The Ultimate List of Legal Resources for Startups
Intellectual property rights, patent law, incorporation, equity distribution.... Navigating the legalities of starting a business can seem like an impossible feat, especially when one misstep could spell major trouble down the line. With an abundance of questions and limited resources, startups can’t afford to keep top legal minds on retainer for whenever an issue pops up. Time and money are vital to a fledgling company's success, so save both with this list of legal resources especially for entrepreneurs. Note: This list is a collection, not a ranking. Articles & Advice Choose Your Business Structure How to Work with Lawyers at a Startup An Entrepreneur’s Guide to Wrangling and Hog-Tying a Lawyer Online Legal Services: Are They Effective for Startups? Venture Beat's Ask An Attorney 10 Questions Co-Founders Should Ask Each Other 5 Biggest Legal Mistakes Startups Make 3 Things Entrepreneurs Need to Know About Patent Law Reform 5 Ways Not to Respond to a Cease-and-Desist Letter 10 Big Legal Mistakes Made by Startups Blogs A View from the Valley by veteran startup lawyer Matt Bartus Counselor @ Law by speaker, writer, and public policy activist William Carleton Gust.com by a group of experienced startup founders and investors The High-touch Legal Services Blog for Startups by startup lawyer Dana Shultz Likelihood of Confusion on internet trademark and copyright infringement by lawyer Ron Coleman Mashtag Blawg by Bottom Line Law Group, a firm specializing in lean startups and business growth Startup Law 101 series of tutorials for founders and entrepreneurs Startup Law Blog by prominent startup and corporate transactions attorney Joe Wallin Technology & Marketing Law Blog, award-winning blog on internet law, intellectual property, and advertising law by law professor Eric Goldman Walker Corporate Law Blog by a boutique firm that specializes in representing entrepreneurs Websites Entrepreneur's Legal Basics for Startups, a collection of expert articles and videos from Entrepreneur magazine Startup Company Lawyer answers hundreds of specific questions, from incorporation to stock options Startup Lawyer has articles on topics like incorporation and equity, plus a helpful glossary of terms Quora Term Sheet is a collection of legal resources for entrepreneurs and investors hosted on Quora Upcounsel is a service that matches entrepreneurs to legal professionals based on their specific needs Small Business and the SEC is the official SEC guide to complying with federal securities laws while raising capital Rocket Lawyer has a collection of sample documents and a group of on-call attorneys to answer your legal questions Start-Up Launchpad holds educational materials, checklists, and sample legal documents Templates Docracy is an open collection of legal contracts. Document templates are free to download, customize, store, and e-sign, including a retainer agreement template for consulting services FormSwift Customize, sign, and download common business, legal, and personal forms, including a retainer proposal Series Seed Financing Documents Free, open-source legal documents for seed financing in MS Word (.DOC) format National Venture Capital Association's model legal documents A set of legal templates and terms GitHub repository Templates of Series Seed documents Y Combinator Financing Documents Sample forms for raising equity rounds with angel investors Orrick Term Sheet Creator Create drafts of startup and venture financing documents based on your responses to a series of interactive questions Orrick Start-Up Forms Library Key legal forms for starting and growing your company Wilson Sonsini Goodrich & Rosati Term Sheet Generator Generate a venture financing term sheet based on your responses to an online questionnaire Tools Founders Workbench Access useful tools such as: capital calculator, financing terms dictionary, service tax on professional fees consideration, intellectual property laws, and more Markify Searchable trademark database Viewabill View all billable activity by your lawyer: accruals, hours, and average rate Google Patent Search Use Google to search for existing patents US Patent & Trademark Office File a patent, register a trademark, and review intellectual property laws Finding a Lawyer LawKick Find a lawyer based on price, reviews, and qualifications LawTrades Get matched with a lawyer at your budget, plus free consultation, price quote, client reviews, and law office profiles LawGives Choose from a selection of flat-fee legal services packages FINRA BrokerCheck Research brokers, firms, investment adviser representatives and investment adviser firms ShouldISign.com Post a request and receive fixed-fee proposals from vetted attorneys, and check out their bank of free legal forms Checklists Start-Up Legal and Licensing To-Do List for Small Businesses Legal Checklist for Startups The Legal Checklist Every Startup Should Read What would you add to this list? Once you've set up your legal framework, find the tools you need to launch your business: 25 Tools to Run Your Startup.
