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Hello

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The topic in this session is about 
startup team and your leadership

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In the previous video clip

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You listened to the special lecture 
by Sam Altman, founder of OpenAI

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We understand how important having great team is

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Throughout this session, 
we are going to talk about this topic in more detail

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Are you ready?

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The first topic is the startup team, which is part one

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Before we go into the main topic

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Let's look at this simple quiz

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Can you guess the differences between two groups?

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The group one, do you know who is she?

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She is Sarah Blackley

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She is a founder of Spanx

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You know the Spanx?

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Her net worth? 1.2 billion dollars

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She is rich

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And second person? Jeff Bezos

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Jeff Bezos is founder of Amazon.com

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He's very famous

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Probably he is number one or number two 
richest man in the world right now

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The third one? He is Piero Mediar, 
the founder of eBay.com

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Now you know everybody

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And what about group two?

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Look at him, Steve Jobs

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Although he passed away, 
but he is very famous, everybody knows who he is

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And, Bill Gates is still alive and also very famous

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And the last one, do you know who he is?

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Yes, he is Sergey Rivkin, founder of Google

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You use Google right now

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He founded Google

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Is there any differences between these two groups?

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What it is?

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Just name anything

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What it is?

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Yeah. Both are riches

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Everybody is founders, what is the differences?

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My answer is group one is the solo founders

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And group two?

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Yes of course, the team founders, you know that

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Is there any big difference between 
solo founders and team founders?

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Which group is better in terms of the performance?

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What do you think?

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Solo founders better or team founders better?

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Both groups are very successful. Think about it

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Jeff Bezos, he is a solo founder, 
but he made a fortune

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Bill Gates is a kind of team founders

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but he became the world record number one, entrepreneur

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What is big differences?

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But clearly, there is a big difference in characteristics

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between solo founders and team founders

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Let's compare each groups

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Let's look at the table

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This is a competition chart between
solo founder and co-founders

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What is the differences between them?

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In terms of speed?

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According to the research, solo founders 
are less likely to grow than co-founders

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On average, co-founders grow much 
faster than solo founders

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How much? By 35%

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Which is big differences though

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And what about problem solving?

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Think about it

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Solo founder has just only one brain in the company

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On the other hand, co-founders

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Co-founders will have two or more brains in the team

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Which teams are better?

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Yes of course, co-founders are better 
in terms of problem solving

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The solo founders has a limited perspective

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on the other hand, the co-founders 
double the effectiveness

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of the problem solving because they have more brains

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And what about the risk?

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If you are solo founder

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you took this risk by yourself alone

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On the other hand, the co-founders 
can spread out this risk

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which means to reduce the kind of risk factors

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What about capital waste?

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Solo founders don't have much network

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and they don't have much abilities

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because they are alone

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Probably, it is a little bit hard to 
attract venture capital companies

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On the other hand, co-founders have 
many different person in a team

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and they have many different and diverse network

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I think it's a little bit easier to attract

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VC capital money compared to the solo founder

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This is a kind of a difference between 
solo founder and co-founders

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Which one is better?

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I cannot say which one is better from this table

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because this table just compares 
the solo founder and co-founders

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This table cannot tell us which group is better

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Let's look at the current trend

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Current trend in terms of a solo founder or co-founders

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The first one, surprisingly

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Solo-founded startups are more common than ever

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Wow, it means that

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the people are more likely to start their business alone

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Previously

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they are starting their company with others together

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But these days, just they start alone

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According to the statistics in 2024

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35% of the all new startups had a single founder

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Wow, it is up from 17% in 2017

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Seven years later, what happened?

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Solo founding companies increased by 17%

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which is a big growth

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The proportion of the companies with 
three or more founders has dropped

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Big teams drops, but only one man company is increasing

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And new technology, why is this happening?

