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transcripts/10-Atom-6D-stock-options-framework-Part-1.txt

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+The Atomic 60 stock options framework works along 6 dimensions.
+When you start to design a stock options strategy as a founder,
+you should consider the following 6 dimensions of your stock options policy.
+1. Why?
+2. Who?
+3. How many?
+4. What price?
+5. What conditions?
+6. How often?
+Sometimes a few of these dimensions can act like forces that run in opposite directions.
+As a founder, you need to find the right balance of these dimensions for your startup.
+The balance that you find need not be the same as a very good friend startup that operates next door,
+or another startup that was recently successful.
+Don't imitate others.
+Your own stock options design will flow from your values and vision.
+That is what gives it authenticity.
+That is what makes it your stock options strategy.
+Let us look at each of the 6 dimensions in detail.
+And as we do that, please make a lot of notes and take time out to think about them.
+1. Why?
+The why dimension expects a few to define the objectives of your stock options strategy.
+You can consider two objectives.
+Would you like to reward your team for their past efforts?
+Or would you like to reward them for their future contribution?
+Depending upon your objective, the design of your scheme would be different.
+While in most cases you look ahead and create a scheme for the future,
+in some cases however you might have to consider the past.
+If you are a startup that has been in existence for some time now,
+and you believe that the team has already created value for which they have not been rewarded appropriately,
+you could have past reward as an objective as well.
+You could have also verbally promised them stock options when they joined,
+but you all were just too busy working so it did not happen then.
+You might want to make up for the lost time.
+Another reason for considering the past.
+Or you may not have promised anything in the past,
+but you feel that they stuck with you through trying times
+and a past reward feels like the right thing to do.
+Do not ignore that feeling.
+Honor it.
+You should now already see why your scheme might have a different flavor
+compared to your friend's stock options scheme.
+It must.
+If however you are a fairly new setup or you believe that they have been compensated adequately in the past,
+you need not consider any past reward in the form of stock options.
+That is perfectly fine too.
+For convenience, we have created a separate category of stock options for past reward.
+These are called grassiest options.
+They usually are more favorable in their grand price or resting terms.
+Next under why.
+Whether you feel the need to reward them for the past or not,
+you would most likely want to reward them for their future contribution with the company.
+Most stock options schemes are designed for this purpose.
+We have created a category called growth options for this purpose.
+This way you can easily distinguish between the two objectives
+and target the options accordingly.
+Why have we created two separate categories?
+Why not just bunch them up together?
+Why not just add a few more options to the growth category and be done with it?
+There are two key reasons to do so.
+One, setting clear expectations is very important in such relationships.
+Doing the right thing to clear your conscience is sometimes not enough.
+You also need to communicate it clearly.
+By demarcating grassiest and growth options separately and by giving them out,
+using two distinct sets of letters and other documentation,
+you clearly set the grassiest objectives as a one-time reward for the past.
+It is sometimes important to make it clear that this is one-time only
+so that the older team members do not continue to expect extra reward in the future.
+You might be at the cusp of growth where new people are about to join
+and your challenges now might be different.
+You can use a one-time grassiest grant to clearly say to the early joinees,
+we are so grateful to you for being with us.
+Here are grassiest options for your past contribution.
+Now on, you can consider yourself to be on par with the ones who will join us in the future.
+Many of you and the ones who join in the future will be eligible to get growth options
+for future contribution.
+But the ones who join after today will not receive any grassiest options.
+Those were only for you.
+So clear messaging and setting expectations clearly in their mind is very important.
+Bunching up the grant into a single grant does not do that very effectively.
+2.
+You might want to grant the grassiest options at more favorable terms,
+for instance a lower price or with a shorter vesting period.
+This could be because it is the right thing to do.
+Perhaps you promised them these options three years ago but were too busy to grant them.
+It might be unfair to grant these options to them now at the current valuation.
+Similarly, it might seem unfair to ask them to wait for another few years for grassiest options to vest.
+You might want to vest them earlier.
+Since you might believe they have in a way already served this so-called vesting period
+by being with the company for the past few years.
+Different terms means you would also need to create a separate grassiest scheme.
+So two things under the wide image.
+Do you wish to reward them for the past or for the future or both?
+Gracious options or growth options or both?

transcripts/10-Atom-6D-stock-options-framework-Part-1.vtt

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+WEBVTT
+
+00:00.000 --> 00:07.000
+The Atomic 60 stock options framework works along 6 dimensions.
+
+00:07.000 --> 00:12.000
+When you start to design a stock options strategy as a founder,
+
+00:12.000 --> 00:17.000
+you should consider the following 6 dimensions of your stock options policy.
+
+00:17.000 --> 00:20.000
+1. Why?
+
+00:20.000 --> 00:23.000
+2. Who?
+
+00:23.000 --> 00:26.000
+3. How many?
+
+00:26.000 --> 00:29.000
+4. What price?
+
+00:29.000 --> 00:33.000
+5. What conditions?
+
+00:33.000 --> 00:37.000
+6. How often?
+
+00:37.000 --> 00:43.000
+Sometimes a few of these dimensions can act like forces that run in opposite directions.
+
+00:43.000 --> 00:50.000
+As a founder, you need to find the right balance of these dimensions for your startup.
+
+00:50.000 --> 00:56.000
+The balance that you find need not be the same as a very good friend startup that operates next door,
+
+00:56.000 --> 01:00.000
+or another startup that was recently successful.
+
+01:00.000 --> 01:02.000
+Don't imitate others.
+
+01:02.000 --> 01:07.000
+Your own stock options design will flow from your values and vision.
+
+01:07.000 --> 01:10.000
+That is what gives it authenticity.
+
+01:10.000 --> 01:14.000
+That is what makes it your stock options strategy.
+
+01:14.000 --> 01:17.000
+Let us look at each of the 6 dimensions in detail.
+
+01:17.000 --> 01:23.000
+And as we do that, please make a lot of notes and take time out to think about them.
+
+01:24.000 --> 01:27.000
+1. Why?
+
+01:27.000 --> 01:33.000
+The why dimension expects a few to define the objectives of your stock options strategy.
+
+01:33.000 --> 01:36.000
+You can consider two objectives.
+
+01:36.000 --> 01:40.000
+Would you like to reward your team for their past efforts?
+
+01:40.000 --> 01:43.000
+Or would you like to reward them for their future contribution?
+
+01:43.000 --> 01:48.000
+Depending upon your objective, the design of your scheme would be different.
+
+01:49.000 --> 01:53.000
+While in most cases you look ahead and create a scheme for the future,
+
+01:53.000 --> 01:58.000
+in some cases however you might have to consider the past.
+
+01:58.000 --> 02:02.000
+If you are a startup that has been in existence for some time now,
+
+02:02.000 --> 02:08.000
+and you believe that the team has already created value for which they have not been rewarded appropriately,
+
+02:08.000 --> 02:13.000
+you could have past reward as an objective as well.
+
+02:13.000 --> 02:18.000
+You could have also verbally promised them stock options when they joined,
+
+02:18.000 --> 02:22.000
+but you all were just too busy working so it did not happen then.
+
+02:22.000 --> 02:25.000
+You might want to make up for the lost time.
+
+02:25.000 --> 02:28.000
+Another reason for considering the past.
+
+02:28.000 --> 02:32.000
+Or you may not have promised anything in the past,
+
+02:32.000 --> 02:35.000
+but you feel that they stuck with you through trying times
+
+02:35.000 --> 02:40.000
+and a past reward feels like the right thing to do.
+
+02:40.000 --> 02:42.000
+Do not ignore that feeling.
+
+02:42.000 --> 02:44.000
+Honor it.
+
+02:44.000 --> 02:48.000
+You should now already see why your scheme might have a different flavor
+
+02:48.000 --> 02:51.000
+compared to your friend's stock options scheme.
+
+02:51.000 --> 02:53.000
+It must.
+
+02:53.000 --> 02:59.000
+If however you are a fairly new setup or you believe that they have been compensated adequately in the past,
+
+02:59.000 --> 03:03.000
+you need not consider any past reward in the form of stock options.
+
+03:03.000 --> 03:06.000
+That is perfectly fine too.
+
+03:06.000 --> 03:12.000
+For convenience, we have created a separate category of stock options for past reward.
+
+03:12.000 --> 03:15.000
+These are called grassiest options.
+
+03:15.000 --> 03:20.000
+They usually are more favorable in their grand price or resting terms.
+
+03:20.000 --> 03:23.000
+Next under why.
+
+03:23.000 --> 03:26.000
+Whether you feel the need to reward them for the past or not,
+
+03:26.000 --> 03:32.000
+you would most likely want to reward them for their future contribution with the company.
+
+03:32.000 --> 03:36.000
+Most stock options schemes are designed for this purpose.
+
+03:36.000 --> 03:41.000
+We have created a category called growth options for this purpose.
+
+03:41.000 --> 03:44.000
+This way you can easily distinguish between the two objectives
+
+03:44.000 --> 03:48.000
+and target the options accordingly.
+
+03:48.000 --> 03:52.000
+Why have we created two separate categories?
+
+03:52.000 --> 03:55.000
+Why not just bunch them up together?
+
+03:55.000 --> 04:01.000
+Why not just add a few more options to the growth category and be done with it?
+
+04:01.000 --> 04:04.000
+There are two key reasons to do so.
+
+04:04.000 --> 04:10.000
+One, setting clear expectations is very important in such relationships.
+
+04:10.000 --> 04:15.000
+Doing the right thing to clear your conscience is sometimes not enough.
+
+04:15.000 --> 04:18.000
+You also need to communicate it clearly.
+
+04:18.000 --> 04:23.000
+By demarcating grassiest and growth options separately and by giving them out,
+
+04:23.000 --> 04:28.000
+using two distinct sets of letters and other documentation,
+
+04:28.000 --> 04:34.000
+you clearly set the grassiest objectives as a one-time reward for the past.
+
+04:34.000 --> 04:40.000
+It is sometimes important to make it clear that this is one-time only
+
+04:40.000 --> 04:46.000
+so that the older team members do not continue to expect extra reward in the future.
+
+04:46.000 --> 04:51.000
+You might be at the cusp of growth where new people are about to join
+
+04:51.000 --> 04:54.000
+and your challenges now might be different.
+
+04:54.000 --> 04:59.000
+You can use a one-time grassiest grant to clearly say to the early joinees,
+
+04:59.000 --> 05:03.000
+we are so grateful to you for being with us.
+
+05:03.000 --> 05:07.000
+Here are grassiest options for your past contribution.
+
+05:07.000 --> 05:12.000
+Now on, you can consider yourself to be on par with the ones who will join us in the future.
+
+05:12.000 --> 05:18.000
+Many of you and the ones who join in the future will be eligible to get growth options
+
+05:18.000 --> 05:20.000
+for future contribution.
+
+05:20.000 --> 05:25.000
+But the ones who join after today will not receive any grassiest options.
+
+05:25.000 --> 05:27.000
+Those were only for you.
+
+05:27.000 --> 05:33.000
+So clear messaging and setting expectations clearly in their mind is very important.
+
+05:33.000 --> 05:38.000
+Bunching up the grant into a single grant does not do that very effectively.
+
+05:38.000 --> 05:41.000
+2.
+
+05:41.000 --> 05:45.000
+You might want to grant the grassiest options at more favorable terms,
+
+05:45.000 --> 05:49.000
+for instance a lower price or with a shorter vesting period.
+
+05:49.000 --> 05:52.000
+This could be because it is the right thing to do.
+
+05:52.000 --> 05:57.000
+Perhaps you promised them these options three years ago but were too busy to grant them.
+
+05:57.000 --> 06:02.000
+It might be unfair to grant these options to them now at the current valuation.
+
+06:02.000 --> 06:09.000
+Similarly, it might seem unfair to ask them to wait for another few years for grassiest options to vest.
+
+06:09.000 --> 06:11.000
+You might want to vest them earlier.
+
+06:11.000 --> 06:17.000
+Since you might believe they have in a way already served this so-called vesting period
+
+06:17.000 --> 06:20.000
+by being with the company for the past few years.
+
+06:20.000 --> 06:27.000
+Different terms means you would also need to create a separate grassiest scheme.
+
+06:27.000 --> 06:31.000
+So two things under the wide image.
+
+06:31.000 --> 06:38.000
+Do you wish to reward them for the past or for the future or both?
+
+06:38.000 --> 06:43.000
+Gracious options or growth options or both?
+