6 Fatal Mistakes of Startup Founders
Adeo Ressi is Founder and CEO of the Founder Institute, where he and his team mentor hundreds of first-time founders. In addition, over the last 20 years he has founded several successful companies of his own. So when we asked him about the typical mistakes that first-time founders make that could prove fatal to their companies, we listened! Ressi emphasizes that the fatal mistakes are often made in those critical first few months in the founding of a new company. That's when every move can have a huge positive or negative impact on the fledgeling company. During this time the founder needs to make a lot of critical decisions in a short period of time. According to Ressi, there are at least six fatal mistakes that new founders often commit. Let us know other mistakes that you see founders make (or that you've made yourself) in the comments below the post! The 6 Fatal Startup Mistakes Selection of initial team and cofounder — Getting the wrong people involved in your company can lead to ineffectiveness, arguments, stalemates, power struggles, and worse: the death of the company. Add new people very carefully. Structuring of company, cofounder, and team deals — Managing compensation, stock, or options wrongly can set the company up for failure. Also, care must be taken with any initial investors and how their deals are structured. It's almost impossible to undo poorly structured deals. Adoption of technology — If you pick tech which is unpopular or unusable, your company won't grow as fast, you'll have trouble finding good developers, and your product won't be top-notch. Business and revenue models — Selecting a business model that allows the company to grow and (eventually) become profitable is critical. Go-to-market model — Determining how your company will reach customers is a decision that will make or break success. Consider your sales approach, partnerships, and distribution options carefully. Name of the company — Even something like the wrong name can be potentially fatal. If it doesn't communicate the benefits clearly, or is too silly or difficult to pronounce, type, or remember, tread carefully. Hear Adeo Ressi talk about the biggest founder mistakes — start at 20:34 In the genesis of a new business, every decision that the founder makes, large or small, can have fatal consequences. So take care with each of these six points raised by Ressi, and seek help during this important time period. To learn how the Founder Institute can help your startup, visit their website. Have your own story to share? Tell us about other fatal startup mistakes in the comments below.
Every Startup Needs a Market: The Wrike Story
Every business needs to understand its market before it builds its products. Startups must provide a solution that no one else is providing, to ease a pain point that is real and relevant. Ideally the solution is so meaningful that customers fall all over themselves to pay for it. In an April 2014 Inc.com article, digital product strategist Neil Cabage named this the number one criterion that every new startup must consider. But how? This is where professional market research comes in to help you figure out if there is a real market need for your product or service. And while access to research information may not come cheap, there are other ways to get a pulse on your audience, such as conducting informal surveys and polls. The alternative is failure. If a business doesn't have a market, or doesn't know who it will be marketing to, it will flounder trying to find an audience. If they find one in time, luck is on their side. If not, they will likely close their doors. Answering the Need for an Efficient Collaboration Tool Let's take the example of our own company. When Wrike started out as a small side project of CEO Andrew Filev's, it had a built-in market already: itself. From a recent profile article on Forbes: "We started as a collaboration and project-management vendor and then as we were working on managing our clients’ projects, we realized the need for something bigger. We needed a tool to help us collaborate better. So we created Wrike to solve our own problem,” says Filev. The great thing was, the need for a more efficient collaboration platform wasn't just specific to Wrike and its initial customers. It was, and still is, a common enough problem among fast-moving companies, so much so that customers actually raise their hands to get onboard. Again, from the Forbes article: Most of Wrike’s customers come through word-of-mouth and online. They don’t have to cold-call businesses. And while they have a tiered subscription model to fit any budget, most of Wrike’s customers come straight to their Professional or Enterprise Plans because they already have experienced the pain that comes with project management and are ready to try new tools to make them more effective and efficient. If your startup identifies a market need, and can provide a solution that solves that problem, you're one step closer to success. The only thing missing is: get that product out ASAP! Read the full Forbes article here: Andrew Filev's Wrike Wants to Bring Project Management and Collaboration to the Masses Image credits: "Customer" by 10ch on Flickr.