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Because of the new technology

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Right now we can use AI technology or

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mobile technology or the other cloud computing technology

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We can reduce the cost of the infrastructure, 
reduce the cost of the technology

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or AI can cover many man's work

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new technology make it easier for one man

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to launch the startup without any co-founders

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That's why, one man company is increasing these days

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Thanks to the development of technology

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Now you understand the trend

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Let's look at another trend

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83% of VC-backed startups in 2024 had co-founders

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Oh my God, this is a kind of different story

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Although one man company is increasing

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But VCs, the investors

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the investors still prefer co-founded companies

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How much? 83%

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The majority of the VC-backed companies 
are co-founded companies

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It's a bad news for the single, the solo founded company

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I'm sorry about that

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Investors still prefer teams

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Investors believe that teams can better 
handle startup challenges

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Startup can be associated with the risk

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The solo founded companies is vulnerable

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Solo founded companies are vulnerable

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when they faced some challenges or external risk

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On the other hand, if you have co-founders, 
then you can spread out the risk

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the risk management

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The investors really care for the risk management

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that's why they prefer teams

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There's another trend, mong teams

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Among the teams, equal split

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Equal split of the equity

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Equal split of the equity are increasingly common

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What do you mean by that?

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For example, if you start with two people

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then you can split your equity 50-50

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But previously, there is some complicated calculation

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For example, I put more money on this company

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I took 70% of the share, 60% of the share

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Or I developed most of an important program

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most important services product of our company

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That's why I should have 80% of the share

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You are contributing little

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or less than me

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That's why you took 20%, I took 80%, something like that

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Or I am the CEO, you are the CFO, or the COO

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In the traditional company, 
CEO received much better than COO or CFO

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That's why I should take 60% and you will take 40%

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But recently teams split, equal based of the equity

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Let's say if you start three people, you can split just one third

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33%, roughly 33%, 33%, 33%

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and evenly distributed

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Wow, it's a kind of a new trend

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It's good to know that

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It's a good thing is

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if you do that equally split

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it is easy to calculate and implement, your equity calculation

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And also it allow teams to avoid some kind of conflict

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and also complex negotiations

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I think it's a there's a good thing

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And it helps avoid the conflicts

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I already mentioned that among the teams

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I've heard many very similar story that

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one of the co-founders left the company

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not because of his or her performance

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but because of the conflict between 
the co-founders in terms of the equity split

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Anyway, so if we adopt equal split, 
then we can avoid, conflict

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Let me summarize the current trend

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Solo founders, do you remember that?

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35% of the new startup in 2024

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solo founded companies up from 17%

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And co-founders, the VC-backed companies 
are mostly co-founders

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And VC fundings

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VCs are less likely to fund solo founders

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or more likely to fund, the co-founded companies

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And equity, solo founders doesn't 
have to worry about the equity split

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because you are alone
and you have just 100% of the share

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but co-founded startup

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Equal split is becoming common these days

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You already knew that this is kind of a trend

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You understand the differences between 
solo founding company and co-founded startup

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but think about this although it is increasing

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although solo founding companies 
are increasing these days

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Co-founded company still exist and

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account for the majority portion of the entire startups

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Do you remember those numbers?

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Still 65% of the entire startups are co-founded startup

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From this statistics, we can understand 
there is a clear benefit

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or clear strengths of the teams

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When you started the businesses

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Why team matters in the startup?

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Why we care for the founding team?

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When you decided to start your businesses? Why?

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Probably, there is some reason

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Let's look at the reasons

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The first reason is strong teams

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Strong teams work better, do better

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and pivot faster and preserve your longer

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Preserve your longer mean, you stay long

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You are consistent, perseverance

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And second, no single founder can master all domains

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We are human being

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You cannot master all the thing

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We need to divide our labor work, our labor

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And a strong team brings diversity and the role, clarity

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Diversity is a key

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If we have a good team and strong team

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then you are able to attract, 
better investors, more investors

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Higher amount of the money

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You can attract talented employees

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 These are all the strengths of the team

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Let's do another one

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A strong team provide emotional support

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Wow, it's a great emotional support
and encouragement, motivation

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 Think about if you do your homework alone

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your motivation is to decrease

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and nobody encourages, you to do

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That's why you lose your interest as well

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But if you do your assignment together with your friends

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Your friend can support you emotionally

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They encourage you not to give up

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and you can increase your motivation to work hard

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It's very similar to the startup area

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Now you understand the strengths of the team

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It's kind of obvious, it's pretty obvious

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Now let's define the team

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What is team? It's pretty simple

