With today’s fast-paced, ever-evolving and competitive market, a lot of companies decide to create a board of advisers that can give them fresh ideas and recommendations to keep up with today’s world.
For small companies, creating a well-run advisory board can give them an edge over their rivals. An advisory board that is composed of experienced people can help a company increase sales and flourish in their chosen industry. Seems pretty straightforward, right? But not a lot of companies do this or, if they do, do it right.
The Basics: What is an Advisory Board?
An advisory board is a group of consultants who provide advice and give support to the management of a company. They have no authority or power to arbitrate in corporate matters. The...
It’s hard to decide who has changed the most in the last 12 years: Thrillist or its co-founder and CEO Ben Lerer.
Back in 2004, Thrillist was frequently described as the male equivalent of DailyCandy, a female oriented email newsletter that sold for $125 million only to be killed by Comcast. To be clear, that is still one of the largest content exits in the Web era, and it inspired plenty of envy at the time. Many expected Thrillist to be flip-bait as well.
Fast forward to today and Thrillist has raised more venture capital than that DailyCandy acquisition– much of it during a $100 million mega round announced last year. That deal rolled up Thrillist and three other media platforms into one company called Group Nine, and Discovery inv...
Business strategist and consultant Roberto Candelaria has been in the business for years, and is a pro when it comes to sponsorship. Roberto has experience working with big brands like BMW, DELL, Disney, Hilton, State Farm, Wells Fargo, and Zappos. He sat down to talk us through the ‘RELAT’ model – his top tips for landing a corporate sponsorship for your startup.
Know who you are as a company and what your mission and values are. Strive to work with companies that share a similar vision and will compliment your company rather than turn it into something it’s not.
Determine what you want to have sponsored, and plan out your timelines. Look at this as creating your business plan for what the sponsorship will look like. Th...
“Without a clear vision to evolve, you will never break free of the ‘start-up’ mentality.”
–Hayley Winter, How to Evolve a Startup Into a Successful Business
How do you go from being a startup to a viable business to a very successful business? Where do we draw the lines between these classifications for companies? Founders from around the world set out to answer these sticky questions in Startups Live.
Haley Winter tried to lay the groundwork for erecting a successful venture. Some of the materials incorporated into her architectural scheme included a business plan, the startup mentality, making yourself visible and profitable, devoting resources properly.
Her article also covered the extremely difficult terrain of trying to d...
Experienced entrepreneurs know that when it comes to slicing up the equity in their new startup companies, the longer you wait to hand out big slices, the better.
That’s because a startup company can create a ton of value in a very short period of time, and in many cases, with relatively little effort.
It’s exciting to get others wrapped into your new idea, and their willingness to bet on your idea may feel like something you want to reward with shares of the company. The issue isn’t whether or not you reward these individuals, but really when you reward them, and with how much of the company.
As a rule of thumb, the longer you wait to slice up the equity (assuming you’re growing the company) the less equity you’ll have to give up. Here are...
After graduating college I was working as a social worker running a foster care program for children with developmental disabilities when I found an ad online for someone selling a business — Amigos Spanish Program. It was a business that contracted with daycare centers to provide Spanish language classes to young children. I contacted them, reviewed a few spreadsheets and bought the business for $8k. I put it all on credit cards and started my quest towards millions… It was going to be great! I was going to own the biggest Spanish Language Class Business in the World…..or so I hoped.
I lost 20k over the year I owned it before I shut it down and closed the company operations for good. I was 22 years old with 22k in credit card debt wi...
Most early stage startups that are fundraising automatically go to angel investors or traditional financial VCs; however, for founders who are starting to worry about the “funding crunch,” think strategically about the venture arms of Fortune 500 companies.
There are an incredible amount of dollars invested in corporations, and increasingly, corporations are recognizing the disruptive power of smaller startups.
How should you approach corporate VCs? What questions should you come prepared to ask?
Founders’ biggest fear is often that someone else, especially a big company with significantly more power and money will rip off their idea.
While this sh...
Filing for a federal tax extension is relatively straightforward, and it can benefit you as a taxpayer.
While an extension won’t get you out of paying your taxes by the regular tax deadline, it will give you more time to ensure you’ve taken advantage of the right tax deductions before you file your tax return (the paperwork) with the IRS.
Tax extension applications must be submitted on or before the regular due date of your business’s tax return.
To file for the extension, download the form that corresponds to your business type.
Angel investors are wealthy individuals who invest in startups, usually at the early stages. Sometimes angel investors pool their money with other angel investors, forming an investor pool.
The typical angel investor is someone who’s net worth is likely in excess of $1 million or who earns over $200,000 per year. Incidentally, those look a lot like the credentials of an accredited investor.
Realize, though, that the angel investor is playing with their own money — not invested capital — so even though they may be a high net worth individual, they are still looking at money coming out of their personal bank account.
When you’re talking about federal angel investment tax credits,...