8 Things Overheard at a Silicon Valley Startup
If you're wondering what it's like to take a peek into the world of a Silicon Valley startup, then look no further! From the fully stocked break room to the GIFs that keep on giving, we've cultivated eight top-notch startup quotes that'll have you drinking cold brew artisan coffee in no time.
Age Gaps & Toxic Startup Culture — a Book Review of Disrupted by Dan Lyons
Author Daniel Lyons recounts his year spent in startup hell (technically, marketing automation startup HubSpot) and his story is equal parts LOL and WTF. It’s a fascinating peek behind the scenes of a growing company as well as a scathing commentary on startups in general.
5 Biggest Time Wasters Leading to Startup Failure (Infographic)
Startup success isn't just about the perfect product. Now the emphasis is on speed: faster ideation, faster iterations, faster time to market. Startups are even told to "fail fast." But where do successful startups invest their precious time? And what are the costliest time management mistakes? Here are the top 5 time wasters to avoid. Failed startups... Wait too long to pivot. Companies that change their roadmap to meet customer demand are 52% less likely to scale prematurely. (In other words, they don't scale up without making sure there's sufficient demand for their product.) Spend too much time on product development. Failed startups focus too much time on their baby (the product) and don't dedicate enough time to customer development or evaluating market demand. Don't dedicate time to valuable business connections. 16% of failed startups cite a lack of networking and significant business relationships as a direct contributor to their downfall. Waste time getting their product to market. Delays in launching a product, or waiting to launch in order to incorporate non-essential features, was the root cause of failure in 20% of startups. Spend too much time at the office. 12.5% of startups say grueling work hours and burnout ultimately led to business failure. Want to know the other fatal poisons for startups? Check out the complete infographic for details on costly money mistakes and prioritization disasters. Source: Focus Your turn: What do you think is the #1 factor in startup failure? Share your thoughts in the comments!
The Essential Guide to Financing For Startups
Startup businesses need adequate funding to support operations. But there are a lot of myths around financing for startups that make the process more complex and prolonged than it needs to be. For example, while most entrepreneurs assume venture capital will be their primary source of funding, only 6% of all startups actually receive anything from them. The good news is that, whether or not your company is part of that group, there are many financing options out there. In this article, we’ll provide helpful information for startup business owners on managing their finances. We’ll also explain the various financing options available and what you can do to mitigate the threats to startup success along the way. Keep reading to discover tips on how to create a winning strategy and responsibly manage financing for startups. What is startup financing? Startup financing is money that early-stage companies can use to launch their products or grow their businesses. There are various types of startup financing and are put into two categories: dilutive and non-dilutive. In financing for startups, these terms essentially describe the nature of ownership between the company and its financing partners. Dilutive funding is a type of funding that requires you to give away a portion of your company. Some examples include venture capitalists and investors. These financing options require the participation of the investors for the company to be successful. These are often hands-on relationships with the VCs actively participating in operations at a high level. In non-dilutive financing, startup owners get to keep complete control of their vision. This includes sources such as grants and loans. Regardless of how much funding they receive, startups have all the decision-making power in the relationship. Sounds great, right? The catch is that getting the money you need can be challenging, especially since you’ll likely need a few different types of funding. Not only are these programs competitive, but they are also restrictive. Loan issuers will often have strict requirements that startups must change their business plan to accommodate. Losing sight of vision is a huge risk for owners who are trying to fit a mold others have created just to get their company off the ground. That being said, non-dilutive financing can be a huge help in terms of keeping your company running smoothly while maintaining creative freedom. Because freedom is a significant selling point for entrepreneurs, it’s no surprise that recent hybrid models of non-dilutive financing have cropped up to make up for its disadvantages. For example, revenue sharing models allow boutiques to receive guaranteed loan payments taken directly from company profits. We’ve listed a few examples already, but to fully understand your options i, you’ll have to familiarize yourself with the major categories of startup financing. Startup financing options Getting started with startup financing can be a challenging process. But it can be worth it if it helps your company start off on the right foot and avoid running into financial issues early on. Beat the odds with one or more of the following startup financing options all founders must know. 1. Crowdfunding A crowdfunding campaign is an online platform where people give money to a company. In some cases, the crowdfunders exchange their money for an early product or service launch. Crowdfunding is a growing industry. There are a number of platforms that will allow you to raise funds for different projects. Each platform has its own unique perks. Platforms like Kickstarter allow companies to raise funds without having to pay for the platform or provide rewards. Equity crowdfunding is also a type of crowdfunding that allows backers to own a portion of a company. Crowdfunding is generally low-risk. However, a failed campaign can cost you time and money. 