transcripts/11-Atom-6D-framework-Part-2.srt

@@ -0,0 +1,132 @@
+1
+00:00:00,000 --> 00:00:08,000
+The next dimension to consider is the coverage of your stock options strategy.
+
+2
+00:00:08,000 --> 00:00:10,000
+Who should be granted stock options?
+
+3
+00:00:10,000 --> 00:00:15,040
+Should it be granted to everyone or only to a select number of people?
+
+4
+00:00:15,040 --> 00:00:18,000
+There are multiple perspectives to consider here.
+
+5
+00:00:18,000 --> 00:00:24,240
+First, based on your values and vision, what is the kind of culture you think would be
+
+6
+00:00:24,240 --> 00:00:27,160
+right for your company?
+
+7
+00:00:27,160 --> 00:00:32,160
+Does that culture envision everyone receiving stock options or only a few people?
+
+8
+00:00:32,160 --> 00:00:38,160
+Second, what is your expectation from the team members who are granted stock options?
+
+9
+00:00:38,160 --> 00:00:43,160
+Do you expect them to behave differently once they become option holders?
+
+10
+00:00:43,160 --> 00:00:48,160
+In that case, you would need to consider if the recipients have the maturity to appreciate
+
+11
+00:00:48,160 --> 00:00:54,160
+stock options and the responsibility that they might convey.
+
+12
+00:00:54,160 --> 00:00:56,160
+Everyone understands what they mean.
+
+13
+00:00:56,160 --> 00:01:03,160
+If you do well, I will become rich, but understanding is not the same as appreciation.
+
+14
+00:01:03,160 --> 00:01:11,160
+For instance, you might want to consider if the recipients have the ability to take a big picture view of the organization
+
+15
+00:01:11,160 --> 00:01:17,160
+or are they too junior or inexperienced to do that at the moment.
+
+16
+00:01:17,160 --> 00:01:23,160
+Third, where do they sit in your compensation framework for the recipients?
+
+17
+00:01:23,160 --> 00:01:25,160
+Consider this.
+
+18
+00:01:25,160 --> 00:01:27,160
+You pay a salary to someone.
+
+19
+00:01:27,160 --> 00:01:33,160
+By virtue of receiving that salary, they are expected to contribute to a certain extent
+
+20
+00:01:33,160 --> 00:01:36,160
+or bring about a certain growth rate.
+
+21
+00:01:36,160 --> 00:01:42,160
+Salary is usually paid with certain expectations of performance or delivery.
+
+22
+00:01:42,160 --> 00:01:50,160
+If stock options sit over and above the cash compensation, what do you expect the recipients to deliver
+
+23
+00:01:50,160 --> 00:01:54,160
+beyond what they are to deliver for their salary?
+
+24
+00:01:54,160 --> 00:02:01,160
+Or do stock options fill in for the reduction they agreed to take on their salary?
+
+25
+00:02:01,160 --> 00:02:08,160
+Fourth, while you might be granting stock options with an expectation to motivate the recipient,
+
+26
+00:02:08,160 --> 00:02:12,160
+does the recipient view these options as motivating?
+
+27
+00:02:12,160 --> 00:02:19,160
+Sometimes certain people are better motivated through immediate cash rather than a distant long-term reward.
+
+28
+00:02:20,160 --> 00:02:29,160
+Fifth, do you have a sufficient stock option spool to grant an adequate number of options to all the recipients?
+
+29
+00:02:29,160 --> 00:02:36,160
+This is something we will cover in the next dimension, but as I mentioned, a few dimensions overlap
+
+30
+00:02:36,160 --> 00:02:39,160
+and certain forces may act against each other.
+
+31
+00:02:39,160 --> 00:02:45,160
+You need to consider these perspectives, balance them according to your values and vision,
+
+32
+00:02:45,160 --> 00:02:48,160
+and take your decision accordingly.
+
+33
+00:02:48,160 --> 00:02:53,160
+So please consider them one at a time when you design your policy.
+

transcripts/11-Atom-6D-framework-Part-2.tsv

@@ -0,0 +1,34 @@
+start	end	text
+0	8000	The next dimension to consider is the coverage of your stock options strategy.
+8000	10000	Who should be granted stock options?
+10000	15040	Should it be granted to everyone or only to a select number of people?
+15040	18000	There are multiple perspectives to consider here.
+18000	24240	First, based on your values and vision, what is the kind of culture you think would be
+24240	27160	right for your company?
+27160	32160	Does that culture envision everyone receiving stock options or only a few people?
+32160	38160	Second, what is your expectation from the team members who are granted stock options?
+38160	43160	Do you expect them to behave differently once they become option holders?
+43160	48160	In that case, you would need to consider if the recipients have the maturity to appreciate
+48160	54160	stock options and the responsibility that they might convey.
+54160	56160	Everyone understands what they mean.
+56160	63160	If you do well, I will become rich, but understanding is not the same as appreciation.
+63160	71160	For instance, you might want to consider if the recipients have the ability to take a big picture view of the organization
+71160	77160	or are they too junior or inexperienced to do that at the moment.
+77160	83160	Third, where do they sit in your compensation framework for the recipients?
+83160	85160	Consider this.
+85160	87160	You pay a salary to someone.
+87160	93160	By virtue of receiving that salary, they are expected to contribute to a certain extent
+93160	96160	or bring about a certain growth rate.
+96160	102160	Salary is usually paid with certain expectations of performance or delivery.
+102160	110160	If stock options sit over and above the cash compensation, what do you expect the recipients to deliver
+110160	114160	beyond what they are to deliver for their salary?
+114160	121160	Or do stock options fill in for the reduction they agreed to take on their salary?
+121160	128160	Fourth, while you might be granting stock options with an expectation to motivate the recipient,
+128160	132160	does the recipient view these options as motivating?
+132160	139160	Sometimes certain people are better motivated through immediate cash rather than a distant long-term reward.
+140160	149160	Fifth, do you have a sufficient stock option spool to grant an adequate number of options to all the recipients?
+149160	156160	This is something we will cover in the next dimension, but as I mentioned, a few dimensions overlap
+156160	159160	and certain forces may act against each other.
+159160	165160	You need to consider these perspectives, balance them according to your values and vision,
+165160	168160	and take your decision accordingly.
+168160	173160	So please consider them one at a time when you design your policy.

transcripts/12-Atom-6D-framework-Part-3.json

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transcripts/12-Atom-6D-framework-Part-3.srt

@@ -0,0 +1,120 @@
+1
+00:00:00,000 --> 00:00:05,760
+The third dimension is how many.
+
+2
+00:00:05,760 --> 00:00:09,120
+The how many dimension has two parts to it.
+
+3
+00:00:09,120 --> 00:00:15,280
+How many options per employee and how many options in total as in the total stock options
+
+4
+00:00:15,280 --> 00:00:17,600
+pool.
+
+5
+00:00:17,600 --> 00:00:20,760
+How many options should you grant per employee?
+
+6
+00:00:20,760 --> 00:00:24,240
+What number is the right number and how do you decide that?
+
+7
+00:00:24,240 --> 00:00:28,880
+Well, here we use the principle of attractiveness.
+
+8
+00:00:28,880 --> 00:00:34,920
+In a certain growth rate, what amount would be an attractive amount for an employee at
+
+9
+00:00:34,920 --> 00:00:38,400
+a particular role criticality?
+
+10
+00:00:38,400 --> 00:00:43,600
+We will discuss this in detail when we do the numbers, but broadly what you need to ensure
+
+11
+00:00:43,600 --> 00:00:51,040
+is that the number of options must be such that they are attractive to the recipient.
+
+12
+00:00:51,040 --> 00:00:57,440
+The second part is how many overall meaning what must be the total stock options pool
+
+13
+00:00:57,440 --> 00:01:02,840
+of the company and out of that how many do you give out today and how many do you reserve
+
+14
+00:01:02,840 --> 00:01:04,960
+for the future.
+
+15
+00:01:04,960 --> 00:01:12,040
+Here you might have your own restrictions or those placed by your investors in some cases.
+
+16
+00:01:12,040 --> 00:01:16,720
+Now look at the interplay between this dimension and the last one.
+
+17
+00:01:16,720 --> 00:01:21,440
+You have a certain overall limit that you cannot exceed.
+
+18
+00:01:21,440 --> 00:01:26,840
+Within that limit, you need to ensure that whoever gets stock options should get a number
+
+19
+00:01:26,840 --> 00:01:30,400
+that is attractive enough for that role.
+
+20
+00:01:30,400 --> 00:01:35,400
+If you are ever in a situation where the stock options pool is too small and you cannot cover
+
+21
+00:01:35,400 --> 00:01:41,200
+all your people adequately, then consider reducing your coverage.
+
+22
+00:01:41,200 --> 00:01:46,080
+You can try reducing the individual number of stock options so you try and cover as many
+
+23
+00:01:46,080 --> 00:01:51,280
+people but beyond a point it does not make sense to give them out to a large number of
+
+24
+00:01:51,280 --> 00:01:52,760
+people.
+
+25
+00:01:52,760 --> 00:01:58,360
+Because that might mean giving out peanuts to everyone and it may not motivate anyone
+
+26
+00:01:58,360 --> 00:02:00,720
+at all.
+
+27
+00:02:00,720 --> 00:02:05,960
+Attractiveness also depends significantly on your growth rate over the next few years
+
+28
+00:02:05,960 --> 00:02:09,440
+and we will see how when we do the numbers.
+
+29
+00:02:09,440 --> 00:02:15,520
+As a founder, you need to balance these forces and customize your scheme so that it is right
+
+30
+00:02:15,520 --> 00:02:16,080
+for you.
+

transcripts/12-Atom-6D-framework-Part-3.tsv

@@ -0,0 +1,31 @@
+start	end	text
+0	5760	The third dimension is how many.
+5760	9120	The how many dimension has two parts to it.
+9120	15280	How many options per employee and how many options in total as in the total stock options
+15280	17600	pool.
+17600	20760	How many options should you grant per employee?
+20760	24240	What number is the right number and how do you decide that?
+24240	28880	Well, here we use the principle of attractiveness.
+28880	34920	In a certain growth rate, what amount would be an attractive amount for an employee at
+34920	38400	a particular role criticality?
+38400	43600	We will discuss this in detail when we do the numbers, but broadly what you need to ensure
+43600	51040	is that the number of options must be such that they are attractive to the recipient.
+51040	57440	The second part is how many overall meaning what must be the total stock options pool
+57440	62840	of the company and out of that how many do you give out today and how many do you reserve
+62840	64960	for the future.
+64960	72040	Here you might have your own restrictions or those placed by your investors in some cases.
+72040	76720	Now look at the interplay between this dimension and the last one.
+76720	81440	You have a certain overall limit that you cannot exceed.
+81440	86840	Within that limit, you need to ensure that whoever gets stock options should get a number
+86840	90400	that is attractive enough for that role.
+90400	95400	If you are ever in a situation where the stock options pool is too small and you cannot cover
+95400	101200	all your people adequately, then consider reducing your coverage.
+101200	106080	You can try reducing the individual number of stock options so you try and cover as many
+106080	111280	people but beyond a point it does not make sense to give them out to a large number of
+111280	112760	people.
+112760	118360	Because that might mean giving out peanuts to everyone and it may not motivate anyone
+118360	120720	at all.
+120720	125960	Attractiveness also depends significantly on your growth rate over the next few years
+125960	129440	and we will see how when we do the numbers.
+129440	135520	As a founder, you need to balance these forces and customize your scheme so that it is right
+135520	136080	for you.

transcripts/13-Atom-6D-framework-Part-4.json

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0.14530843496322632}, {"id": 13, "seek": 5280, "start": 64.36, "end": 67.8, "text": " Do you have a compelling reason to do so?", "tokens": [50941, 2141, 345, 423, 257, 13206, 1738, 284, 466, 523, 30, 51113], "temperature": 0.0, "avg_logprob": -0.1156118883944974, "compression_ratio": 1.6416666666666666, "no_speech_prob": 0.14530843496322632}, {"id": 14, "seek": 5280, "start": 67.8, "end": 73.36, "text": " For instance, let us say you have team members who have been with you for the last two years", "tokens": [51113, 1114, 4554, 11, 1309, 514, 910, 345, 423, 1074, 1866, 508, 423, 587, 351, 345, 329, 262, 938, 734, 812, 51391], "temperature": 0.0, "avg_logprob": -0.1156118883944974, "compression_ratio": 1.6416666666666666, "no_speech_prob": 0.14530843496322632}, {"id": 15, "seek": 5280, "start": 73.36, "end": 79.67999999999999, "text": " and have created value from, say, $10 per share to $30 per share.", "tokens": [51391, 290, 423, 2727, 1988, 422, 11, 910, 11, 720, 940, 583, 2648, 284, 720, 1270, 583, 2648, 13, 51707], "temperature": 0.0, "avg_logprob": -0.1156118883944974, "compression_ratio": 1.6416666666666666, "no_speech_prob": 0.14530843496322632}, {"id": 16, "seek": 7968, "start": 79.68, "end": 85.52000000000001, "text": " Now a new group of people joins and you offer them options at $20 per share.", "tokens": [50363, 2735, 257, 649, 1448, 286, 661, 15449, 290, 345, 2897, 606, 3689, 379, 720, 1238, 583, 2648, 13, 50655], "temperature": 0.0, "avg_logprob": -0.11748481549714741, "compression_ratio": 1.6740088105726871, "no_speech_prob": 0.4118506610393524}, {"id": 17, "seek": 7968, "start": 85.52000000000001, "end": 91.0, "text": " Should they board the bus at $20 or should they board it at $30 and gain only to the", "tokens": [50655, 10358, 484, 3096, 262, 1323, 379, 720, 1238, 393, 815, 484, 3096, 340, 379, 720, 1270, 290, 4461, 691, 284, 262, 50929], "temperature": 0.0, "avg_logprob": -0.11748481549714741, "compression_ratio": 1.6740088105726871, "no_speech_prob": 0.4118506610393524}, {"id": 18, "seek": 7968, "start": 91.0, "end": 98.16000000000001, "text": " extent of value they add beyond $30, since they probably did not contribute to bringing", "tokens": [50929, 6287, 286, 1988, 484, 751, 3675, 720, 1270, 11, 1201, 484, 2192, 750, 407, 8676, 284, 6079, 51287], "temperature": 0.0, "avg_logprob": -0.11748481549714741, "compression_ratio": 1.6740088105726871, "no_speech_prob": 0.4118506610393524}, {"id": 19, "seek": 7968, "start": 98.16000000000001, "end": 102.60000000000001, "text": " the value up to $30 in the past.", "tokens": [51287, 262, 1988, 510, 284, 720, 1270, 287, 262, 1613, 13, 51509], "temperature": 0.0, "avg_logprob": -0.11748481549714741, "compression_ratio": 1.6740088105726871, "no_speech_prob": 0.4118506610393524}, {"id": 20, "seek": 7968, "start": 102.60000000000001, "end": 107.84, "text": " These are the perspectives you need to balance while deciding on the strike price of the options.", "tokens": [51509, 2312, 389, 262, 22582, 345, 761, 284, 5236, 981, 14615, 319, 262, 5587, 2756, 286, 262, 3689, 13, 51771], "temperature": 0.0, "avg_logprob": -0.11748481549714741, "compression_ratio": 1.6740088105726871, "no_speech_prob": 0.4118506610393524}], "language": "en"}