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Team is two or more individuals 
who pursue new business idea together

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Of course, the teams involved in kind of management

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and also they can share the ownership together

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These are teams, it's pretty easy

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Look at the triangle, look at the picture

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According to Wasserman, Professor Wasserman

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who is a very famous, 
scholar in the area of the startup teams

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Argued that there are three important Rs

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Three important Rs in the startup, foundings

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I mean co-founding startup team

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The first R is relationship

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Relationship concern for whom should we work together

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And second R is roles, your role

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And your division of the labor

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Your position inside the company

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This is the second R, roles

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And third R is reward

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Reward is about kind of equity or compensation

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Let's look at the relationship in more detail

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Relationship is about whom should we work together

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The critical question of the relationship section is

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where to find our co-founders

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Where to find our co-founders

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I have many questions from my students

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Majority questions are where to find co-founders

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They ask me

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My answer is I don't know

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Maybe, you just look for your friends

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where to find your co-founders

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First area is existing network

266
00:17:18.730 --> 00:17:21.540
You just look for your friends first

267
00:17:21.650 --> 00:17:26.430
Your friends, your colleague 
or your classmate, your what?

268
00:17:26.430 --> 00:17:30.480
Your parents, or your kind of partners

269
00:17:30.635 --> 00:17:36.555
Your husband and wife or the father and son

270
00:17:37.555 --> 00:17:40.220
You need to use your existing network for the first time

271
00:17:40.220 --> 00:17:43.019
When you try to find out your co-founders

272
00:17:43.150 --> 00:17:45.710
It's obvious, it's so natural

273
00:17:46.800 --> 00:17:53.600
According to the research, 
a significant portion of the startups are co-founded

274
00:17:53.760 --> 00:17:57.310
by friends or close, acquaintances

275
00:17:57.810 --> 00:18:03.120
Such as family members or relatives, or husband and wife

276
00:18:03.120 --> 00:18:05.139
I will give you an example

277
00:18:05.339 --> 00:18:09.789
Although there are tons of many examples, 
but this example is kind of a classic example

278
00:18:09.789 --> 00:18:17.519
about the company founded by existing network

279
00:18:17.519 --> 00:18:19.620
And do you know who they are?

280
00:18:19.620 --> 00:18:22.270
The lady is a beautiful lady

281
00:18:22.270 --> 00:18:26.639
It's Sandy Lerner and the handsome man is the Lambosa

282
00:18:26.739 --> 00:18:30.589
They were both working at the Stanford University

283
00:18:30.589 --> 00:18:33.099
As a kind of computer managers

284
00:18:33.330 --> 00:18:37.110
Sandy Lerner was working at the business school

285
00:18:37.110 --> 00:18:40.600
On the other hand, Lambosa was 
working at the engineering school

286
00:18:40.660 --> 00:18:45.210
And they felt in love with each other

287
00:18:45.210 --> 00:18:47.380
while they are working at the Stanford University

288
00:18:47.380 --> 00:18:50.380
They got married together later

289
00:18:50.380 --> 00:18:53.840
They became husband and wife, they became family

290
00:18:53.840 --> 00:18:55.090
Then what happened?

291
00:18:55.090 --> 00:19:00.159
They want to start the Cisco, 
which is a networking devices company

292
00:19:00.219 --> 00:19:02.420
Why they started this company?

293
00:19:02.604 --> 00:19:07.184
Because when they are working at the Stanford University

294
00:19:07.184 --> 00:19:09.299
They work at the two different departments

295
00:19:09.299 --> 00:19:13.729
There's no way to communicate on daytime

296
00:19:14.629 --> 00:19:18.780
Because there's no email, there's no connection 
between two different buildings

297
00:19:19.220 --> 00:19:24.339
That's why they commercialized networking devices to connect

298
00:19:24.339 --> 00:19:26.859
network and network in a different building

299
00:19:27.050 --> 00:19:31.269
From now on, if we don't have Cisco devices

300
00:19:31.269 --> 00:19:34.219
we cannot access the internet

301
00:19:34.219 --> 00:19:38.820
The Cisco became a really huge company right now

302
00:19:38.820 --> 00:19:42.979
And Cisco is one of the fastest growing 
companies in human history

303
00:19:42.979 --> 00:19:47.279
Anyway, this Cisco was founded by husband and wife

304
00:19:47.310 --> 00:19:52.730
This is a clear example of existing network

305
00:19:54.339 --> 00:19:57.289
Second, where to find your co-founders?