2. Loans A small business loan is typically secured by a business or personal loan. You may have to provide collateral or have a high credit score in order to get approved. The Small Business Association is a great resource for finding a startup loan. Through its website, you can search for information about the organization and get started. Unlike bank loans, microloans are unsecured. They can be offered to individuals with little or no credit history. The interest rates can vary. There are plenty of advantages to getting a loan, but there are also some downsides. Besides owing money, founders have to account for accrued interest and how having loans may negatively impact their ability to fundraise in other ways. 3. Investors An investor is someone who gives money to a business for the purpose of operating. The most coveted type of investor is an angel investor. An angel investor provides funds from their own company or personal accounts. Angel investors typically expect a partial or full ownership stake in the company. Usually, they receive a payout based on the company's performance. When bringing on stakeholders, it’s important to consult with them before starting new projects. To find an angel investor, first, create a business plan and pitch deck. This will help you stand out from the crowd and show the potential investor that you're serious about being a successful entrepreneur. 4. Grants Unlike loans, grants are not required to be repaid. They're highly competitive and can provide immediate cash to boost your business. Getting a small business grant can be challenging, but it can be worth it in the long run. There are numerous grants available to help small businesses, many of which can be found through industry associations and organizations that also offer loans. 5. Credit Cards A small business credit card is a type of financing that can be used for nearly any business need. It comes with a variety of interest rates and terms so comparison shopping is a must. Like with most credit cards, the payment period typically spans 30 days. However, it can vary. You may pay interest on the difference or see an increase in interest owed over time. Pro tip: Consider long payment terms, as these can help you maintain a healthy cash flow. 6. Venture Capital Venture capital is a type of private equity that is typically used to finance early-stage companies and startups. It comes from well-off investors and usually involves a variety of financial institutions. This funding is used to help the company reach a wider market. Unlike startup financing options, a VC requires a company's equity in exchange for the money it gives. If you're comfortable with having to share some of your earnings with someone else, a VC firm may be able to provide funding in a time of need. Before approaching a VC firm, make sure that you have a clear business plan. How to create a financing strategy for startups If you're a new business owner or still in the planning stages of starting a new venture, then you should get startup financing as soon as possible. But the financing journey doesn’t end once the cash is committed. Founders and owners must make sure that they understand the budget and revenue milestones attached to each round of financing they receive. They should also create a step-by-step plan for achieving each of them in the right time frame. This requires a strong project management team and solution in order to achieve OKRs that both your team and your funding partner expect you to hit. Tools you can use to surpass those expectations include: Gantt charts for visualizing your project plans advanced task assignment and monitoring tools for keeping things on track automated reporting for matching results back to your valuation and keeping investors engaged How to responsibly manage money as a self-funded startup There are many different opinions on what is considered responsible in the world of financing for startups. Some advise slow but steady fundraising with strategic alignments in order to grow over time and mitigate risk. Others believe it’s irresponsible to completely eliminate risk in the first place, as big risks can lead to big payouts. Regardless of which side you’re leaning towards, you can use these tips for self-funded startups to meet and exceed expectations: Lower fixed costs such as hiring wherever possible until you start to turn a profit. Outsource essential tasks like app building and social media to skilled freelancers until you’re ready to fill out your team. Use a strong professional services management tool to do so. Use a project management solution to organize management and contractors all in one platform. Surround yourself with the right people when you can hire full-time employees. Focus on building repeatable processes you can turn into templates within your project management software instead of reinventing the wheel for everything you do. Set up your startup for success Rock-solid forecasting, project plans, and templatized operations make winning funding from any source that much easier. Those in charge of decision-making at various financing outfits prioritize brands who show a professional level of risk management and organization, which a product like Wrike helps teams accomplish. Whether you’re pitching your idea to an angel investor or need a well-laid-out plan for loan officers, Wrike can help you illustrate your ideas into an actionable business plan worth betting on. Start with a two-week free trial of Wrike's software today.
