Hi, I’m a full time employee (mid management) of a growth startup for the past 4 years, and last year I cofounded a company with few others while I continue with my employment with the startup. Both are digital products. I would like to understand if there are any concerns in showing myself as a cofounder whilst also being a full time employee in another digital company. Will it benefit my application or disfavour it? I am applying as a business applicant. I’m using my cofounded startup as one of the OC1 evidence. @Francisca_Chiedu @alexnk
Well it shouldn’t be a problem. However, be mindful that your need to show evidence of traction in your startup. How is the startup innovative? There are cases where Founders who used innovation didn’t meet the criteria because it was not convincing enough.
Thanks @Francisca_Chiedu !
I should have added this info with my earlier query - I was an advisor with this startup and later brought in as a co-founder to lead marketing.
A follow up question - I had been consulting/advising startups besides my full-time job. Would you recommend sharing those details? Hope consulting out of work would not disfavour my application?
Consulting roles are not eligible. If you have a full time role inna productled company, focus on tat and avoid your consulting contribution as it may suggest you are not eligible when thats not the case.
The focus is primarily on my role at the product led startup, and a couple of innovations and their impact within the company. The advisory/consulting gigs with startups and mentoring startups through a lesser known incubator are the contributions outside my work. Do you think they could strengthen my application? @Francisca_Chiedu
If it is not a structured mentoring programme thn don’t add it.
Thanks for your responses @Francisca_Chiedu
It is structured mentoring. The evidences that I’m providing are - the announcement of mentors by the incubator, a letter from the co-founder of the incubator and website link that features me as their mentor. @Francisca_Chiedu Do you suggest any more ways to prove/strengthen structured mentoring? Btw, this goes as part of MC and not OC2. Do you think there should be a document from the founders I’m mentoring, though, I don’t think I’ve space for another document.
However, there are startups outside this incubator that I advised in the past and those founders are writing recommendation/MC for me given their strong profiles.
you can get the incubator to show your many founders you have mentored, impact from your mentorship, feedback from the startups and also show it is a consistent mentorship programme.
Many thanks @Francisca_Chiedu . Just one last question…
Circling back to my main query of co-founder and employee at the same time – as I’ve not founded the startup initially but brought in as an advisor after a year and later given the ‘cofounder/CMO’ title, do I mention that I’ve established the company to the question (do you have any active digital tech business that you have established?) at the start of the endorsement application? Is it alright to say ‘no’ to this question and later in the application call myself a co-founder?
Regarding your question, it can actually be a great advantage to highlight yourself as a cofounder while also being a full-time employee in another digital company. It shows your entrepreneurial spirit and ability to handle multiple responsibilities. Just make sure to be open and honest with the companies you’re involved with to avoid any conflicts of interest. By the way, if you’re looking for a quick way to get a 409a valuation, I think reaching out to a professional valuation service could be helpful.
Thanks @JadeGould for your response. I did exactly that and received the endorsement already.