#startupthinking

But forget the most important question: What problem exists even without the token? If removing the token kills the product, then the product was never real. Strong systems work like this: • product solves a real problem • users adopt it naturally 2/4

• token aligns incentives after adoption Weak systems do the opposite: • token first • users later • utility “coming soon” Markets may reward hype in the short term, but long-term value always follows usefulness. Tokens should reward contribution — not replace it. 3/4

While we are excited to see all the guests, founders, participants and festivities surrounding Startup Iceland 2015, it is in a week, you have bought your ticket right? I wanted to write about the difference and similarities around two words that is thrown around interchangeably: Startups and Entrepreneurship.

There is a lot of confusion around both these words. There was even a lot of discussion

When I'm evaluating if someone is a good fit on my team I first look for 

Ability to create (creativity + technical skill)

Ability to communicate (starting top down from real world non-technical concepts ending up in technical detail without getting lost)

Passion in some niche community (enough interest in a topic to be motivated to engage with others in a niche)

Attention to craft & detail (do you like executing gracefully)

Ability to teach (can gauge the level of the person you're talking to and convey concepts appropriately)

As such I usually conduct a initial tech interview with the following format

00:00 Show something you've built and explain from idea/problem through to architecture

05:00 Show/ explain someone else's gist that your really like

10:00 Show/ explain a favorite gists your authored

15:00 Talk though a piece of elegant base level code that gets re-used a lot (preferably written by you)

20:00 Give a 3 minute beginners overview of "framework x" (e.g. BackboneJS)

23:00 Answer an expert level technical question (e.g. What is an IIF in JS?)

25:00 Let's code something simple together!

When I build out my organizational culture later this year, this is a question everybody is going to be asked to discuss in Monday morning meetings.

After a couple of days of hacking, now's a good time to look at what else is out there in the space of finding people to hack with on projects. There are two apps out there that seem similar to hackfind's current format - i.e. the big map and browsing around, which feels like a mashup from last decade.

http://www.workclub.net/

Very venue/check-in centric => checkin + say how many hours you'll be there.

Forces you to endorse people.

Really lame you can't message people?

Tied to linkedin

No broadcasting to twitter / facebook mechanics?

Almost no one on a Sunny Sunday are on it... 4 folk including myself.

http://www.coderscoffee.com/

Don't check in, just have an on/off slider for location broadcast.

I can't set my profile picture

Has a startup/company map with on/off toggle

Has an invite for coffee feature (I like alot). Don't really get why you need to endorse someone before you invite them?

Again, no chat feature.

No form of posting/sharing.

Only one other on a Sunny Sunday are on it...

We are in a golden age of seed financing

A convertible note is short-term debt that converts into equity (I.e. it is a loan not equity). Investors receive shares of preferred stock as part of the startup’s initial preferred stock financing

Issuance of shares of common stock creates three potential problems (1) substantial dilution (2) tricky tax issues (3) problems with respect to stock option grants that should be low, to incentivize employees to create value and drive them up.

Convertible notes defer valuation issue is kicked down the road until the Series A.

It is faster, easier and cheeper to administer. $1,500-$2,000 for notes vs $10,000 – $30,000 for preferred stock options.

Notes also avoid giving the investors any control like board seat and veto rights.