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1. Put People First
The most invaluable resource of any company is its people, especially in a startup. By putting your people first, you are essentially putting your organization first, as the two are synonymous. Here are some ways Allocations supports its team:
Group mindfulness and meditation sessions hosted bi-weekly.
Unlimited vacation policy.
Percentage of profits invested directly into employee wellness.
Wellness Fund of $100 monthly credit for each employee to use towards mindfulness including bodywork, coaching, physical exercise, meditation, sports equipment, house plants + more.
2. Remote Model
Allocations has always exemplified a remote first model with a team of 30 employees in over 5 countries and close to 10 time zones. Embodying this flexible, global mindset has come with an array of advantages:
Able to attract the best talent globally which thus allows for a demographically robust and diverse team.
Eliminating unnecessary overhead with expensive office leases.
Resilience to disruptions e.g. natural disasters, pandemics, etc.
Increased productivity with employees in all major timezones.
Better work/life balance for employees.
3. Scale the Leadership Team
Attracting and hiring the right talent is key to any organization’s success, especially during a high growth phase. Allocations’ approach to leadership stems from a horizontal organizational structure. Each team member takes on a leadership role and is empowered to voice opinions, create systems, and shape the future of the company.
4. Hiring for Values
When hiring for a mission and values based organization, nothing is more important than ensuring the team who joins embody those same ideals. Skills can always be taught, but a person’s values are inherent to their character. Here are some tips to help ensure a candidate will be a great fit:
Conduct a separate culture/values fit interview with other members of the leadership team, not the candidates’ potential supervisor or manager.
Ask questions about the candidate’s personal aspirations and what are their current practices for self improvement/development.
Be clear from the beginning that you are a values based organization, and reiterate the values you expect each team member to personify.
5. Approach to Fundraising
Growth stage tech startups can often succumb to some common mistakes when fundraising. In order to avoid these pitfalls, be intentional about each fundraising round, and follow these best practices:
Quantify the cost of giving up ownership and control. e.g. How much is the $5m you plan to raise now worth to the company? Will it be worth it in 5 years?
Be mindful of the time commitment of fundraising.
Be mindful of the tradeoffs of selling stakes in your company, and run a cost/benefit analysis.
Only raise what you need.
Don’t succumb to the pressure of continuously raising capital.