transcripts/14-Atom-6D-framework-Part-5.json

@@ -0,0 +1 @@
+{"text": " The fifth dimension is what conditions. The dimension of what conditions usually refers to the Westing and Exercise conditions. Westing has three elements. Period, Schedule and Conditions. You need to decide over what period the options must vest. The most common Westing period is four years with a one-year cliff, which means that no options can vest before the expiry of 12 months from the date of grant. That is also the minimum Westing period as per the Indian loss today, though it might change in the future. While four years is the most common Westing period, they could also vest over three or five years, or even longer if your vision dictates so. The second element is the Westing Schedule. Should they vest equally every year or in a back-ended manner, such as 10% in the first year, 20% in the second, 30% in the third, and 40% in the fourth. You could also vest them quarterly. This would again depend upon your vision and your business strategy. The third element is Westing Conditions. The options could vest merely on the basis of an employee continuing to remain in employment with the company. This is called Westing based on tenure. The options could also vest based on certain performance conditions being met. These conditions could be company levels such as revenue, profits, number of users, etc., or employee level performance parameters. So you need to define the Westing period, the Westing Schedule, and the Westing Conditions. We will talk more about this and also exercise conditions later on in our course.", "segments": [{"id": 0, "seek": 0, "start": 0.0, "end": 5.0, "text": " The fifth dimension is what conditions.", "tokens": [50363, 383, 8150, 15793, 318, 644, 3403, 13, 50613], "temperature": 0.0, "avg_logprob": -0.2162445720873381, "compression_ratio": 1.6666666666666667, "no_speech_prob": 0.10860784351825714}, {"id": 1, "seek": 0, "start": 5.0, "end": 12.0, "text": " The dimension of what conditions usually refers to the Westing and Exercise conditions.", "tokens": [50613, 383, 15793, 286, 644, 3403, 3221, 10229, 284, 262, 2688, 278, 290, 32900, 3403, 13, 50963], "temperature": 0.0, "avg_logprob": -0.2162445720873381, "compression_ratio": 1.6666666666666667, "no_speech_prob": 0.10860784351825714}, {"id": 2, "seek": 0, "start": 12.0, "end": 14.0, "text": " Westing has three elements.", "tokens": [50963, 2688, 278, 468, 1115, 4847, 13, 51063], "temperature": 0.0, "avg_logprob": -0.2162445720873381, "compression_ratio": 1.6666666666666667, "no_speech_prob": 0.10860784351825714}, {"id": 3, "seek": 0, "start": 14.0, "end": 19.0, "text": " Period, Schedule and Conditions.", "tokens": [51063, 18581, 11, 19281, 290, 27617, 13, 51313], "temperature": 0.0, "avg_logprob": -0.2162445720873381, "compression_ratio": 1.6666666666666667, "no_speech_prob": 0.10860784351825714}, {"id": 4, "seek": 0, "start": 19.0, "end": 24.0, "text": " You need to decide over what period the options must vest.", "tokens": [51313, 921, 761, 284, 5409, 625, 644, 2278, 262, 3689, 1276, 19750, 13, 51563], "temperature": 0.0, "avg_logprob": -0.2162445720873381, "compression_ratio": 1.6666666666666667, "no_speech_prob": 0.10860784351825714}, {"id": 5, "seek": 0, "start": 24.0, "end": 28.0, "text": " The most common Westing period is four years with a one-year cliff,", "tokens": [51563, 383, 749, 2219, 2688, 278, 2278, 318, 1440, 812, 351, 257, 530, 12, 1941, 19516, 11, 51763], "temperature": 0.0, "avg_logprob": 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the future.", "tokens": [50913, 996, 340, 1244, 1487, 287, 262, 2003, 13, 51013], "temperature": 0.0, "avg_logprob": -0.08936830442778919, "compression_ratio": 1.6382978723404256, "no_speech_prob": 0.012677961029112339}, {"id": 9, "seek": 2800, "start": 41.0, "end": 45.0, "text": " While four years is the most common Westing period,", "tokens": [51013, 2893, 1440, 812, 318, 262, 749, 2219, 2688, 278, 2278, 11, 51213], "temperature": 0.0, "avg_logprob": -0.08936830442778919, "compression_ratio": 1.6382978723404256, "no_speech_prob": 0.012677961029112339}, {"id": 10, "seek": 2800, "start": 45.0, "end": 48.0, "text": " they could also vest over three or five years,", "tokens": [51213, 484, 714, 635, 19750, 625, 1115, 393, 1936, 812, 11, 51363], "temperature": 0.0, "avg_logprob": -0.08936830442778919, "compression_ratio": 1.6382978723404256, "no_speech_prob": 0.012677961029112339}, {"id": 11, "seek": 2800, "start": 48.0, "end": 52.0, "text": " or even longer if your vision dictates so.", "tokens": [51363, 393, 772, 2392, 611, 534, 5761, 35054, 523, 13, 51563], "temperature": 0.0, "avg_logprob": -0.08936830442778919, "compression_ratio": 1.6382978723404256, "no_speech_prob": 0.012677961029112339}, {"id": 12, "seek": 2800, "start": 52.0, "end": 55.0, "text": " The second element is the Westing Schedule.", "tokens": [51563, 383, 1218, 5002, 318, 262, 2688, 278, 19281, 13, 51713], "temperature": 0.0, "avg_logprob": -0.08936830442778919, "compression_ratio": 1.6382978723404256, "no_speech_prob": 0.012677961029112339}, {"id": 13, "seek": 5500, "start": 55.0, "end": 59.0, "text": " Should they vest equally every year or in a back-ended manner,", "tokens": [50363, 10358, 484, 19750, 8603, 790, 614, 393, 287, 257, 736, 12, 1631, 5642, 11, 50563], "temperature": 0.0, "avg_logprob": -0.08751941862560454, "compression_ratio": 1.653225806451613, "no_speech_prob": 0.024666639044880867}, {"id": 14, "seek": 5500, "start": 59.0, "end": 64.0, "text": " such as 10% in the first year, 20% in the second, 30% in the third,", "tokens": [50563, 884, 355, 838, 4, 287, 262, 717, 614, 11, 1160, 4, 287, 262, 1218, 11, 1542, 4, 287, 262, 2368, 11, 50813], "temperature": 0.0, "avg_logprob": -0.08751941862560454, "compression_ratio": 1.653225806451613, "no_speech_prob": 0.024666639044880867}, {"id": 15, "seek": 5500, "start": 64.0, "end": 67.0, "text": " and 40% in the fourth.", "tokens": [50813, 290, 2319, 4, 287, 262, 5544, 13, 50963], "temperature": 0.0, "avg_logprob": -0.08751941862560454, "compression_ratio": 1.653225806451613, "no_speech_prob": 0.024666639044880867}, {"id": 16, "seek": 5500, "start": 67.0, "end": 70.0, "text": " You could also vest them quarterly.", "tokens": [50963, 921, 714, 635, 19750, 606, 27868, 13, 51113], "temperature": 0.0, "avg_logprob": -0.08751941862560454, "compression_ratio": 1.653225806451613, "no_speech_prob": 0.024666639044880867}, {"id": 17, "seek": 5500, "start": 70.0, "end": 75.0, "text": " This would again depend upon your vision and your 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0.024666639044880867}, {"id": 20, "seek": 8400, "start": 84.0, "end": 88.0, "text": " This is called Westing based on tenure.", "tokens": [50363, 770, 318, 1444, 2688, 278, 1912, 319, 17081, 13, 50563], "temperature": 0.0, "avg_logprob": -0.1461184054990358, "compression_ratio": 1.7272727272727273, "no_speech_prob": 0.0043571642599999905}, {"id": 21, "seek": 8400, "start": 88.0, "end": 93.0, "text": " The options could also vest based on certain performance conditions being met.", "tokens": [50563, 383, 3689, 714, 635, 19750, 1912, 319, 1728, 2854, 3403, 852, 1138, 13, 50813], "temperature": 0.0, "avg_logprob": -0.1461184054990358, "compression_ratio": 1.7272727272727273, "no_speech_prob": 0.0043571642599999905}, {"id": 22, "seek": 8400, "start": 93.0, "end": 99.0, "text": " These conditions could be company levels such as revenue, profits, number of users, etc.,", "tokens": [50813, 2312, 3403, 714, 307, 1664, 2974, 884, 355, 6426, 11, 10177, 11, 1271, 286, 2985, 11, 3503, 1539, 51113], "temperature": 0.0, "avg_logprob": -0.1461184054990358, "compression_ratio": 1.7272727272727273, "no_speech_prob": 0.0043571642599999905}, {"id": 23, "seek": 8400, "start": 99.0, "end": 102.0, "text": " or employee level performance parameters.", "tokens": [51113, 393, 6538, 1241, 2854, 10007, 13, 51263], "temperature": 0.0, "avg_logprob": -0.1461184054990358, "compression_ratio": 1.7272727272727273, "no_speech_prob": 0.0043571642599999905}, {"id": 24, "seek": 8400, "start": 102.0, "end": 109.0, "text": " So you need to define the Westing period, the Westing Schedule, and the Westing Conditions.", "tokens": [51263, 1406, 345, 761, 284, 8160, 262, 2688, 278, 2278, 11, 262, 2688, 278, 19281, 11, 290, 262, 2688, 278, 27617, 13, 51613], "temperature": 0.0, "avg_logprob": -0.1461184054990358, "compression_ratio": 1.7272727272727273, "no_speech_prob": 0.0043571642599999905}, {"id": 25, "seek": 10900, "start": 109.0, "end": 117.0, "text": " We will talk more about this and also 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transcripts/14-Atom-6D-framework-Part-5.txt

@@ -0,0 +1,26 @@
+The fifth dimension is what conditions.
+The dimension of what conditions usually refers to the Westing and Exercise conditions.
+Westing has three elements.
+Period, Schedule and Conditions.
+You need to decide over what period the options must vest.
+The most common Westing period is four years with a one-year cliff,
+which means that no options can vest before the expiry of 12 months from the date of grant.
+That is also the minimum Westing period as per the Indian loss today,
+though it might change in the future.
+While four years is the most common Westing period,
+they could also vest over three or five years,
+or even longer if your vision dictates so.
+The second element is the Westing Schedule.
+Should they vest equally every year or in a back-ended manner,
+such as 10% in the first year, 20% in the second, 30% in the third,
+and 40% in the fourth.
+You could also vest them quarterly.
+This would again depend upon your vision and your business strategy.
+The third element is Westing Conditions.
+The options could vest merely on the basis of an employee continuing to remain in employment with the company.
+This is called Westing based on tenure.
+The options could also vest based on certain performance conditions being met.
+These conditions could be company levels such as revenue, profits, number of users, etc.,
+or employee level performance parameters.
+So you need to define the Westing period, the Westing Schedule, and the Westing Conditions.
+We will talk more about this and also exercise conditions later on in our course.