306
00:19:57.289 --> 00:20:01.500
You participate in a startup event or accelerators

307
00:20:01.500 --> 00:20:05.279
It's a program like Y Combinator, Techstars

308
00:20:05.410 --> 00:20:07.559
and there are many networking events

309
00:20:07.579 --> 00:20:10.979
Those networking events or accelerators can provide

310
00:20:10.979 --> 00:20:15.000
kind of an opportunity for you to meet potential founders

311
00:20:15.000 --> 00:20:20.640
Please go there and try to find out 
the potential co-founders for you

312
00:20:21.900 --> 00:20:27.600
Today, Y Combinator provided some kind of

313
00:20:27.850 --> 00:20:32.300
a very structured meeting for the potential

314
00:20:32.300 --> 00:20:36.250
entrepreneurs, which is great

315
00:20:37.320 --> 00:20:39.440
I will give you an example

316
00:20:39.800 --> 00:20:45.000
The first guy is Travis and the second guy is Garret

317
00:20:45.680 --> 00:20:49.030
Travis Kalanick and Garret Kemp

318
00:20:49.030 --> 00:20:54.520
these two guys met at the tech conference in France in 2008

319
00:20:54.760 --> 00:20:59.439
They discussed about kind of a traffic jam in France

320
00:20:59.439 --> 00:21:03.289
how to catch the taxis on the street

321
00:21:03.289 --> 00:21:06.560
Anyway, they discussed about this problem

322
00:21:06.560 --> 00:21:12.910
Garret Kemp, after the conference, 
Garret Kemp came back to his places

323
00:21:12.910 --> 00:21:16.940
Then he developed these ideas, a little bit more

324
00:21:16.940 --> 00:21:18.760
Then they started this company

325
00:21:18.891 --> 00:21:22.251
Do you know what company is? this company is Uber

326
00:21:22.251 --> 00:21:28.079
They founded Uber in 2009 from 
two people who met at the conference

327
00:21:29.739 --> 00:21:31.140
Please go to conference

328
00:21:31.182 --> 00:21:35.862
You have a chance to meet your co-founders

329
00:21:35.960 --> 00:21:37.610
I will give you another example

330
00:21:37.610 --> 00:21:39.580
Look at these two guys

331
00:21:39.760 --> 00:21:46.310
The left one is Drew Houston and the right one is Arash

332
00:21:46.610 --> 00:21:49.579
Arash is also an MIT student

333
00:21:49.659 --> 00:21:52.859
Drew Houston graduated from MIT University

334
00:21:52.859 --> 00:21:58.580
Anyway, Drew Houston had an idea 
about the online storage

335
00:21:58.580 --> 00:22:01.130
file company, which is Dropbox

336
00:22:01.130 --> 00:22:06.440
He already had the idea and he made a film, 
short video clip

337
00:22:06.440 --> 00:22:08.780
and posted this video clip online

338
00:22:09.620 --> 00:22:15.520
Arash watched this video clip
and he was impressed about the idea of Drew Houston

339
00:22:15.520 --> 00:22:17.370
And they met together

340
00:22:17.370 --> 00:22:21.199
in one of the conference, 
one of the Y Combinator conference

341
00:22:21.199 --> 00:22:25.520
At that time, Drew Houston tried to apply the Y Combinator

342
00:22:25.520 --> 00:22:27.620
but he didn't have any co-founders

343
00:22:27.620 --> 00:22:30.920
But the Y Combinator

344
00:22:31.291 --> 00:22:36.251
explicitly asked Drew Houston to find out co-founders

345
00:22:37.191 --> 00:22:40.119
in order to enter the Y Combinator program

346
00:22:40.119 --> 00:22:43.999
That's why, Drew Houston was looking for the co-founders

347
00:22:44.159 --> 00:22:47.209
They met together in the conference

348
00:22:47.209 --> 00:22:52.980
Arash is a son of Iran immigrant

349
00:22:53.520 --> 00:22:55.520
He is very smart

350
00:22:55.520 --> 00:22:59.679
He decided to join this company, then they started a company

351
00:23:00.400 --> 00:23:04.550
They launched Dropbox in 2007, this is all story

352
00:23:05.170 --> 00:23:07.780
Where to find out your co-founders?

