity? It never hurts to offer it if you are willing and find the right person. And, if you want the best talent, equity is probably a good idea assuming your benefits package is not strong enough to beat the competition. Lay out a 3-5 year equity plan to create longevity. A small equity position up front with increases each period based on longevity, performance or both. It's all negotiable.
I'd love to chat with you more about this. I am pretty connected and might be able to refer you to the talent you are looking for.
All the best!
Kevin McCarthy
Answered 10 years ago
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