COO - equity package advicehttps://kegg.tech/

kristinacahoj·Aug 17, 2020·4 replies

Ladies, asking for a help. I raised $1.5M , launched kegg (www.kegg.tech), we have 20% MoM organic growth and ridiculously good daily retention (70%). Our product is the only consumer device capable of sensing vaginal fluids (aka best tool for natural conception, cornerstone for natural family planning (avoiding pregnancy), data to measure impact of certain fertility treatments and menopause research).I want to hire one very experienced COO, however, I need to offer her a reasonable equity package. We don't have a ton of cash (medical devices are expensive and that is where my money went, our sales almost equal our burn so I am not worried about runway) so this package needs to be 90% equity for next 6 months. Any advice?Thank you in advance for your time- for those who read it to here--> $60 off kegg, use code: ElphaFounder60limited

beccawilliams·Aug 17, 2020

Hi @kristinacahoj, congrats on your raise! I don't have any advice for this situation, but I'm wondering if you intended for this post to be public?

AmandaWangValentine·Aug 17, 2020

Hi, I don't have a specific answer but when I went through this I used The Founder's Dilemma as a guide. It helps you scope out roles & responsibilities, goals & contributions so you can align what you think your needs and constraints are with the position. Love that you're doing menopause research - this is going to be eventually ;)

LVLUPLegal·Aug 18, 2020

Hi @kristinacahoj - my name is Shermin Lakha and I am an attorney that represents startups, digital companies, and entrepreneurs. I often assist companies in determining equity for their shareholders as well as drafting the associated agreements. Feel free to reach out to me at Shermin@lvluplegal.com and we can set up a consultation time.

lauraspiekerman·Aug 18, 2020

Hi! The numbers will be all over the place given the stage you're at but I'd make sure you have it on a vesting schedule with a cliff since this will be a hefty equity package. I'd start with the cash and then work backwards. I'm pasting some numbers below from the 2019 VC Exec Comp survey.