transcripts/14-Atom-6D-framework-Part-5.vtt

@@ -0,0 +1,80 @@
+WEBVTT
+
+00:00.000 --> 00:05.000
+The fifth dimension is what conditions.
+
+00:05.000 --> 00:12.000
+The dimension of what conditions usually refers to the Westing and Exercise conditions.
+
+00:12.000 --> 00:14.000
+Westing has three elements.
+
+00:14.000 --> 00:19.000
+Period, Schedule and Conditions.
+
+00:19.000 --> 00:24.000
+You need to decide over what period the options must vest.
+
+00:24.000 --> 00:28.000
+The most common Westing period is four years with a one-year cliff,
+
+00:28.000 --> 00:34.000
+which means that no options can vest before the expiry of 12 months from the date of grant.
+
+00:34.000 --> 00:39.000
+That is also the minimum Westing period as per the Indian loss today,
+
+00:39.000 --> 00:41.000
+though it might change in the future.
+
+00:41.000 --> 00:45.000
+While four years is the most common Westing period,
+
+00:45.000 --> 00:48.000
+they could also vest over three or five years,
+
+00:48.000 --> 00:52.000
+or even longer if your vision dictates so.
+
+00:52.000 --> 00:55.000
+The second element is the Westing Schedule.
+
+00:55.000 --> 00:59.000
+Should they vest equally every year or in a back-ended manner,
+
+00:59.000 --> 01:04.000
+such as 10% in the first year, 20% in the second, 30% in the third,
+
+01:04.000 --> 01:07.000
+and 40% in the fourth.
+
+01:07.000 --> 01:10.000
+You could also vest them quarterly.
+
+01:10.000 --> 01:15.000
+This would again depend upon your vision and your business strategy.
+
+01:15.000 --> 01:18.000
+The third element is Westing Conditions.
+
+01:18.000 --> 01:24.000
+The options could vest merely on the basis of an employee continuing to remain in employment with the company.
+
+01:24.000 --> 01:28.000
+This is called Westing based on tenure.
+
+01:28.000 --> 01:33.000
+The options could also vest based on certain performance conditions being met.
+
+01:33.000 --> 01:39.000
+These conditions could be company levels such as revenue, profits, number of users, etc.,
+
+01:39.000 --> 01:42.000
+or employee level performance parameters.
+
+01:42.000 --> 01:49.000
+So you need to define the Westing period, the Westing Schedule, and the Westing Conditions.
+
+01:49.000 --> 01:57.000
+We will talk more about this and also exercise conditions later on in our course.
+

transcripts/19-Employee-wealth-creation.srt

@@ -0,0 +1,272 @@
+1
+00:00:00,000 --> 00:00:08,080
+While discussing the ATOM 60 stock options framework, we mentioned that when you think
+
+2
+00:00:08,080 --> 00:00:14,000
+about how many stock options to grant to an individual employee, you must bear in mind
+
+3
+00:00:14,000 --> 00:00:17,720
+that the financial benefit to that employee must be attractive.
+
+4
+00:00:17,720 --> 00:00:22,800
+We also discussed that attractiveness can be quite subjective and usually depends on
+
+5
+00:00:22,800 --> 00:00:27,360
+the earning capacity or annual worth of an individual.
+
+6
+00:00:27,360 --> 00:00:33,440
+So a benefit of $200,000 in four years might seem attractive to someone earning $50,000
+
+7
+00:00:33,440 --> 00:00:39,120
+a year, but may not seem so attractive to someone earning $100 million a year.
+
+8
+00:00:39,120 --> 00:00:43,560
+So how do you decide what the intended benefit must be?
+
+9
+00:00:43,560 --> 00:00:50,920
+Well, you look at it with respect to their criticality rating and their annual worth.
+
+10
+00:00:50,920 --> 00:00:56,520
+Let us say you have an employee in a senior role that bears the highest criticality rating
+
+11
+00:00:56,520 --> 00:01:03,160
+a drawing a salary of $75,000 per annum because they have taken a pay cut, but their market
+
+12
+00:01:03,160 --> 00:01:06,800
+worth is $200,000 per annum.
+
+13
+00:01:06,800 --> 00:01:10,680
+What would be an attractive intended benefit for such a role?
+
+14
+00:01:10,680 --> 00:01:16,720
+Also, being a startup, let us consider a horizon of say four years, after which you expect this
+
+15
+00:01:16,720 --> 00:01:19,560
+individual to earn that benefit.
+
+16
+00:01:19,560 --> 00:01:24,120
+You would also waste those options over four years and you might assume a liquidity event
+
+17
+00:01:24,120 --> 00:01:30,680
+of some sort, which means someone willing to buy your shares after about four years.
+
+18
+00:01:30,680 --> 00:01:37,480
+So we have a senior role rated criticality A with a market worth of $200,000 per annum.
+
+19
+00:01:37,480 --> 00:01:43,760
+What would be an attractive intended benefit for such a person after four years?
+
+20
+00:01:43,760 --> 00:01:48,360
+While we will provide you with a few guidelines, I want you to think about this along with
+
+21
+00:01:48,360 --> 00:01:49,360
+me.
+
+22
+00:01:49,720 --> 00:01:51,480
+Let us start small.
+
+23
+00:01:51,480 --> 00:01:57,960
+Would earning an extra $25,000 from stock options after four years be very attractive?
+
+24
+00:01:57,960 --> 00:01:59,960
+Probably not.
+
+25
+00:01:59,960 --> 00:02:06,120
+While some money is better than no money, it may not exactly classify as very attractive
+
+26
+00:02:06,120 --> 00:02:09,040
+at a senior criticality.
+
+27
+00:02:09,040 --> 00:02:12,520
+How about $200,000 in four years?
+
+28
+00:02:12,520 --> 00:02:18,280
+Well that certainly sounds like a significant improvement over $25,000, but let us examine
+
+29
+00:02:18,280 --> 00:02:19,640
+it further.
+
+30
+00:02:19,640 --> 00:02:25,120
+$200,000 in four years means roughly $50,000 extra per year.
+
+31
+00:02:25,120 --> 00:02:31,360
+But this person also took a pay cut, so they lost $125,000 per year in salary.
+
+32
+00:02:31,360 --> 00:02:36,840
+While they earned only an extra $50,000 a year out of stock options.
+
+33
+00:02:36,840 --> 00:02:40,400
+Now it does not look so attractive.
+
+34
+00:02:40,400 --> 00:02:45,240
+Build your own personal scale to make these calculations.
+
+35
+00:02:45,240 --> 00:02:49,240
+A good thumb rule to use is as follows.
+
+36
+00:02:49,240 --> 00:02:55,440
+For someone at the highest criticality rating A, start with an intended benefit of about
+
+37
+00:02:55,440 --> 00:03:00,760
+six to eight times their current market worth in four years.
+
+38
+00:03:00,760 --> 00:03:06,240
+We always assume the intended gross benefit for an employee, just like we mostly talk
+
+39
+00:03:06,240 --> 00:03:11,360
+about the gross salary and not the salary after tax.
+
+40
+00:03:11,360 --> 00:03:18,200
+So in our example, using six to eight times the current worth of $200,000, the intended
+
+41
+00:03:18,200 --> 00:03:24,360
+benefit comes to about $1.2 to $1.6 million in four years.
+
+42
+00:03:24,360 --> 00:03:29,400
+Considering that they gave up a cash salary of around half a million dollars or more in
+
+43
+00:03:29,400 --> 00:03:34,400
+four years, they would still profit from their stock options.
+
+44
+00:03:34,400 --> 00:03:41,500
+If you go up to 10 or 12 times, the amount would be $2 to $2.4 million in four years.
+
+45
+00:03:41,500 --> 00:03:48,080
+This was for criticality A. You could use the same or a descending multiple for criticality
+
+46
+00:03:48,080 --> 00:03:55,600
+ratings B, C, D, and E. So if criticality A is eight X of the annual worth in a four-year
+
+47
+00:03:55,600 --> 00:04:04,240
+period, B could be six X, C, four X, D, three X, and E, two X.
+
+48
+00:04:04,240 --> 00:04:09,360
+Using a descending multiple essentially means you're using a weighted system where you
+
+49
+00:04:09,360 --> 00:04:13,960
+assign higher weights to higher criticality ratings.
+
+50
+00:04:13,960 --> 00:04:19,440
+If you were to use the same multiple throughout all the criticality ratings, people would
+
+51
+00:04:19,440 --> 00:04:26,760
+still get a different number of stock options because their salary might be different.
+
+52
+00:04:26,760 --> 00:04:31,320
+The difference in the grand numbers between two people under this method would be less
+
+53
+00:04:31,320 --> 00:04:33,720
+stock.
+
+54
+00:04:33,720 --> 00:04:38,720
+Using a higher multiple for higher criticality ratings might be reasonable to do in many
+
+55
+00:04:38,720 --> 00:04:44,480
+instances where you believe that the ability to create value goes up with an increase
+
+56
+00:04:44,480 --> 00:04:46,760
+in criticality.
+
+57
+00:04:46,760 --> 00:04:51,680
+Try both the options, the same multiple for all, and a different multiple for different
+
+58
+00:04:51,680 --> 00:04:53,120
+ratings.
+
+59
+00:04:53,120 --> 00:04:58,280
+Think about it for some time and then decide what works best for you.
+
+60
+00:04:58,280 --> 00:05:04,440
+So to recap, we start with calculating the intended benefit for an employee.
+
+61
+00:05:04,440 --> 00:05:09,600
+An amount attractive enough for that individual at that criticality rating.
+
+62
+00:05:09,600 --> 00:05:15,000
+But this amount will be earned by them through stock options and not as a cash bonus.
+
+63
+00:05:15,000 --> 00:05:20,400
+You need to determine how many stock options you must give them so they can earn this intended
+
+64
+00:05:20,400 --> 00:05:25,080
+benefit of $1.6 or $2 million in four years.
+
+65
+00:05:25,080 --> 00:05:29,720
+They will earn this amount by selling the shares that they receive after exercising
+
+66
+00:05:29,720 --> 00:05:31,000
+the options.
+
+67
+00:05:31,000 --> 00:05:38,080
+So you need to understand how much profit one equity share might provide in four years.
+
+68
+00:05:38,080 --> 00:05:41,840
+To do that, you need to look at your financial projections.
+

transcripts/19-Employee-wealth-creation.tsv

@@ -0,0 +1,69 @@
+start	end	text
+0	8080	While discussing the ATOM 60 stock options framework, we mentioned that when you think
+8080	14000	about how many stock options to grant to an individual employee, you must bear in mind
+14000	17720	that the financial benefit to that employee must be attractive.
+17720	22800	We also discussed that attractiveness can be quite subjective and usually depends on
+22800	27360	the earning capacity or annual worth of an individual.
+27360	33440	So a benefit of $200,000 in four years might seem attractive to someone earning $50,000
+33440	39120	a year, but may not seem so attractive to someone earning $100 million a year.
+39120	43560	So how do you decide what the intended benefit must be?
+43560	50920	Well, you look at it with respect to their criticality rating and their annual worth.
+50920	56520	Let us say you have an employee in a senior role that bears the highest criticality rating
+56520	63160	a drawing a salary of $75,000 per annum because they have taken a pay cut, but their market
+63160	66800	worth is $200,000 per annum.
+66800	70680	What would be an attractive intended benefit for such a role?
+70680	76720	Also, being a startup, let us consider a horizon of say four years, after which you expect this
+76720	79560	individual to earn that benefit.
+79560	84120	You would also waste those options over four years and you might assume a liquidity event
+84120	90680	of some sort, which means someone willing to buy your shares after about four years.
+90680	97480	So we have a senior role rated criticality A with a market worth of $200,000 per annum.
+97480	103760	What would be an attractive intended benefit for such a person after four years?
+103760	108360	While we will provide you with a few guidelines, I want you to think about this along with
+108360	109360	me.
+109720	111480	Let us start small.
+111480	117960	Would earning an extra $25,000 from stock options after four years be very attractive?
+117960	119960	Probably not.
+119960	126120	While some money is better than no money, it may not exactly classify as very attractive
+126120	129040	at a senior criticality.
+129040	132520	How about $200,000 in four years?
+132520	138280	Well that certainly sounds like a significant improvement over $25,000, but let us examine
+138280	139640	it further.
+139640	145120	$200,000 in four years means roughly $50,000 extra per year.
+145120	151360	But this person also took a pay cut, so they lost $125,000 per year in salary.
+151360	156840	While they earned only an extra $50,000 a year out of stock options.
+156840	160400	Now it does not look so attractive.
+160400	165240	Build your own personal scale to make these calculations.
+165240	169240	A good thumb rule to use is as follows.
+169240	175440	For someone at the highest criticality rating A, start with an intended benefit of about
+175440	180760	six to eight times their current market worth in four years.
+180760	186240	We always assume the intended gross benefit for an employee, just like we mostly talk
+186240	191360	about the gross salary and not the salary after tax.
+191360	198200	So in our example, using six to eight times the current worth of $200,000, the intended
+198200	204360	benefit comes to about $1.2 to $1.6 million in four years.
+204360	209400	Considering that they gave up a cash salary of around half a million dollars or more in
+209400	214400	four years, they would still profit from their stock options.
+214400	221500	If you go up to 10 or 12 times, the amount would be $2 to $2.4 million in four years.
+221500	228080	This was for criticality A. You could use the same or a descending multiple for criticality
+228080	235600	ratings B, C, D, and E. So if criticality A is eight X of the annual worth in a four-year
+235600	244240	period, B could be six X, C, four X, D, three X, and E, two X.
+244240	249360	Using a descending multiple essentially means you're using a weighted system where you
+249360	253960	assign higher weights to higher criticality ratings.
+253960	259440	If you were to use the same multiple throughout all the criticality ratings, people would
+259440	266760	still get a different number of stock options because their salary might be different.
+266760	271320	The difference in the grand numbers between two people under this method would be less
+271320	273720	stock.
+273720	278720	Using a higher multiple for higher criticality ratings might be reasonable to do in many
+278720	284480	instances where you believe that the ability to create value goes up with an increase
+284480	286760	in criticality.
+286760	291680	Try both the options, the same multiple for all, and a different multiple for different
+291680	293120	ratings.
+293120	298280	Think about it for some time and then decide what works best for you.
+298280	304440	So to recap, we start with calculating the intended benefit for an employee.
+304440	309600	An amount attractive enough for that individual at that criticality rating.
+309600	315000	But this amount will be earned by them through stock options and not as a cash bonus.
+315000	320400	You need to determine how many stock options you must give them so they can earn this intended
+320400	325080	benefit of $1.6 or $2 million in four years.
+325080	329720	They will earn this amount by selling the shares that they receive after exercising
+329720	331000	the options.
+331000	338080	So you need to understand how much profit one equity share might provide in four years.
+338080	341840	To do that, you need to look at your financial projections.