How Fast-Growing Startups Can Leverage Machine Learning: A Conversation with Andrew Filev (Podcast)
Wrike's CEO Andrew Filev recently appeared on TechEmergence to share his ideas about practical applications for machine learning in startups. As Andrew explains, machine learning and Artificial Intelligence have the power to help businesses identify patterns and use them to improve their marketing efforts. In the podcast, Andrew shares his thoughts on: Machine learning as a tool for customer segmentation to increase the impact and efficiency of outbound marketing and sales targeting Using deep learning to aggregate customer feedback and other signals to improve product/market fit and inform your product roadmap Evaluating machine learning and Artificial Intelligence tools, and implementing the right solutions and best practices for your business Listen to the full podcast at TechEmergence to hear more from Andrew!
The Ultimate Project Management Software Guide for Startups
Every day in the startup world is characterized by various tasks, from finances to client-facing work, building new products to administrative items, and more. There’s a lot of work to be done and a lot of hands in the pot trying to tackle each action item that pops up. Startups have a team-first mentality, where every team member is willing to jump in and play a part to get the job done. That horizontal leadership structure can lead to a lot of camaraderie, but the day-to-day roles and responsibilities related to project ownership and completion can get messy and chaotic. That wasted time can be costly when every minute and dollar spent in the early startup days are precious, especially when nine out of 10 startups fail. But don’t let that statistic make you panic quite yet. Having the right tools in place, such as project management software that keeps the whole team organized and on task, is a critical driver in reducing the risk of failure and achieving that seemingly elusive startup success. Curious? We’ve rounded up some of the fundamental reasons project management should matter to your startup, what to look for in project management software tools, and how to identify and implement the right project management software tool while keeping your (often tight) budget in mind. Why should project management matter to startups? Effective project management is imperative to any business, no matter the size of the organization. According to the latest Pulse of the Profession report by the Project Management Institute (PMI), 57% of respondents saw significant business changes in their operational efficiencies over the past year and another 49% experienced changes in the maturity of their project management. That means that even if project management and efficiencies aren’t top of mind for you as your startup gets off the ground, they should make their way to the top of the list as your company grows. These aspects of a business are important to the success of project completion and business strategy. Sure, a formalized project management tool and processes can seem unnecessary, rigid, and overly burdensome for the flexible, entrepreneurial startup culture. But the reality is that defining project management methodologies and implementing a software tool at the beginning will help your business thrive as it scales. Rest assured that flexibility can coexist alongside process and organization, and a project management software tool can help with the latter. Project management for startups is more than planning, organizing, and executing projects from start to finish. There are several benefits of defined project management practices, specifically when it comes to running a startup. 1. Prioritize limited resources Startups have small teams and a spirit for collaboration, which breeds fluid job roles and responsibilities. A limited number of employees in flexible positions can make it challenging to figure out which tasks and projects rank higher than others — and who exactly is responsible for what. Introducing project management processes and software in the early stages of a startup can help the team better prioritize their work. You have to make the most of your limited resources while executing on your vision and big goals, and project management for startups can help you do just that — without frustration and confusion. 2. Stay on top of deadlines No two days at a startup are the same. Priorities shift, the overall company vision may change, and innovation can lead to new products and services that weren’t even on your radar a couple of months ago. With so many moving parts, staying organized and sticking to a schedule (especially one that clients or customers are counting on) can fall by the wayside. Project management practices help you monitor progress and ensure important deadlines aren’t missed. That structure provides some level of accountability and commitment within your teams — even if your overall culture is still relaxed and flexible. 