353
00:23:07.920 --> 00:23:09.370
Go to the conference

354
00:23:09.370 --> 00:23:13.099
Just Google it and just search for any relevant conference

355
00:23:13.099 --> 00:23:15.499
Then just participate in this conference

356
00:23:15.499 --> 00:23:19.240
and discuss about your business ideas with others

357
00:23:19.320 --> 00:23:22.670
You can find out, the potential co-founders

358
00:23:22.670 --> 00:23:28.739
These days, so many startups started by this way

359
00:23:29.159 --> 00:23:31.009
I will give you another one

360
00:23:31.009 --> 00:23:36.539
The last area where to find co-founders is online platform

361
00:23:36.539 --> 00:23:38.789
We live in online these days

362
00:23:38.969 --> 00:23:42.700
Today platforms like Y Combinator is a co-founder matching

363
00:23:42.700 --> 00:23:46.980
I already mentioned that, this is online matching program

364
00:23:46.980 --> 00:23:52.099
This online matching program make 
this connection much easier and much accessible

365
00:23:52.179 --> 00:23:57.280
There are another online platform exists like Indie Hackers

366
00:23:57.280 --> 00:23:59.930
and Starthawk and LinkedIn

367
00:23:59.930 --> 00:24:05.620
These online platforms are increasingly 
effective way to meet co-founders

368
00:24:05.620 --> 00:24:10.080
Like a dating ad like a dating website

369
00:24:10.700 --> 00:24:15.100
I will give you a real example of online platform

370
00:24:15.640 --> 00:24:19.879
These two guys met at the Starthawk

371
00:24:22.519 --> 00:24:27.619
The left guy is Santiago and the right guy is D'Amelio

372
00:24:27.619 --> 00:24:32.659
D'Amelio came from Nigeria

373
00:24:32.659 --> 00:24:37.099
And he had an idea about some kind of food delivery service

374
00:24:37.099 --> 00:24:40.259
for this kind of specific needs

375
00:24:40.259 --> 00:24:47.359
He wanted to find out the co-founders

376
00:24:47.359 --> 00:24:52.109
That's why he explained his idea through this website

377
00:24:52.109 --> 00:24:54.060
this online platform

378
00:24:54.060 --> 00:24:59.210
Suddenly, Santiago sent a direct mail to him

379
00:24:59.210 --> 00:25:03.840
Then they met together, they started the FoodLama

380
00:25:03.840 --> 00:25:06.190
Then they started this company

381
00:25:06.190 --> 00:25:10.980
This is a real example of the place 
where to find the co-founders

382
00:25:11.100 --> 00:25:13.860
Remember that there are three major places

383
00:25:14.060 --> 00:25:17.100
The first one, you use your existing network

384
00:25:17.100 --> 00:25:21.000
Second one, you need to participate

385
00:25:21.000 --> 00:25:25.159
in this relevant conference or accelerating program

386
00:25:25.159 --> 00:25:31.559
And third one, you can meet 
your co-founders, in online platform

387
00:25:34.459 --> 00:25:40.740
I will give you another important issue 
about the related to the relationship

388
00:25:42.060 --> 00:25:43.710
Look at this picture

389
00:25:43.710 --> 00:25:44.900
Do you know who they are?

390
00:25:44.900 --> 00:25:46.800
First one is Steve Jobs,

391
00:25:46.800 --> 00:25:51.019
second one is Steve Wozniak, third one, who is he?

392
00:25:52.479 --> 00:25:54.789
You know him?

393
00:25:55.029 --> 00:26:01.080
These three people are co-founders of early Apple

394
00:26:01.480 --> 00:26:02.830
You know that?