transcripts/2-How-to-schedule-this-course.srt

@@ -0,0 +1,148 @@
+1
+00:00:00,000 --> 00:00:07,760
+You should take this course over a few days, say a week or ten days.
+
+2
+00:00:07,760 --> 00:00:13,400
+You could also go through the entire thing once, say over a weekend, to get the general
+
+3
+00:00:13,400 --> 00:00:20,040
+tone and flavor and then start again and deep dive for a week.
+
+4
+00:00:20,040 --> 00:00:25,280
+Mealy listening to the sessions at a stretch will teach you almost nothing.
+
+5
+00:00:25,280 --> 00:00:34,320
+It is your act of listening, pausing, looking up and thinking that will really help you.
+
+6
+00:00:34,320 --> 00:00:39,000
+As you start the course, divide these sessions according to your convenience for the next
+
+7
+00:00:39,000 --> 00:00:40,560
+few days.
+
+8
+00:00:40,560 --> 00:00:43,880
+Don't listen to too many sessions in a single day.
+
+9
+00:00:43,880 --> 00:00:48,880
+In courses such as this one, it appears that your goal is to go through all these sessions
+
+10
+00:00:48,880 --> 00:00:51,080
+as quickly as you can.
+
+11
+00:00:51,080 --> 00:00:53,440
+But that is not your objective.
+
+12
+00:00:53,440 --> 00:00:56,520
+Your objective is not to listen and learn.
+
+13
+00:00:56,520 --> 00:01:00,360
+Your primary objective is to contemplate.
+
+14
+00:01:00,360 --> 00:01:03,120
+Listening will help you very little.
+
+15
+00:01:03,120 --> 00:01:08,160
+It is your notes and your contemplation about your notes that will help you extract the
+
+16
+00:01:08,160 --> 00:01:11,360
+insights out of the process.
+
+17
+00:01:11,360 --> 00:01:13,920
+So follow a thumb rule.
+
+18
+00:01:13,920 --> 00:01:19,680
+For every one minute of listening, you must spend five or more minutes on contemplation.
+
+19
+00:01:19,680 --> 00:01:24,920
+That means if you listen for fifteen minutes, you must think for seventy-five minutes.
+
+20
+00:01:24,920 --> 00:01:26,920
+So listen to the session.
+
+21
+00:01:26,920 --> 00:01:33,520
+Pause often, make a lot of notes, then put the session away and think.
+
+22
+00:01:33,520 --> 00:01:37,440
+Sit at a quiet place or take a walk and think.
+
+23
+00:01:37,440 --> 00:01:43,640
+If you are not used to contemplation, consider it to be a new physical and mental routine
+
+24
+00:01:43,640 --> 00:01:48,600
+because it requires you to do something you probably haven't done.
+
+25
+00:01:48,600 --> 00:01:54,920
+You have to stop doing what you were doing, get your mind and sometimes your body away
+
+26
+00:01:54,920 --> 00:02:01,400
+from all other distractions and tell yourself, for the next hour or so, I am only going to
+
+27
+00:02:01,400 --> 00:02:04,840
+stare into blankness and think.
+
+28
+00:02:04,840 --> 00:02:07,440
+Your primary objective is not listening.
+
+29
+00:02:07,440 --> 00:02:10,400
+Your primary objective is thinking.
+
+30
+00:02:10,400 --> 00:02:15,440
+Use the course material merely as a means to think.
+
+31
+00:02:15,440 --> 00:02:21,280
+It is this deep thinking, this contemplation about things that matter to you, that will
+
+32
+00:02:21,280 --> 00:02:26,560
+generate insights and create new connections inside your brain.
+
+33
+00:02:26,560 --> 00:02:33,600
+This is what gets missed out when the external world is too fast paced and noisy.
+
+34
+00:02:33,600 --> 00:02:39,720
+You need to cut off, go inward and ponder silently.
+
+35
+00:02:39,720 --> 00:02:42,880
+It is not about you going through the course.
+
+36
+00:02:42,880 --> 00:02:47,600
+It is about the course going through you that matters.
+
+37
+00:02:47,600 --> 00:02:50,400
+So don't rush, make the course work for you.
+

transcripts/2-How-to-schedule-this-course.tsv

@@ -0,0 +1,38 @@
+start	end	text
+0	7760	You should take this course over a few days, say a week or ten days.
+7760	13400	You could also go through the entire thing once, say over a weekend, to get the general
+13400	20040	tone and flavor and then start again and deep dive for a week.
+20040	25280	Mealy listening to the sessions at a stretch will teach you almost nothing.
+25280	34320	It is your act of listening, pausing, looking up and thinking that will really help you.
+34320	39000	As you start the course, divide these sessions according to your convenience for the next
+39000	40560	few days.
+40560	43880	Don't listen to too many sessions in a single day.
+43880	48880	In courses such as this one, it appears that your goal is to go through all these sessions
+48880	51080	as quickly as you can.
+51080	53440	But that is not your objective.
+53440	56520	Your objective is not to listen and learn.
+56520	60360	Your primary objective is to contemplate.
+60360	63120	Listening will help you very little.
+63120	68160	It is your notes and your contemplation about your notes that will help you extract the
+68160	71360	insights out of the process.
+71360	73920	So follow a thumb rule.
+73920	79680	For every one minute of listening, you must spend five or more minutes on contemplation.
+79680	84920	That means if you listen for fifteen minutes, you must think for seventy-five minutes.
+84920	86920	So listen to the session.
+86920	93520	Pause often, make a lot of notes, then put the session away and think.
+93520	97440	Sit at a quiet place or take a walk and think.
+97440	103640	If you are not used to contemplation, consider it to be a new physical and mental routine
+103640	108600	because it requires you to do something you probably haven't done.
+108600	114920	You have to stop doing what you were doing, get your mind and sometimes your body away
+114920	121400	from all other distractions and tell yourself, for the next hour or so, I am only going to
+121400	124840	stare into blankness and think.
+124840	127440	Your primary objective is not listening.
+127440	130400	Your primary objective is thinking.
+130400	135440	Use the course material merely as a means to think.
+135440	141280	It is this deep thinking, this contemplation about things that matter to you, that will
+141280	146560	generate insights and create new connections inside your brain.
+146560	153600	This is what gets missed out when the external world is too fast paced and noisy.
+153600	159720	You need to cut off, go inward and ponder silently.
+159720	162880	It is not about you going through the course.
+162880	167600	It is about the course going through you that matters.
+167600	170400	So don't rush, make the course work for you.