3. Scale efficiently Startup environments bring about a level of high-growth and constant change. Investing in project management early on will pay dividends when your startup begins to scale. Growth can be remarkable for the business but more challenging for employees if the proper processes and systems aren’t in place to support that evolution and expansion. As you grow, you’ll likely have more goals to meet and projects to deliver, so it’s crucial to build a project management foundation that will allow you to meet these goals. Likewise, standardized processes make it significantly easier for new team members to get onboarded and acclimated as your team grows in size. What features should you look for in startup project management software? There are hundreds of project management software tools out there to choose from. Some are more robust than others and focused on the demands of enterprise companies. Others are more simplistic and better suited for a nimble startup or small business. Not sure what you should keep an eye out for? These are some of the key features you should look for in startup project management software, even if you start out on a plan that doesn’t offer all of these features right away: Team collaboration. As a startup, your team is your most valuable asset, and it’s crucial to foster a collaborative and team-focused environment. The ability to work on projects together simultaneously, break down project tasks, store associated project documents, and share team calendars are project management software components to keep an eye out for. Any functionality that allows your team to collaborate quickly and efficiently is a plus in choosing project management software. After all, that’s the whole point. Organized and streamlined processes. Real-time file sharing and collaboration make it easier and quicker to handle assigning tasks and see them through to completion. With streamlined processes and workflows, you can track project performance, quickly assign tasks and get an instant understanding of project and performance, rather than wasting time requesting frequent status updates. Document storing and sharing. As you build your startup and document processes, projects, and other aspects of the business along the way, you’ll want to ensure you can quickly locate and access documents and files. Using a project management software tool with document storing and sharing capabilities can help prevent you from losing critical information, especially if employees leave. All of your important documentation will be centralized and accessible rather than siloed. Resource management. Since you have limited resources (and you don’t want to burn your team out), you’ll need to make sure you’re balancing workloads as effectively as possible. Project management software tools with simple resource management capabilities can help you better understand the workload and available bandwidth across team members. When you identify a plate that’s too full (it happens!), you can simply reassign tasks to other available team members and keep your project moving forward. Time-tracking capabilities. Hassle-free time-tracking and the ability to distinguish between billable and nonbillable work can help you better understand where your team is spending their time. With this information readily available, you’ll have visibility that will allow you to plan better, boost revenue, and more accurately forecast — so you avoid over-promising and under-delivering. Real-time reporting. Agility and flexibility are common traits of nearly all startups, and making quick decisions is necessary when you’re working in an ever-changing landscape. Project management software tools with real-time reporting empower you to make more informed decisions at the drop of a hat. Maybe you’re pivoting the business’ direction or need to quickly gauge the current status of a project. No matter your need, a tool with real-time reporting can help you get the information you need so you can make decisions and act fast. Budget management. Every dollar counts, right? Managing projects always carries the risk of running over budget. Spend less time worrying about the bottom line by managing budgets directly within project management software. By keeping an eye on total spending, you can spot when your spending starts to creep up and adjust accordingly. The level of complexity and customization you’ll need in a project management software tool depends on your business needs. The features listed above should help you dive in and get started, and grow your tool capabilities and usage as you go. How can project management software for startups help save money? Isn’t project management software going to end up costing your startup more money? Well, technically, yes, depending on the software you choose. But if we put the cost of the tool aside for a moment, the right project management software can actually help your startup save money too — making it more than worth the cost. Here’s how: Organization inevitably leads to time savings, and time is money. Project management software will streamline processes and add another layer of organization to your business. To put it simply, this helps you and your team members save time. And with more time on your hands, you’ll be able to get more work done. Instead of hiring more people or scrambling for more resources because plates are too full, you can use project management software to help your current team better manage their time. Faster, smoother workflows equal more time saved and less money spent due to wasted hours and energy. Project management software can reduce training costs. As your business grows and you add more members to the team, you’ll need them to move quickly to ensure projects stay on track. Having all of your projects and information centralized within one system can reduce the learning curve for your new employees, allowing them to dive in and get their hands dirty right away. Time tracking can save your business money. If you really want to be money-conscious, opt for software with time-tracking