South American Adventures

Taking flying leaps into the unknown

Our minimal viable team at Fundacity

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This week I thought I coined a great new word…the Minimum Viable Team.

A Team

A Team

I got the idea from the much used term ‘minimum viable product‘, namely our minimum viable team or MVT. Sure enough, I soon found out that I merely trod in the foot path of other startup pioneers. The awesome startup blog ‘This Is Going To Be Big” already wrote a splendid article on the subject, titled, as expected: The Minimum Viable Team :).

What I wanted to share wasn’t my near-to innovative moment but rather that in Fundacity I finally feel that we have found our Minimum Viable Team consisting of 4 great individuals. On the personality side we all share some key characteristics: hard working, stable, friendly and dedicated to our craft, but we differ greatly in our special powers :).

Amongst this team of 4 we have all major areas covered needed to make Fundacity big. The article on MVT outlined that basic function of a tech company comprise of:

1) Engineering
2) Marketing
3) Sales
4) Business development
5) PR
6) Design
7) Product Management
8) HR
9) Operations
10) Finance

but that these can be grouped into:

1) Attracting and benefiting from outside interest
2) Customer experience
3) Engineering
4) Some outsourced crap the team shouldn’t be thinking about

There is of course some overlap between our roles, but we each gravitate toward our distinct areas quite naturally which is fantastic.

Assembling the MVT together was not easy and we had many bad apples in the bunch. Some we fired and others I failed to fire quickly enough but fortunately they resigned sensing it was better for both. Getting the right team together is probably the hardest and yet most important thing that defines the fate of a startup. Each hire significantly impacts the culture and functioning of the startup.

Mistakes can equal death

thus it is advisable to

Hire fast and fire faster

To say the least, I learnt a lot along the way. The following two articles were insightful reads on hiring and firing. Hire Fast, Fire Fast and How to Deal with Pure Recruiting Mistakes. Hope you enjoy them.

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Author: Miklos Grof

Miklos is the CEO and co-founder of Fundacity. Fundacity is making startups investing easier. Fundacity already supports all the notable accelerators in LatAm in their startup selection and management and they are expanding rapidly across Asia-Pacific and Europe. With the recently launched Fundacity Investments Clubs it seeks to simplify the startup investing process in emerging markets and make it accessible to more people. Miklos has unique and extensive experience in start-up formation, business development and venture financing. He has raised and evaluated investment offers in venture capital from angels and VCs from three continents for a variety of deals. He thrives at launching businesses and making sales in new geographies. Miklos currently serves as a financial advisor and mentor for various start-ups including Taggify (an online contextual advertising company based in New York and Buenos Aires). At Taggify, Miklos advises on fundraising, financial reporting to the board of investors, tax filling and cash flow management. Miklos completed his MsC in Finance at the London School of Economics and previously worked in corporate finance at PricewaterhouseCoopers in London, fund sales at UniCredit Vienna and economic research at Erste Bank Budapest. He is a Chartered Accountant with the ICAEW, Institute of Chartered Accountant England and Whales and is quinti-lingual. He is passionate about startups and entrepreneurship and spends his free time engaging with the startup community.

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