transcripts/20-Financial-Projections.json

@@ -0,0 +1 @@
+{"text": " To be able to calculate the number of options for each employee, you need your financial projections. Recall our X by Y formula. If we intend to pass on a benefit of $100 over 4 years, and if each equity share provides a profit of $20, then we would need to grant 5 options to deliver the intended benefit of $100. Now to do these calculations, you need your financial projections. You could either make them yourself or take the assistance of your financial advisor or investor. But you need to pay attention to the implications of your financial projections on the number of stock options you will decide to grant. Let us say you wish to provide an intended benefit of $100,000 to an employee in 4 years. When you think about value created for the purpose of stock options, this is what you're asking yourself. By how much should the company value increase for the intended benefit of $100,000 to be justified to that employee? Should the employee make $100,000 as stock options profit, even if the company value does not increase at all? Should the employee make $100,000 as profit, only when the company increases in value to a billion dollars? Here you need to consider what is reasonable. If you do see a reasonable increase in the equity value, then the employee must also make a reasonable profit. Scribble a few numbers on a page as you listen to this. If your financial projections show the current share price at $20 and the share price after 4 years at $100,020, that's $100,000 to $0,000. Because let's say your company is worth a billion dollars, well then the profit for each share over 4 years would be $100,000. And since your intended benefit is also $100,000, you would conclude that you only need to grant that employee a single stock option, because each share would give them a profit of $100,000. They would really need only one share to be able to make the intended benefit of $100,000. You need to be careful when you make assumptions in your financial projections, because if you consider very optimistic numbers in your projections and decide the number of options based off those projections, then the employee may end up making almost nothing, even if you grew by a reasonable amount over 4 years. So to keep it reasonable you could say that the employee should make an intended benefit of $100,000. If the share price were to grow from $20 to say $200 or $300 or $500, which is still a growth of 10x, 15x or 25x in 4 years. If you consider an approximate profit per share of $500 in 4 years, for an intended benefit of $100,000, you would need to grant them 200 options, 100,000 divided by 500, rather than granting them only one option in the case of highly optimistic projections. Now we are not saying that you have to pair your ambitions down. What we are saying is, don't plan your stock options numbers on the basis of a moon projection. Plan them on the basis of something reasonable. So if there is a reasonable value creation, the team also makes a reasonable profit, which is fair, which automatically means that should there be an unreasonably high value creation, the team would also make an unreasonably high profit, which is exactly how it should be. So work on average reasonable projections and not highly optimistic projections when you calculate the number of options per employee. Time for the moon, sure. But ensure that should you reach only the top floor of a skyscraper, your team is still rewarded appropriately. When you plan the option numbers as per the skyscraper, but end up reaching the moon, then every stock option recipient will be over the moon too. So be careful when defining these projections. Talk it over with your advisors in detail. This is very, very crucial since this affects the number of options you would give to your team members today. You could have one set of projections as your dream numbers and another set to decide the stock option grants. 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"no_speech_prob": 0.1356823444366455}, {"id": 3, "seek": 0, "start": 11.28, "end": 16.92, "text": " If we intend to pass on a benefit of $100 over 4 years, and if each equity share provides", "tokens": [50927, 1002, 356, 14765, 284, 1208, 319, 257, 4414, 286, 720, 3064, 625, 604, 812, 11, 290, 611, 1123, 13598, 2648, 3769, 51209], "temperature": 0.0, "avg_logprob": -0.16196610003101583, "compression_ratio": 1.7162162162162162, "no_speech_prob": 0.1356823444366455}, {"id": 4, "seek": 0, "start": 16.92, "end": 22.62, "text": " a profit of $20, then we would need to grant 5 options to deliver the intended benefit", "tokens": [51209, 257, 7630, 286, 720, 1238, 11, 788, 356, 561, 761, 284, 7264, 642, 3689, 284, 5203, 262, 5292, 4414, 51494], "temperature": 0.0, "avg_logprob": -0.16196610003101583, "compression_ratio": 1.7162162162162162, "no_speech_prob": 0.1356823444366455}, {"id": 5, "seek": 0, "start": 22.62, "end": 24.560000000000002, "text": " of $100.", "tokens": [51494, 286, 720, 3064, 13, 51591], "temperature": 0.0, "avg_logprob": -0.16196610003101583, "compression_ratio": 1.7162162162162162, "no_speech_prob": 0.1356823444366455}, {"id": 6, "seek": 0, "start": 24.560000000000002, "end": 28.98, "text": " Now to do these calculations, you need your financial projections.", "tokens": [51591, 2735, 284, 466, 777, 16765, 11, 345, 761, 534, 3176, 19887, 13, 51812], "temperature": 0.0, "avg_logprob": -0.16196610003101583, "compression_ratio": 1.7162162162162162, "no_speech_prob": 0.1356823444366455}, {"id": 7, "seek": 2898, "start": 28.98, "end": 33.34, "text": " You could either make them yourself or take the assistance of your financial advisor or", "tokens": [50363, 921, 714, 2035, 787, 606, 3511, 393, 1011, 262, 6829, 286, 534, 3176, 20685, 393, 50581], "temperature": 0.0, "avg_logprob": -0.1477566659450531, "compression_ratio": 1.6454183266932272, "no_speech_prob": 0.04220078885555267}, {"id": 8, "seek": 2898, "start": 33.34, "end": 35.1, "text": " investor.", "tokens": [50581, 15811, 13, 50669], "temperature": 0.0, "avg_logprob": -0.1477566659450531, "compression_ratio": 1.6454183266932272, "no_speech_prob": 0.04220078885555267}, {"id": 9, "seek": 2898, "start": 35.1, "end": 41.36, "text": " But you need to pay attention to the implications of your financial projections on the number", "tokens": [50669, 887, 345, 761, 284, 1414, 3241, 284, 262, 10939, 286, 534, 3176, 19887, 319, 262, 1271, 50982], "temperature": 0.0, "avg_logprob": -0.1477566659450531, "compression_ratio": 1.6454183266932272, "no_speech_prob": 0.04220078885555267}, {"id": 10, "seek": 2898, "start": 41.36, "end": 45.78, "text": " of stock options you will decide to grant.", "tokens": [50982, 286, 4283, 3689, 345, 481, 5409, 284, 7264, 13, 51203], "temperature": 0.0, "avg_logprob": -0.1477566659450531, "compression_ratio": 1.6454183266932272, "no_speech_prob": 0.04220078885555267}, {"id": 11, "seek": 2898, "start": 45.78, "end": 52.5, "text": " Let us say you wish to provide an intended benefit of $100,000 to an employee in 4 years.", "tokens": [51203, 3914, 514, 910, 345, 4601, 284, 2148, 281, 5292, 4414, 286, 720, 3064, 11, 830, 284, 281, 6538, 287, 604, 812, 13, 51539], "temperature": 0.0, "avg_logprob": -0.1477566659450531, "compression_ratio": 1.6454183266932272, "no_speech_prob": 0.04220078885555267}, {"id": 12, "seek": 2898, "start": 52.5, "end": 57.2, "text": " When you think about value created for the purpose of stock options, this is what you're", "tokens": [51539, 1649, 345, 892, 546, 1988, 2727, 329, 262, 4007, 286, 4283, 3689, 11, 428, 318, 644, 345, 821, 51774], "temperature": 0.0, "avg_logprob": -0.1477566659450531, "compression_ratio": 1.6454183266932272, "no_speech_prob": 0.04220078885555267}, {"id": 13, "seek": 5720, "start": 57.2, "end": 59.36, "text": " asking yourself.", "tokens": [50363, 4737, 3511, 13, 50471], "temperature": 0.0, "avg_logprob": -0.15865759319729275, "compression_ratio": 1.8238341968911918, "no_speech_prob": 0.09433344006538391}, {"id": 14, "seek": 5720, "start": 59.36, "end": 65.8, "text": " By how much should the company value increase for the intended benefit of $100,000 to be", "tokens": [50471, 2750, 703, 881, 815, 262, 1664, 1988, 2620, 329, 262, 5292, 4414, 286, 720, 3064, 11, 830, 284, 307, 50793], "temperature": 0.0, "avg_logprob": -0.15865759319729275, "compression_ratio": 1.8238341968911918, "no_speech_prob": 0.09433344006538391}, {"id": 15, "seek": 5720, "start": 65.8, "end": 69.62, "text": " justified to that employee?", "tokens": [50793, 14460, 284, 326, 6538, 30, 50984], "temperature": 0.0, "avg_logprob": -0.15865759319729275, "compression_ratio": 1.8238341968911918, "no_speech_prob": 0.09433344006538391}, {"id": 16, "seek": 5720, "start": 69.62, "end": 75.28, "text": " Should the employee make $100,000 as stock options profit, even if the company value does not", "tokens": [50984, 10358, 262, 6538, 787, 720, 3064, 11, 830, 355, 4283, 3689, 7630, 11, 772, 611, 262, 1664, 1988, 857, 407, 51267], "temperature": 0.0, "avg_logprob": -0.15865759319729275, "compression_ratio": 1.8238341968911918, "no_speech_prob": 0.09433344006538391}, {"id": 17, "seek": 5720, "start": 75.28, "end": 77.60000000000001, "text": " increase at all?", "tokens": [51267, 2620, 379, 477, 30, 51383], "temperature": 0.0, "avg_logprob": -0.15865759319729275, "compression_ratio": 1.8238341968911918, "no_speech_prob": 0.09433344006538391}, {"id": 18, "seek": 5720, "start": 77.60000000000001, "end": 83.04, "text": " Should the employee make $100,000 as profit, only when the company increases in value to", "tokens": [51383, 10358, 262, 6538, 787, 720, 3064, 11, 830, 355, 7630, 11, 691, 618, 262, 1664, 5732, 287, 1988, 284, 51655], "temperature": 0.0, "avg_logprob": -0.15865759319729275, "compression_ratio": 1.8238341968911918, "no_speech_prob": 0.09433344006538391}, {"id": 19, "seek": 5720, "start": 83.04, "end": 85.52000000000001, "text": " a billion dollars?", "tokens": [51655, 257, 2997, 5054, 30, 51779], "temperature": 0.0, "avg_logprob": -0.15865759319729275, "compression_ratio": 1.8238341968911918, "no_speech_prob": 0.09433344006538391}, {"id": 20, "seek": 8552, "start": 85.52, "end": 89.16, "text": " Here you need to consider what is reasonable.", "tokens": [50363, 3423, 345, 761, 284, 2074, 644, 318, 6397, 13, 50545], "temperature": 0.0, "avg_logprob": -0.16208977312655062, "compression_ratio": 1.6344086021505377, "no_speech_prob": 0.18649424612522125}, {"id": 21, "seek": 8552, "start": 89.16, "end": 94.8, "text": " If you do see a reasonable increase in the equity value, then the employee must also make", "tokens": [50545, 1002, 345, 466, 766, 257, 6397, 2620, 287, 262, 13598, 1988, 11, 788, 262, 6538, 1276, 635, 787, 50827], "temperature": 0.0, "avg_logprob": -0.16208977312655062, "compression_ratio": 1.6344086021505377, "no_speech_prob": 0.18649424612522125}, {"id": 22, "seek": 8552, "start": 94.8, "end": 97.92, "text": " a reasonable profit.", "tokens": [50827, 257, 6397, 7630, 13, 50983], "temperature": 0.0, "avg_logprob": -0.16208977312655062, "compression_ratio": 1.6344086021505377, "no_speech_prob": 0.18649424612522125}, {"id": 23, "seek": 8552, "start": 97.92, "end": 102.56, "text": " Scribble a few numbers on a page as you listen to this.", "tokens": [50983, 44469, 903, 257, 1178, 3146, 319, 257, 2443, 355, 345, 6004, 284, 428, 13, 51215], "temperature": 0.0, "avg_logprob": -0.16208977312655062, "compression_ratio": 1.6344086021505377, "no_speech_prob": 0.18649424612522125}, {"id": 24, "seek": 8552, "start": 102.56, "end": 108.8, "text": " If your financial projections show the current share price at $20 and the share price after", "tokens": [51215, 1002, 534, 3176, 19887, 905, 262, 1459, 2648, 2756, 379, 720, 1238, 290, 262, 2648, 2756, 706, 51527], "temperature": 0.0, "avg_logprob": -0.16208977312655062, "compression_ratio": 1.6344086021505377, "no_speech_prob": 0.18649424612522125}, {"id": 25, "seek": 10880, "start": 108.8, "end": 117.0, "text": " 4 years at $100,020, that's $100,000 to $0,000.", "tokens": [50363, 604, 812, 379, 720, 3064, 11, 33618, 11, 326, 338, 720, 3064, 11, 830, 284, 720, 15, 11, 830, 13, 50773], "temperature": 0.0, "avg_logprob": -0.14823029342206936, "compression_ratio": 1.6441441441441442, "no_speech_prob": 0.38625016808509827}, {"id": 26, "seek": 10880, "start": 117.0, "end": 121.47999999999999, "text": " Because let's say your company is worth a billion dollars, well then the profit for", "tokens": [50773, 4362, 1309, 338, 910, 534, 1664, 318, 2861, 257, 2997, 5054, 11, 880, 788, 262, 7630, 329, 50997], "temperature": 0.0, "avg_logprob": -0.14823029342206936, "compression_ratio": 1.6441441441441442, "no_speech_prob": 0.38625016808509827}, {"id": 27, "seek": 10880, "start": 121.47999999999999, "end": 126.36, "text": " each share over 4 years would be $100,000.", "tokens": [50997, 1123, 2648, 625, 604, 812, 561, 307, 720, 3064, 11, 830, 13, 51241], "temperature": 0.0, "avg_logprob": -0.14823029342206936, "compression_ratio": 1.6441441441441442, "no_speech_prob": 0.38625016808509827}, {"id": 28, "seek": 10880, "start": 126.36, "end": 132.6, "text": " And since your intended benefit is also $100,000, you would conclude that you only need to grant", "tokens": [51241, 843, 1201, 534, 5292, 4414, 318, 635, 720, 3064, 11, 830, 11, 345, 561, 13796, 326, 345, 691, 761, 284, 7264, 51553], "temperature": 0.0, "avg_logprob": -0.14823029342206936, "compression_ratio": 1.6441441441441442, "no_speech_prob": 0.38625016808509827}, {"id": 29, "seek": 10880, "start": 132.6, "end": 138.16, "text": " that employee a single stock option, because each share would give them a profit of $100,000.", "tokens": [51553, 326, 6538, 257, 2060, 4283, 3038, 11, 780, 1123, 2648, 561, 1577, 606, 257, 7630, 286, 720, 3064, 11, 830, 13, 51831], "temperature": 0.0, "avg_logprob": -0.14823029342206936, "compression_ratio": 1.6441441441441442, "no_speech_prob": 0.38625016808509827}, {"id": 30, "seek": 13816, "start": 138.16, "end": 145.0, "text": " They would really need only one share to be able to make the intended benefit of $100,000.", "tokens": [50363, 1119, 561, 1107, 761, 691, 530, 2648, 284, 307, 1498, 284, 787, 262, 5292, 4414, 286, 720, 3064, 11, 830, 13, 50705], "temperature": 0.0, "avg_logprob": -0.07871075736151802, "compression_ratio": 1.6571428571428573, "no_speech_prob": 0.025433745235204697}, {"id": 31, "seek": 13816, "start": 145.0, "end": 149.84, "text": " You need to be careful when you make assumptions in your financial projections, because if", "tokens": [50705, 921, 761, 284, 307, 8161, 618, 345, 787, 14895, 287, 534, 3176, 19887, 11, 780, 611, 50947], "temperature": 0.0, "avg_logprob": -0.07871075736151802, "compression_ratio": 1.6571428571428573, "no_speech_prob": 0.025433745235204697}, {"id": 32, "seek": 13816, "start": 149.84, "end": 155.0, "text": " you consider very optimistic numbers in your projections and decide the number of options", "tokens": [50947, 345, 2074, 845, 16915, 3146, 287, 534, 19887, 290, 5409, 262, 1271, 286, 3689, 51205], "temperature": 0.0, "avg_logprob": -0.07871075736151802, "compression_ratio": 1.6571428571428573, "no_speech_prob": 0.025433745235204697}, {"id": 33, "seek": 13816, "start": 155.0, "end": 161.07999999999998, "text": " based off those projections, then the employee may end up making almost nothing, even if", "tokens": [51205, 1912, 572, 883, 19887, 11, 788, 262, 6538, 743, 886, 510, 1642, 2048, 2147, 11, 772, 611, 51509], "temperature": 0.0, "avg_logprob": -0.07871075736151802, "compression_ratio": 1.6571428571428573, "no_speech_prob": 0.025433745235204697}, {"id": 34, "seek": 13816, "start": 161.07999999999998, "end": 165.12, "text": " you grew by a reasonable amount over 4 years.", "tokens": [51509, 345, 6348, 416, 257, 6397, 2033, 625, 604, 812, 13, 51711], "temperature": 0.0, "avg_logprob": -0.07871075736151802, "compression_ratio": 1.6571428571428573, "no_speech_prob": 0.025433745235204697}, {"id": 35, "seek": 16512, "start": 165.12, "end": 169.52, "text": " So to keep it reasonable you could say that the employee should make an intended benefit", "tokens": [50363, 1406, 284, 1394, 340, 6397, 345, 714, 910, 326, 262, 6538, 815, 787, 281, 5292, 4414, 50583], "temperature": 0.0, "avg_logprob": -0.12889241135638693, "compression_ratio": 1.5665024630541873, "no_speech_prob": 0.20310160517692566}, {"id": 36, "seek": 16512, "start": 169.52, "end": 171.6, "text": " of $100,000.", "tokens": [50583, 286, 720, 3064, 11, 830, 13, 50687], "temperature": 0.0, "avg_logprob": -0.12889241135638693, "compression_ratio": 1.5665024630541873, "no_speech_prob": 0.20310160517692566}, {"id": 37, "seek": 16512, "start": 171.6, "end": 179.16, "text": " If the share price were to grow from $20 to say $200 or $300 or $500, which is still a", "tokens": [50687, 1002, 262, 2648, 2756, 547, 284, 1663, 422, 720, 1238, 284, 910, 720, 2167, 393, 720, 6200, 393, 720, 4059, 11, 543, 318, 991, 257, 51065], "temperature": 0.0, "avg_logprob": -0.12889241135638693, "compression_ratio": 1.5665024630541873, "no_speech_prob": 0.20310160517692566}, {"id": 38, "seek": 16512, "start": 179.16, "end": 185.12, "text": " growth of 10x, 15x or 25x in 4 years.", "tokens": [51065, 3349, 286, 838, 87, 11, 1315, 87, 393, 1679, 87, 287, 604, 812, 13, 51363], "temperature": 0.0, "avg_logprob": -0.12889241135638693, "compression_ratio": 1.5665024630541873, "no_speech_prob": 0.20310160517692566}, {"id": 39, "seek": 16512, "start": 185.12, "end": 192.08, "text": " If you consider an approximate profit per share of $500 in 4 years, for an intended benefit", "tokens": [51363, 1002, 345, 2074, 281, 27665, 7630, 583, 2648, 286, 720, 4059, 287, 604, 812, 11, 329, 281, 5292, 4414, 51711], "temperature": 0.0, "avg_logprob": -0.12889241135638693, "compression_ratio": 1.5665024630541873, "no_speech_prob": 0.20310160517692566}, {"id": 40, "seek": 19208, "start": 192.08, "end": 199.08, "text": " of $100,000, you would need to grant them 200 options, 100,000 divided by 500, rather", "tokens": [50363, 286, 720, 3064, 11, 830, 11, 345, 561, 761, 284, 7264, 606, 939, 3689, 11, 1802, 11, 830, 9086, 416, 5323, 11, 2138, 50713], "temperature": 0.0, "avg_logprob": -0.13651585322554394, "compression_ratio": 1.6741071428571428, "no_speech_prob": 0.2567341923713684}, {"id": 41, "seek": 19208, "start": 199.08, "end": 205.36, "text": " than granting them only one option in the case of highly optimistic projections.", "tokens": [50713, 621, 21787, 606, 691, 530, 3038, 287, 262, 1339, 286, 4047, 16915, 19887, 13, 51027], "temperature": 0.0, "avg_logprob": -0.13651585322554394, "compression_ratio": 1.6741071428571428, "no_speech_prob": 0.2567341923713684}, {"id": 42, "seek": 19208, "start": 205.36, "end": 209.88000000000002, "text": " Now we are not saying that you have to pair your ambitions down.", "tokens": [51027, 2735, 356, 389, 407, 2282, 326, 345, 423, 284, 5166, 534, 22455, 866, 13, 51253], "temperature": 0.0, "avg_logprob": -0.13651585322554394, "compression_ratio": 1.6741071428571428, "no_speech_prob": 0.2567341923713684}, {"id": 43, "seek": 19208, "start": 209.88000000000002, "end": 216.92000000000002, "text": " What we are saying is, don't plan your stock options numbers on the basis of a moon projection.", "tokens": [51253, 1867, 356, 389, 2282, 318, 11, 836, 470, 1410, 534, 4283, 3689, 3146, 319, 262, 4308, 286, 257, 8824, 20128, 13, 51605], "temperature": 0.0, "avg_logprob": -0.13651585322554394, "compression_ratio": 1.6741071428571428, "no_speech_prob": 0.2567341923713684}, {"id": 44, "seek": 19208, "start": 216.92000000000002, "end": 219.64000000000001, "text": " Plan them on the basis of something reasonable.", "tokens": [51605, 5224, 606, 319, 262, 4308, 286, 1223, 6397, 13, 51741], "temperature": 0.0, "avg_logprob": -0.13651585322554394, "compression_ratio": 1.6741071428571428, "no_speech_prob": 0.2567341923713684}, {"id": 45, "seek": 21964, "start": 219.64, "end": 225.23999999999998, "text": " So if there is a reasonable value creation, the team also makes a reasonable profit,", "tokens": [50363, 1406, 611, 612, 318, 257, 6397, 1988, 6282, 11, 262, 1074, 635, 1838, 257, 6397, 7630, 11, 50643], "temperature": 0.0, "avg_logprob": -0.14634518046955486, "compression_ratio": 2.0049261083743843, "no_speech_prob": 0.10252075642347336}, {"id": 46, "seek": 21964, "start": 225.23999999999998, "end": 231.67999999999998, "text": " which is fair, which automatically means that should there be an unreasonably high value", "tokens": [50643, 543, 318, 3148, 11, 543, 6338, 1724, 326, 815, 612, 307, 281, 14880, 888, 1346, 1029, 1988, 50965], "temperature": 0.0, "avg_logprob": -0.14634518046955486, "compression_ratio": 2.0049261083743843, "no_speech_prob": 0.10252075642347336}, {"id": 47, "seek": 21964, "start": 231.67999999999998, "end": 237.51999999999998, "text": " creation, the team would also make an unreasonably high profit, which is exactly how it should", "tokens": [50965, 6282, 11, 262, 1074, 561, 635, 787, 281, 14880, 888, 1346, 1029, 7630, 11, 543, 318, 3446, 703, 340, 815, 51257], "temperature": 0.0, "avg_logprob": -0.14634518046955486, "compression_ratio": 2.0049261083743843, "no_speech_prob": 0.10252075642347336}, {"id": 48, "seek": 21964, "start": 237.51999999999998, "end": 238.51999999999998, "text": " be.", "tokens": [51257, 307, 13, 51307], "temperature": 0.0, "avg_logprob": -0.14634518046955486, "compression_ratio": 2.0049261083743843, "no_speech_prob": 0.10252075642347336}, {"id": 49, "seek": 21964, "start": 238.51999999999998, "end": 243.51999999999998, "text": " So work on average reasonable projections and not highly optimistic projections when", "tokens": [51307, 1406, 670, 319, 2811, 6397, 19887, 290, 407, 4047, 16915, 19887, 618, 51557], "temperature": 0.0, "avg_logprob": -0.14634518046955486, "compression_ratio": 2.0049261083743843, "no_speech_prob": 0.10252075642347336}, {"id": 50, "seek": 21964, "start": 243.51999999999998, "end": 247.16, "text": " you calculate the number of options per employee.", "tokens": [51557, 345, 15284, 262, 1271, 286, 3689, 583, 6538, 13, 51739], "temperature": 0.0, "avg_logprob": -0.14634518046955486, "compression_ratio": 2.0049261083743843, "no_speech_prob": 0.10252075642347336}, {"id": 51, "seek": 24716, "start": 247.16, "end": 249.32, "text": " Time for the moon, sure.", "tokens": [50363, 3862, 329, 262, 8824, 11, 1654, 13, 50471], "temperature": 0.0, "avg_logprob": -0.14294876590851816, "compression_ratio": 1.6504424778761062, "no_speech_prob": 0.34558674693107605}, {"id": 52, "seek": 24716, "start": 249.32, "end": 254.88, "text": " But ensure that should you reach only the top floor of a skyscraper, your team is still", "tokens": [50471, 887, 4155, 326, 815, 345, 3151, 691, 262, 1353, 4314, 286, 257, 37885, 38545, 11, 534, 1074, 318, 991, 50749], "temperature": 0.0, "avg_logprob": -0.14294876590851816, "compression_ratio": 1.6504424778761062, "no_speech_prob": 0.34558674693107605}, {"id": 53, "seek": 24716, "start": 254.88, "end": 257.4, "text": " rewarded appropriately.", "tokens": [50749, 20945, 20431, 13, 50875], "temperature": 0.0, "avg_logprob": -0.14294876590851816, "compression_ratio": 1.6504424778761062, "no_speech_prob": 0.34558674693107605}, {"id": 54, "seek": 24716, "start": 257.4, "end": 263.32, "text": " When you plan the option numbers as per the skyscraper, but end up reaching the moon,", "tokens": [50875, 1649, 345, 1410, 262, 3038, 3146, 355, 583, 262, 37885, 38545, 11, 475, 886, 510, 8978, 262, 8824, 11, 51171], "temperature": 0.0, "avg_logprob": -0.14294876590851816, "compression_ratio": 1.6504424778761062, "no_speech_prob": 0.34558674693107605}, {"id": 55, "seek": 24716, "start": 263.32, "end": 267.48, "text": " then every stock option recipient will be over the moon too.", "tokens": [51171, 788, 790, 4283, 3038, 17800, 481, 307, 625, 262, 8824, 1165, 13, 51379], "temperature": 0.0, "avg_logprob": -0.14294876590851816, "compression_ratio": 1.6504424778761062, "no_speech_prob": 0.34558674693107605}, {"id": 56, "seek": 24716, "start": 267.48, "end": 271.04, "text": " So be careful when defining these projections.", "tokens": [51379, 1406, 307, 8161, 618, 16215, 777, 19887, 13, 51557], "temperature": 0.0, "avg_logprob": -0.14294876590851816, "compression_ratio": 1.6504424778761062, "no_speech_prob": 0.34558674693107605}, {"id": 57, "seek": 24716, "start": 271.04, "end": 273.72, "text": " Talk it over with your advisors in detail.", "tokens": [51557, 12167, 340, 625, 351, 534, 32456, 287, 3703, 13, 51691], "temperature": 0.0, "avg_logprob": -0.14294876590851816, "compression_ratio": 1.6504424778761062, "no_speech_prob": 0.34558674693107605}, {"id": 58, "seek": 27372, "start": 273.72, "end": 278.68, "text": " This is very, very crucial since this affects the number of options you would give to your", "tokens": [50363, 770, 318, 845, 11, 845, 8780, 1201, 428, 10975, 262, 1271, 286, 3689, 345, 561, 1577, 284, 534, 50611], "temperature": 0.0, "avg_logprob": -0.15468393472524788, "compression_ratio": 1.5625, "no_speech_prob": 0.2943514585494995}, {"id": 59, "seek": 27372, "start": 278.68, "end": 281.12, "text": " team members today.", "tokens": [50611, 1074, 1866, 1909, 13, 50733], "temperature": 0.0, "avg_logprob": -0.15468393472524788, "compression_ratio": 1.5625, "no_speech_prob": 0.2943514585494995}, {"id": 60, "seek": 27372, "start": 281.12, "end": 286.8, "text": " You could have one set of projections as your dream numbers and another set to decide the", "tokens": [50733, 921, 714, 423, 530, 900, 286, 19887, 355, 534, 4320, 3146, 290, 1194, 900, 284, 5409, 262, 51017], "temperature": 0.0, "avg_logprob": -0.15468393472524788, "compression_ratio": 1.5625, "no_speech_prob": 0.2943514585494995}, {"id": 61, "seek": 27372, "start": 286.8, "end": 288.92, "text": " stock option grants.", "tokens": [51017, 4283, 3038, 11455, 13, 51123], "temperature": 0.0, "avg_logprob": -0.15468393472524788, "compression_ratio": 1.5625, "no_speech_prob": 0.2943514585494995}, {"id": 62, "seek": 27372, "start": 288.92, "end": 292.52000000000004, "text": " Team motivation is very important, so get that right.", "tokens": [51123, 4816, 14052, 318, 845, 1593, 11, 523, 651, 326, 826, 13, 51303], "temperature": 0.0, "avg_logprob": -0.15468393472524788, "compression_ratio": 1.5625, "no_speech_prob": 0.2943514585494995}], "language": "en"}