capabilities. How does time tracking save money? You’ll save your startup a few bucks by increasing productivity, eliminating inefficiencies, and will be able to manage billable hours more seamlessly. If your startup depends on any amount of billable work, accurate time-tracking is non-negotiable. Improved communication is a huge cost-savings. When hiccups in communication occur, you’re at risk of projects falling out of scope, missing deadlines, and wasting time and effort on work that doesn’t matter. Even further, communication issues could end with you owing money, discounts, or free products and services to your customers. One way to reduce communication issues is to build a solid internal communication channel to boost transparency and ensure your team is always on the same page. Consolidated interactions through a project management software tool can help you save money and keep your clients happy too. How much is project management software for startups? The price of project management software can run the gamut. There are a number of free options out there that may offer limited functionality. There are also a number of robust systems for enterprise corporations that may fall outside of your budget and current needs. With so many different software options and feature capabilities, there are a few key considerations to keep in mind in terms of pricing. These include: Desired features Fee structure Additional costs Let’s talk about each of these in a bit more detail. Desired features For starters, it’s helpful to know what types of features you’re looking for in your project management tool, so you have an idea of what types of plans to consider. Many project management software companies offer free versions of their tools with reduced functionality or a set number of users. These types of solutions may work when getting started, but if you choose a free option, you may want to explore upgraded feature capability in the future. Fee structure Another important aspect of the pricing model is whether you’ll be paying per user or a flat fee. You’ll also want to understand if you’re paying monthly or annual subscription fees. These pricing models play a key role in determining the overall budget available for your project management software and whether or not a tool fits within those restrictions. Additional costs Don’t forget to add in additional costs. Ask about implementation, training, and support fees and how each of those components is factored into pricing. Especially if the tool is new to you and your entire team, you’ll want to make sure you can offer some training led by the experts to help your team members get up and running successfully. While some basic support might be included in the price, determine whether you’ll need advanced support (and what that costs) — even if it’s only for a short period of time during the initial stages of implementation. With these considerations in mind, there’s a large pricing range for project management software for startups. As we mentioned, many service providers offer free plans with limited functionality or for a set number of users. Certain software programs may cost anywhere from hundreds to thousands per month depending on per-user or flat fee costs. Wrike offers a mix of free and premium paid plans to help you meet your project management needs. With the free plan, you can invite unlimited users and all core elements of project management are included: file sharing, task management, real-time activity, and different views. You get 2 GB of storage space, basic integrations, and Cloud storage integrations. This is a great plan option if your startup team is just starting to dive into project management with the potential to upgrade later. Additionally, Wrike offers plan paid options, with increased functionality for larger teams and enterprises. What is the best project management tool for startups? The best project management tool for startups will vary depending on your specific needs, but Wrike is a great option for any startup who wants to lay an effective project management foundation — and then grow from there. Wrike offers many plans to choose from, which gives you the option to choose something more budget-friendly at the beginning and move on to a plan with more functionality and capabilities as your startup grows and needs more project management support. We think Wrike is the best project management software for startups and offers the following features (and more) to help your startup succeed: Company-wide communication that eliminates silos and suits your business’ needs Better collaboration through file sharing, task management, and instant reporting capabilities Increased visibility through customizable dashboards Resource management functionality that promotes better-balanced workloads across the team Flexibility to grow alongside your startup as it grows Templates to allow you to communicate and collaborate with ease 400+ app integrations so you can keep working with the tools you already know and love Remember that project management within your startup doesn’t have to be overly complex and burdensome. The right tool will allow you to make the smartest use of your limited resources, help you stay on top of deadlines to keep your customers and team happy, and give you the tools and processes needed to see projects through to success. Ready to take project management within your startup to the next level? Sign up for a free trial of Wrike and set your projects, team, and startup up for success.