395
00:26:03.430 --> 00:26:06.940
Probably, you know that Apple
was started by only two people

396
00:26:06.940 --> 00:26:09.540
Steve Jobs and Steve Wozniak, but it's not true

397
00:26:09.540 --> 00:26:15.599
Apple started by three people, Steve Jobs, 
Steve Wozniak and Ron Wayne

398
00:26:15.599 --> 00:26:18.484
His name is Ron Wayne at the time he was 40 years old

399
00:26:18.484 --> 00:26:21.234
He had a job experience and he had a family

400
00:26:21.234 --> 00:26:24.904
Anyways, they got together, so they started these businesses

401
00:26:24.904 --> 00:26:26.904
Look at this logo

402
00:26:26.904 --> 00:26:31.283
Up here, this is the first logo of the Apple

403
00:26:32.384 --> 00:26:37.034
Under the Apple tree, there is a Newton read the book

404
00:26:37.034 --> 00:26:40.743
This is a very complicated logo of the early Apple

405
00:26:40.743 --> 00:26:43.243
Anyways, who drew this logo?

406
00:26:43.243 --> 00:26:46.123
Ron Wayne drew this logo

407
00:26:46.704 --> 00:26:49.654
And these three people started this company,

408
00:26:49.654 --> 00:26:52.623
but suddenly Ron Wayne changed his mind

409
00:26:52.623 --> 00:26:56.673
and then he wanted to leave the company

410
00:26:56.673 --> 00:26:59.044
He tried to give up everything

411
00:26:59.231 --> 00:27:02.511
At that time his equity was 10%

412
00:27:02.691 --> 00:27:06.983
His equity 10%, Steve Jobs 45 and Steve Wozniak 45

413
00:27:07.071 --> 00:27:10.031
He clearly gave up his 10% of the equity

414
00:27:10.031 --> 00:27:12.781
How much is it? $800

415
00:27:12.781 --> 00:27:18.603
$800 total payback and he gave up 10% of the equity

416
00:27:20.283 --> 00:27:24.333
How much is 10% of the equity is the current Apple?

417
00:27:24.953 --> 00:27:27.044
I don't know, I cannot calculate it

418
00:27:27.044 --> 00:27:29.494
He gave up, anyway

419
00:27:32.894 --> 00:27:34.644
Then later what happened?

420
00:27:34.644 --> 00:27:36.424
I prepared for the video

421
00:27:36.471 --> 00:27:39.871
Look at this video together

422
00:27:39.871 --> 00:27:42.264
This is one of the movie clips

423
00:27:47.744 --> 00:27:50.594
So what do you think?

424
00:27:50.594 --> 00:27:55.184
In the movie clip, the main character 
was Steve Jobs, Steve Wozniak

425
00:27:55.184 --> 00:27:57.934
and the guy who wears the tie

426
00:27:57.934 --> 00:28:00.791
his name was Michael McCullough

427
00:28:01.771 --> 00:28:05.111
After Ron Wayne left the company

428
00:28:05.111 --> 00:28:08.461
Michael McCullough visited this company

429
00:28:08.461 --> 00:28:11.724
which is Steve Jobs' mom's garage

430
00:28:11.984 --> 00:28:15.634
These three people started the company

431
00:28:16.634 --> 00:28:21.284
Steve Jobs, Steve Wozniak 
and Michael McCullough in the middle

432
00:28:21.284 --> 00:28:26.763
Michael McCullough joined Apple in 1977

433
00:28:27.763 --> 00:28:33.213
with $250,000 because he was rich at the time

434
00:28:33.213 --> 00:28:37.964
because he was a former, the Intel employee

435
00:28:37.964 --> 00:28:43.184
he got stock options when Intel 
went to IPO, he made a lot of money

436
00:28:43.184 --> 00:28:46.384
Anyway, so he invested this money into the Apple

437
00:28:46.384 --> 00:28:50.164
then he got around the 33% of the share of the Apple

438
00:28:50.164 --> 00:28:53.324
so he became the co-founders

439
00:28:53.784 --> 00:28:58.364
Michael McCullough actually 
contributed a lot to the early Apple

440
00:29:00.964 --> 00:29:05.164
Look at this picture as well

441
00:29:05.804 --> 00:29:10.103
These guys are founders of Airbnb

442
00:29:10.183 --> 00:29:15.744
The first guy is Nathan and second guy is Brian Chesky

443
00:29:16.164 --> 00:29:18.914
third one is Joe Gebbia

444
00:29:20.014 --> 00:29:23.984
Brian Chesky and Joe Gebbia are classmates

445
00:29:23.984 --> 00:29:28.923
and they started the Air Bed 
and Breakfast concept in 2007

446
00:29:29.034 --> 00:29:35.894
Then later what happened, 
Joe Gebbia invited Nathan in this team

447
00:29:35.894 --> 00:29:40.744
Nathan majored in computer science in which university?