transcripts/23-Employees-in-different-geographies.json

@@ -0,0 +1 @@
+{"text": " If you have a team operating out of multiple countries, it is quite likely that the salary of a certain role might be very different when converted into a common currency. So should you grant both these people who have the exact same roles, the same number of options or should you consider the difference in their salary and work out the intended benefit accordingly? In most cases, you would not grant them the same number of options and would work out their intended benefit as per their salary in their currency. This is because they view their worth in that particular currency and hence would also view what is attractive only with respect to the salary paid in that currency. The difference in salary could be due to a variety of reasons such as the relative purchasing power or the availability of specific resources in a country. 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If you choose to do that, please consider the difference in the attractiveness of the financial benefit that this might cause to the concerned individuals and its impact on their morale and motivation.", "segments": [{"id": 0, "seek": 0, "start": 0.0, "end": 7.6000000000000005, "text": " If you have a team operating out of multiple countries, it is quite likely that the salary", "tokens": [50363, 1002, 345, 423, 257, 1074, 5361, 503, 286, 3294, 2678, 11, 340, 318, 2407, 1884, 326, 262, 9588, 50743], "temperature": 0.0, "avg_logprob": -0.11032659036141855, "compression_ratio": 1.6, "no_speech_prob": 0.13658414781093597}, {"id": 1, "seek": 0, "start": 7.6000000000000005, "end": 13.66, "text": " of a certain role might be very different when converted into a common currency.", "tokens": [50743, 286, 257, 1728, 2597, 1244, 307, 845, 1180, 618, 11513, 656, 257, 2219, 7395, 13, 51046], "temperature": 0.0, "avg_logprob": -0.11032659036141855, "compression_ratio": 1.6, "no_speech_prob": 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1.6, "no_speech_prob": 0.13658414781093597}, {"id": 5, "seek": 2572, "start": 25.72, "end": 30.799999999999997, "text": " In most cases, you would not grant them the same number of options and would work out", "tokens": [50363, 554, 749, 2663, 11, 345, 561, 407, 7264, 606, 262, 976, 1271, 286, 3689, 290, 561, 670, 503, 50617], "temperature": 0.0, "avg_logprob": -0.10715846581892534, "compression_ratio": 1.7619047619047619, "no_speech_prob": 0.2375551462173462}, {"id": 6, "seek": 2572, "start": 30.799999999999997, "end": 36.32, "text": " their intended benefit as per their salary in their currency.", "tokens": [50617, 511, 5292, 4414, 355, 583, 511, 9588, 287, 511, 7395, 13, 50893], "temperature": 0.0, "avg_logprob": -0.10715846581892534, "compression_ratio": 1.7619047619047619, "no_speech_prob": 0.2375551462173462}, {"id": 7, "seek": 2572, "start": 36.32, "end": 42.04, "text": " This is because they view their worth in that particular currency and hence would also", "tokens": [50893, 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transcripts/24-Types-of-stock-option-plans.srt

@@ -0,0 +1,124 @@
+1
+00:00:00,000 --> 00:00:09,360
+When we discussed the Atom 60 stock options framework, we spoke about the two broad objectives
+
+2
+00:00:09,360 --> 00:00:13,840
+for designing a stock options scheme under the Y dimension.
+
+3
+00:00:13,840 --> 00:00:19,280
+You could design a scheme to reward your team for their past contribution or to incentivize
+
+4
+00:00:19,280 --> 00:00:22,240
+them for their future contribution.
+
+5
+00:00:22,240 --> 00:00:25,880
+In Atom we have created two categories of schemes for you.
+
+6
+00:00:25,880 --> 00:00:32,240
+A growth scheme which you can use for rewarding their future contribution and a Grasya scheme
+
+7
+00:00:32,240 --> 00:00:35,240
+to reward their past contribution.
+
+8
+00:00:35,240 --> 00:00:40,520
+When you create a new scheme, you will choose one of these two categories.
+
+9
+00:00:40,520 --> 00:00:44,040
+Use them to clearly demarcate your objectives.
+
+10
+00:00:44,040 --> 00:00:49,720
+A Grasya scheme is usually created once to clear a backlog that you might have in terms
+
+11
+00:00:49,720 --> 00:00:52,120
+of rewarding people.
+
+12
+00:00:52,120 --> 00:00:57,120
+It could carry different terms such as a lower price and a lower vesting period depending
+
+13
+00:00:57,120 --> 00:01:00,320
+upon your specific situation.
+
+14
+00:01:00,320 --> 00:01:05,800
+So imagine your growth scheme as a regular stock options scheme where options could perhaps
+
+15
+00:01:05,800 --> 00:01:11,280
+be granted at the current market price with a four year vesting.
+
+16
+00:01:11,280 --> 00:01:16,360
+You will grant stock options under your growth scheme constantly as more people join the
+
+17
+00:01:16,360 --> 00:01:18,200
+organization.
+
+18
+00:01:18,200 --> 00:01:24,000
+You might use the Grasya scheme never or perhaps once, sometimes twice in order to
+
+19
+00:01:24,000 --> 00:01:26,680
+set some things right.
+
+20
+00:01:26,680 --> 00:01:31,080
+So if you never need to use your Grasya scheme that is quite alright.
+
+21
+00:01:31,080 --> 00:01:34,840
+But if you do need it, it is there.
+
+22
+00:01:34,840 --> 00:01:40,400
+Now since both these schemes might have different legal terms, you would also need to obtain
+
+23
+00:01:40,400 --> 00:01:45,720
+separate shareholder approvals for the growth and the Grasya schemes.
+
+24
+00:01:45,720 --> 00:01:51,360
+This is because the shareholders should have the opportunity to approve one and reject
+
+25
+00:01:51,360 --> 00:01:52,880
+the other.
+
+26
+00:01:52,880 --> 00:01:58,000
+So please ensure that you take two separate approvals for both these schemes.
+
+27
+00:01:58,000 --> 00:02:04,200
+You will also create two separate legal documents for the growth and the Grasya schemes, since
+
+28
+00:02:04,200 --> 00:02:06,760
+their terms might be different.
+
+29
+00:02:06,760 --> 00:02:12,200
+Even though they look almost identical to each other except for a few sentences, you
+
+30
+00:02:12,200 --> 00:02:18,840
+must create two separate legal documents to clearly demarcate the two schemes with
+
+31
+00:02:18,840 --> 00:02:19,840
+different terms.
+