Startups Should Lean on Lean Project Management
We are living in a world of entrepreneurs. Chances are you know one (at least), or you have your own ideas waiting to come to fruition. But ideas are expensive in reality. The question is, how can you get the most bang for your buck? How can CEOs and managers save money while chasing their dreams and accomplishing their goals? Enter Lean project management. It is the star of simultaneous project frugality and product quality for businesses. As a more recent PM methodology, the term "lean startup" is credited as first appearing on Eric Ries' blog in 2008. In the midst of the high-turnover startup movement, Ries evangelized the need for fiscal responsibility and increased production speed in order to decrease the number of failed startups. The idea caught on like wildfire, spreading to entrepreneurs all over the globe. The #1 priority of running Lean PM is to eliminate wasted resources, known as mura. Extra labor, extra time, and extra materials that don't add value to the product or service — they all need to go. Focus on getting something in front of the customer quickly and without spending all your money. So how can you decide what resources you're wasting in order to run lean? Here are some lean product management principles. Declare Your MVP Before you can run lean, you must find your MVP — your Minimum Viable Product. It is the smallest number of features that need to be developed in order to push your product or service to your early adopters. Focus all your time, energy, and money on developing just your MVP, and nothing else. Yes, that means your product or service won't be completely evolved to fulfill all your dreams or the product roadmap, but it will be functional. With it, you can start learning and earning — learning about customers' needs as they interact with your MVP, and earning money to expand upon the rest of your ideas. If your resources are going into developing an extra feature beyond the MVP ("It's just a little thing, it won't take much!") you are wasting time, manpower, and money. And you could be setting yourself up as the next failed startup. Every second and every dollar counts. You'll have time to expand upon the rest of your ideas later, but for now, speed is essential. Focus on getting something out there so that you can move on to the next step: improving your product through validated learning. Build-Measure-Learn Finding your MVP is not the end of the Lean PM. Eliminating mura is not enough for success. Startups fail because they don't create a process to measure progress, learn from mistakes, and improve for the future. Once you 1. BUILD your MVP, you need to 2. MEASURE customer response and feedback, and then 3. LEARN from that feedback and change your plans accordingly. Only give customers what they want. If they don't want it, then they won't pay for it, and you're risking failure by wasting resources to build something customers don't want. Every time you create something new or add a new feature, you must measure and learn to see if the planned next step should actually still be the next step. Remember, time is a resource too, and it's not on your side. Ries said, "Startups that succeed are those that manage to iterate enough times before running out of resources." You should be constantly evaluating your work-process breakdown to make sure you are only spending resources where necessary. This is true even after rolling out your initial MVP. Lean PM is not temporary! More Resources There are many great resources out there that go into depth about Lean project management and how you can implement it for your startup to do more with less. I recommend checking out these three: theleanstartup.comThe official website created by Eric Ries. It details the 5 principles of Lean PM and gives you great case studies from companies who ran lean and are succeeding. The Lean StartupThe book written by Eric Ries about his Lean startup movement. Even MORE detail than the website, it gives you Ries' recommendations for running lean and staying viable. Running LeanWritten by author Ash Maurya, with feedback from Eric Ries, this book of strategies breaks up the steps for successfully running lean — from creating your initial idea, to testing, to choosing the perfect time to raise funding. If you find your MVP and establish a process to learn from your customers, you have fought half the battle. It is difficult. Lean PM is a constant war against the urge to "add just one little thing" and spend time on side projects. But stick to your testing — if the customers don't want it now, you shouldn't build it! If you've ever thought about running lean, have tried and failed, or you are successfully running Lean PM at your company now, tell everyone about your Lean adventure in the comments. There's no better teacher than first-hand experience, and we'd love to learn from you.