448
00:29:40.744 --> 00:29:42.934
In Harvard University

449
00:29:43.794 --> 00:29:49.323
He's a kind of genius and these two 
other two guys are designers

450
00:29:50.443 --> 00:29:56.204
Brian Chesky and Joe Gebbia, 
they met together at the design school in New York

451
00:29:56.204 --> 00:30:01.864
Anyway, Joe Gebbia knew Nathan 
and he invited Nathan into the Airbnb

452
00:30:04.644 --> 00:30:12.524
Nathan developed this platform because he's a computer guy

453
00:30:13.223 --> 00:30:15.723
Let's look at this picture

454
00:30:15.723 --> 00:30:18.204
There are tons of examples, I'm sorry about that

455
00:30:18.623 --> 00:30:20.573
Do you know who they are?

456
00:30:20.573 --> 00:30:26.904
First guy is Cameron and second guy is Cliff

457
00:30:27.024 --> 00:30:31.324
and third lady is Melanie Perkins

458
00:30:31.524 --> 00:30:33.823
What company?

459
00:30:33.823 --> 00:30:39.973
Melanie Perkins and Cliff they met together in Australia

460
00:30:40.873 --> 00:30:44.164
and they fell in love with each other

461
00:30:44.164 --> 00:30:47.644
and then later they started a company about the Fusion Book

462
00:30:47.644 --> 00:30:51.544
Fusion Book is an online tool
for making yearbooks of the school

463
00:30:51.544 --> 00:30:53.863
and the Fusion Book make it

464
00:30:54.063 --> 00:30:59.373
make the yearbook, making process much easier

465
00:30:59.373 --> 00:31:02.883
This is a kind of online design tool

466
00:31:03.403 --> 00:31:06.643
and then later Cameron Adams joined this company

467
00:31:06.711 --> 00:31:11.231
because Cameron Adams is a former, Google engineer

468
00:31:11.723 --> 00:31:14.823
Anyway, then they started which company together?

469
00:31:14.843 --> 00:31:17.293
They started the Canva

470
00:31:17.293 --> 00:31:21.904
You know the Canva? They started Canva in 2013 together

471
00:31:24.904 --> 00:31:31.184
I want to introduce relevant research 
in terms of the relationship

472
00:31:31.184 --> 00:31:32.284
Look at this one

473
00:31:32.284 --> 00:31:34.484
The researchers conducted three experiments

474
00:31:34.484 --> 00:31:36.884
The first experiment is Kickstarter experiment

475
00:31:36.944 --> 00:31:40.394
second one entrepreneurship competition experiment

476
00:31:40.394 --> 00:31:42.763
third one is a university course experiment

477
00:31:42.763 --> 00:31:48.703
Anyway, the researchers conducted 
three very careful, experiments

478
00:31:49.804 --> 00:31:54.464
They identified that there are 
three types of the team formation

479
00:31:54.464 --> 00:31:57.014
We talked about team formation

480
00:31:57.014 --> 00:31:59.834
and we have to find out our co-founders

481
00:32:00.214 --> 00:32:02.463
Again, there are three different types

482
00:32:02.463 --> 00:32:07.844
The first type is we just rely on interpersonal relationship

483
00:32:07.864 --> 00:32:13.003
just friends or just family members, 
something like that, your existing network

484
00:32:13.003 --> 00:32:15.151
Second type is resources seeking

485
00:32:15.151 --> 00:32:17.631
For example, I need some computer guy

486
00:32:18.263 --> 00:32:21.113
You know who is good at computer?

