There is also build a system that can get more value out of same person than other companies can
Startup comp is simple. Either: 1) become among the best in the world at identifying mispriced assets, 2) convince incredible people to work for less, 3) pay top of market, or 4) build a mediocre team. ~everyone thinks they are doing 1/2; nearly everyone is actually doing 3/4.https://twitter.com/naval/status/1196164347497549824 …
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Agree that it’s a great strategy - but isn’t that just something that allows for #3?
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People in startup space don't take lessons from sports very well, but they should. 5) find hungry talent with decent skill and incredible upside and develop them. Not only do you get great work (eventually), but you also get the occasional lifer who is a legend.
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That’s #1.
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I think you missed the one where you hire for potential and develop/train an incredibly talented team, no? Pretty sure this is the same model that makes
@LambdaSchool such a powerful idea: underdeveloped talent is a mispriced asset. -
That’s #1.
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The reality I think is everyone wants to compensate their team with great rates and packages. The reality often is, you can't do that and hit your milestones in early stages with limited funding. It's a very subjective lense, that runs in parallel to resources available.
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The other possibility is that startups fail to hit early milestones because they hired a good people instead of a couple of great people.
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Many companies think they are doing #1 OR #2, but in fact they are doing #3 AND #4.
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It’s baffling to me that lots of startup execs agree that 10x engineers/operators exist, but are unwilling to pay even 3x market for them.
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