tradeoreo.blogg.se - Fast agreement in principle

#Fast agreement in principle how to

If you are interested in engaging with dozens of potential mentors and advisors to build your startup, then consider applying to a local Founder Institute program.

FAST: If the advisor agrees to engage, the entrepreneur sends the advisor the FAST Agreement.

Opportunity: If the request leads to a successful relationship dynamic, the entrepreneur presents an opportunity for the advisor to engage more formally with the business without discussing compensation.

Request: If the chemistry is good with the advisor, the entrepreneur makes a small request of the advisor to test out the working relationship.

Meeting: The entrepreneur sends a five sentence introduction and requests a call, coffee or lunch.Contact: Using Linkedin and Crunchbase, the entrepreneur identifies people that are known in common and secures an introduction.Research: The entrepreneur identifies between 10 and 15 target advisors that could help their business grow exponentially.The FAST Agreement does include a three-month "cliff" on equity vesting, allowing for an unproductive advisory relationship to be terminated without having the burden of allocating any equity within the first three months.Ī classic approach for an entrepreneur to engage an advisor might follow the following outline. The Founder Institute recommends that an entrepreneur work with a potential advisor for at least one month and spend at least 8 hours together before discussing the FAST Agreement. Just because someone has a good name or has domain expertise does not mean that they are a good advisor or that there is the necessary level of good chemistry. Engaging an AdvisorĮntrepreneurs should engage with advisors carefully. If you have comments, please Contact form linked to at the bottom of this page to submit them.

New FAST versions are being refined based on feedback. Spanish Version: You can find a Spanish version of the FAST Agreement below.

#Fast agreement in principle how to

With just a signature and a checkbox on the FAST Agreement, entrepreneurs and advisors can agree in minutes on how to work together, on what to accomplish, and on the right amount of equity compensation. There is no longer the need for cumbersome negotiation, legal drafting and review. Using the FAST Agreement, you can check a few boxes, sign the Agreement and start working. The enforceability of the Agreement has been improved.The signing of the Agreement has been simplified.The Advisor commitment levels have been simplified and standardized.The FAST Agreement can now be localized into any legal jurisdiction where corporate law supports the granting of options or restricted stock without having to hire a lawyer.On August 1st, 2017, the Founder Institute has released Version 2, which includes a number of enhancements: In 2011, the Founder Institute released the FAST Agreement to the public, and we have been making incremental updates on the Version 1 of the Agreement ever since. The Founder / Advisor Standard Template ("FAST") was developed by the Founder Institute to help aspiring entrepreneurs in the startup launch programs that we operate worldwide set-up advisory boards and engage with the mentors that they interact with throughout the program. The FAST Agreement is used by tens of thousands of entrepreneurs and advisors per year to establish productive working relationships, trading advice and support for a standardized amount of equity.