487
00:32:21.113 --> 00:32:24.583
You know who is good at programming? 
And just search for them

488
00:32:24.784 --> 00:32:26.784
I need money

489
00:32:26.784 --> 00:32:28.984
You know who has a big money?

490
00:32:28.984 --> 00:32:31.024
Please search for them

491
00:32:31.024 --> 00:32:35.774
We invited those, the co-founders

492
00:32:35.774 --> 00:32:42.524
because of resources or capability or skills or knowledge

493
00:32:43.044 --> 00:32:46.303
And third one, there is a kind of a dual strategy

494
00:32:47.003 --> 00:32:48.403
For example,

495
00:32:48.403 --> 00:32:50.953
some of my founders, some of my co-founders

496
00:32:50.953 --> 00:32:52.784
came from my personal relationship

497
00:32:52.784 --> 00:32:54.584
and some of my co-founders

498
00:32:54.584 --> 00:32:56.964
came from kind of resources seeking area

499
00:32:57.744 --> 00:32:59.674
We combined both

500
00:32:59.914 --> 00:33:02.614
I gave many examples

501
00:33:02.614 --> 00:33:05.684
and these examples, the previous examples

502
00:33:06.804 --> 00:33:10.154
adopt what kind of strategy, what kind of types

503
00:33:10.154 --> 00:33:12.703
Of course, kind of dual types

504
00:33:12.703 --> 00:33:14.003
Think about Apple

505
00:33:14.003 --> 00:33:19.024
Apple started Steve Wozniak, Steve Jobs, the Ron Wayne

506
00:33:19.104 --> 00:33:23.223
And those three members came from interpersonal contract

507
00:33:23.223 --> 00:33:27.144
interpersonal attraction because they knew each other

508
00:33:27.424 --> 00:33:29.774
They live in the similar area

509
00:33:30.654 --> 00:33:32.154
They knew each other

510
00:33:32.154 --> 00:33:35.843
Anyway, after Ron Wayne left the company, 
then what happened?

511
00:33:35.843 --> 00:33:38.293
Steve Jobs invited investors

512
00:33:38.293 --> 00:33:42.804
Why he invited Michael McCullough as a third co-founders?

513
00:33:42.804 --> 00:33:45.263
Because Steve Jobs needed money

514
00:33:45.263 --> 00:33:47.263
This is a kind of a resource seeking

515
00:33:47.263 --> 00:33:48.813
What about Canva case?

516
00:33:48.813 --> 00:33:50.703
Canva started with two people

517
00:33:50.703 --> 00:33:53.153
They are kind of partners

518
00:33:53.153 --> 00:33:55.753
They are man and woman

519
00:33:55.753 --> 00:34:01.663
And later, they got married, they become husband and wife

520
00:34:01.723 --> 00:34:06.373
It's clearly that this co-founding team came from

521
00:34:06.373 --> 00:34:08.043
interpersonal attraction

522
00:34:08.043 --> 00:34:11.024
Then later, Cameron Adams joined this company

523
00:34:11.024 --> 00:34:11.674
Why?

524
00:34:11.674 --> 00:34:15.923
Because the original Canva team needed some technology

525
00:34:15.971 --> 00:34:19.671
and network and know-how or experience

526
00:34:19.671 --> 00:34:21.871
It's all about the resources

527
00:34:21.871 --> 00:34:25.083
Anyways, the original Canva team just mixed it together

528
00:34:25.083 --> 00:34:29.323
Combined the interpersonal attraction and resource seeking

529
00:34:29.683 --> 00:34:32.553
Anyway, think about it, those three types

530
00:34:33.093 --> 00:34:35.864
Which types perform better? That is the question

531
00:34:36.064 --> 00:34:38.664
What do you think? Which types perform better?

532
00:34:39.464 --> 00:34:41.164
You are right

533
00:34:41.164 --> 00:34:43.524
Dual types

534
00:34:43.643 --> 00:34:46.943
Dual types are more likely to be successful

535
00:34:46.943 --> 00:34:48.193
Dual types

536
00:34:48.193 --> 00:34:50.643
When you formulate your team,

537
00:34:50.643 --> 00:34:53.611
please think about this research result

538
00:34:53.663 --> 00:34:55.501
It will be very helpful for you