transcripts/24-Types-of-stock-option-plans.tsv

@@ -0,0 +1,32 @@
+start	end	text
+0	9360	When we discussed the Atom 60 stock options framework, we spoke about the two broad objectives
+9360	13840	for designing a stock options scheme under the Y dimension.
+13840	19280	You could design a scheme to reward your team for their past contribution or to incentivize
+19280	22240	them for their future contribution.
+22240	25880	In Atom we have created two categories of schemes for you.
+25880	32240	A growth scheme which you can use for rewarding their future contribution and a Grasya scheme
+32240	35240	to reward their past contribution.
+35240	40520	When you create a new scheme, you will choose one of these two categories.
+40520	44040	Use them to clearly demarcate your objectives.
+44040	49720	A Grasya scheme is usually created once to clear a backlog that you might have in terms
+49720	52120	of rewarding people.
+52120	57120	It could carry different terms such as a lower price and a lower vesting period depending
+57120	60320	upon your specific situation.
+60320	65800	So imagine your growth scheme as a regular stock options scheme where options could perhaps
+65800	71280	be granted at the current market price with a four year vesting.
+71280	76360	You will grant stock options under your growth scheme constantly as more people join the
+76360	78200	organization.
+78200	84000	You might use the Grasya scheme never or perhaps once, sometimes twice in order to
+84000	86680	set some things right.
+86680	91080	So if you never need to use your Grasya scheme that is quite alright.
+91080	94840	But if you do need it, it is there.
+94840	100400	Now since both these schemes might have different legal terms, you would also need to obtain
+100400	105720	separate shareholder approvals for the growth and the Grasya schemes.
+105720	111360	This is because the shareholders should have the opportunity to approve one and reject
+111360	112880	the other.
+112880	118000	So please ensure that you take two separate approvals for both these schemes.
+118000	124200	You will also create two separate legal documents for the growth and the Grasya schemes, since
+124200	126760	their terms might be different.
+126760	132200	Even though they look almost identical to each other except for a few sentences, you
+132200	138840	must create two separate legal documents to clearly demarcate the two schemes with
+138840	139840	different terms.

transcripts/26-Vesting-period.json

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+{"text": " Yes, the most common vesting period is 4 years, but you aren't supposed to accept anything at face value. So think about it. Based on what you have thought about as your company's long-term objective, what blocks of period sound right and just fit much better? Try to arrive at a very natural sense of that period. You see, you can adopt 4 years because that is the norm, but it really won't be yours. If after having thought about your long-term goals, you have come to the conclusion that yes, 4 years works for us, then it is yours. You could feel that 5 years sounds much better to you. Could there be some resistance from the employees? Possibly. Why are you doing 5 when most others do 4, they might ask? Your conviction about your vision helps you answer that. And most people don't mind when they see that there is some substance behind that thought. Also, do not think for a moment that the longer you keep the vesting period, the longer you people will stay. So let me vest the options over 10 years. In that case, you may not find any good people to begin with. People tend to stay longer when they are excited about the goal they are pursuing. If people are staying only for the options to vest, you have a not-so-interested team working for you, which is not good. Keep it at a reasonable level that can be justified by your long-term vision. Even the long-term vision can usually be divided up into blocks of time. But whatever that number is, make it yours. Own your vesting period.", "segments": [{"id": 0, "seek": 0, "start": 0.0, "end": 7.92, "text": " Yes, the most common vesting period is 4 years, but you aren't supposed to accept", "tokens": [50363, 3363, 11, 262, 749, 2219, 19750, 278, 2278, 318, 604, 812, 11, 475, 345, 3588, 470, 4385, 284, 2453, 50759], "temperature": 0.0, "avg_logprob": -0.16665518427469644, "compression_ratio": 1.4952380952380953, "no_speech_prob": 0.1001119390130043}, {"id": 1, "seek": 0, "start": 7.92, "end": 9.92, "text": " anything at face value.", "tokens": [50759, 1997, 379, 1986, 1988, 13, 50859], "temperature": 0.0, "avg_logprob": -0.16665518427469644, "compression_ratio": 1.4952380952380953, "no_speech_prob": 0.1001119390130043}, {"id": 2, "seek": 0, "start": 9.92, "end": 12.0, "text": " So think about it.", "tokens": [50859, 1406, 892, 546, 340, 13, 50963], "temperature": 0.0, "avg_logprob": -0.16665518427469644, "compression_ratio": 1.4952380952380953, "no_speech_prob": 0.1001119390130043}, {"id": 3, 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Possibly.", "tokens": [51511, 43046, 13, 51561], "temperature": 0.0, "avg_logprob": -0.1304300967778001, "compression_ratio": 1.5863453815261044, "no_speech_prob": 0.5048523545265198}, {"id": 12, "seek": 2668, "start": 50.64, "end": 56.0, "text": " Why are you doing 5 when most others do 4, they might ask?", "tokens": [51561, 4162, 389, 345, 1804, 642, 618, 749, 1854, 466, 604, 11, 484, 1244, 1265, 30, 51829], "temperature": 0.0, "avg_logprob": -0.1304300967778001, "compression_ratio": 1.5863453815261044, "no_speech_prob": 0.5048523545265198}, {"id": 13, "seek": 5600, "start": 56.0, "end": 59.88, "text": " Your conviction about your vision helps you answer that.", "tokens": [50363, 3406, 11375, 546, 534, 5761, 5419, 345, 3280, 326, 13, 50557], "temperature": 0.0, "avg_logprob": -0.14534176950869354, "compression_ratio": 1.6334841628959276, "no_speech_prob": 0.1770431250333786}, {"id": 14, "seek": 5600, "start": 59.88, "end": 66.32, "text": " And most people don't mind when they see 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0.1770431250333786}, {"id": 17, "seek": 5600, "start": 74.03999999999999, "end": 77.03999999999999, "text": " So let me vest the options over 10 years.", "tokens": [51265, 1406, 1309, 502, 19750, 262, 3689, 625, 838, 812, 13, 51415], "temperature": 0.0, "avg_logprob": -0.14534176950869354, "compression_ratio": 1.6334841628959276, "no_speech_prob": 0.1770431250333786}, {"id": 18, "seek": 5600, "start": 77.03999999999999, "end": 82.08, "text": " In that case, you may not find any good people to begin with.", "tokens": [51415, 554, 326, 1339, 11, 345, 743, 407, 1064, 597, 922, 661, 284, 2221, 351, 13, 51667], "temperature": 0.0, "avg_logprob": -0.14534176950869354, "compression_ratio": 1.6334841628959276, "no_speech_prob": 0.1770431250333786}, {"id": 19, "seek": 8208, "start": 82.08, "end": 87.75999999999999, "text": " People tend to stay longer when they are excited about the goal they are pursuing.", "tokens": [50363, 4380, 4327, 284, 2652, 2392, 618, 484, 389, 6568, 546, 262, 3061, 484, 389, 15461, 13, 50647], "temperature": 0.0, "avg_logprob": -0.08683048354254828, "compression_ratio": 1.5919282511210762, "no_speech_prob": 0.3582742214202881}, {"id": 20, "seek": 8208, "start": 87.75999999999999, "end": 93.36, "text": " If people are staying only for the options to vest, you have a not-so-interested team", "tokens": [50647, 1002, 661, 389, 10589, 691, 329, 262, 3689, 284, 19750, 11, 345, 423, 257, 407, 12, 568, 12, 34339, 1074, 50927], "temperature": 0.0, "avg_logprob": -0.08683048354254828, "compression_ratio": 1.5919282511210762, "no_speech_prob": 0.3582742214202881}, {"id": 21, "seek": 8208, "start": 93.36, "end": 96.75999999999999, "text": " working for you, which is not good.", "tokens": [50927, 1762, 329, 345, 11, 543, 318, 407, 922, 13, 51097], "temperature": 0.0, "avg_logprob": -0.08683048354254828, "compression_ratio": 1.5919282511210762, "no_speech_prob": 0.3582742214202881}, {"id": 22, "seek": 8208, "start": 96.75999999999999, "end": 101.92, "text": " Keep it at a reasonable level that can be justified by your long-term vision.", "tokens": [51097, 9175, 340, 379, 257, 6397, 1241, 326, 460, 307, 14460, 416, 534, 890, 12, 4354, 5761, 13, 51355], "temperature": 0.0, "avg_logprob": -0.08683048354254828, "compression_ratio": 1.5919282511210762, "no_speech_prob": 0.3582742214202881}, {"id": 23, "seek": 8208, "start": 101.92, "end": 107.2, "text": " Even the long-term vision can usually be divided up into blocks of time.", "tokens": [51355, 3412, 262, 890, 12, 4354, 5761, 460, 3221, 307, 9086, 510, 656, 7021, 286, 640, 13, 51619], "temperature": 0.0, "avg_logprob": -0.08683048354254828, "compression_ratio": 1.5919282511210762, "no_speech_prob": 0.3582742214202881}, {"id": 24, "seek": 10720, "start": 107.2, "end": 110.84, "text": " But whatever that number is, make it yours.", "tokens": [50363, 887, 4232, 326, 1271, 318, 11, 787, 340, 12431, 13, 50545], "temperature": 0.0, "avg_logprob": -0.3139986764817011, "compression_ratio": 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transcripts/26-Vesting-period.srt

@@ -0,0 +1,104 @@
+1
+00:00:00,000 --> 00:00:07,920
+Yes, the most common vesting period is 4 years, but you aren't supposed to accept
+
+2
+00:00:07,920 --> 00:00:09,920
+anything at face value.
+
+3
+00:00:09,920 --> 00:00:12,000
+So think about it.
+
+4
+00:00:12,000 --> 00:00:16,920
+Based on what you have thought about as your company's long-term objective, what blocks
+
+5
+00:00:16,920 --> 00:00:22,600
+of period sound right and just fit much better?
+
+6
+00:00:22,600 --> 00:00:26,680
+Try to arrive at a very natural sense of that period.
+
+7
+00:00:26,680 --> 00:00:33,440
+You see, you can adopt 4 years because that is the norm, but it really won't be yours.
+
+8
+00:00:33,440 --> 00:00:37,840
+If after having thought about your long-term goals, you have come to the conclusion that
+
+9
+00:00:37,840 --> 00:00:43,160
+yes, 4 years works for us, then it is yours.
+
+10
+00:00:43,160 --> 00:00:47,040
+You could feel that 5 years sounds much better to you.
+
+11
+00:00:47,040 --> 00:00:49,640
+Could there be some resistance from the employees?
+
+12
+00:00:49,640 --> 00:00:50,640
+Possibly.
+
+13
+00:00:50,640 --> 00:00:56,000
+Why are you doing 5 when most others do 4, they might ask?
+
+14
+00:00:56,000 --> 00:00:59,880
+Your conviction about your vision helps you answer that.
+
+15
+00:00:59,880 --> 00:01:06,320
+And most people don't mind when they see that there is some substance behind that thought.
+
+16
+00:01:06,320 --> 00:01:12,120
+Also, do not think for a moment that the longer you keep the vesting period, the longer
+
+17
+00:01:12,120 --> 00:01:14,040
+you people will stay.
+
+18
+00:01:14,040 --> 00:01:17,040
+So let me vest the options over 10 years.
+
+19
+00:01:17,040 --> 00:01:22,080
+In that case, you may not find any good people to begin with.
+
+20
+00:01:22,080 --> 00:01:27,760
+People tend to stay longer when they are excited about the goal they are pursuing.
+
+21
+00:01:27,760 --> 00:01:33,360
+If people are staying only for the options to vest, you have a not-so-interested team
+
+22
+00:01:33,360 --> 00:01:36,760
+working for you, which is not good.
+
+23
+00:01:36,760 --> 00:01:41,920
+Keep it at a reasonable level that can be justified by your long-term vision.
+
+24
+00:01:41,920 --> 00:01:47,200
+Even the long-term vision can usually be divided up into blocks of time.
+
+25
+00:01:47,200 --> 00:01:50,840
+But whatever that number is, make it yours.
+
+26
+00:01:50,840 --> 00:01:52,400
+Own your vesting period.
+

transcripts/26-Vesting-period.tsv

@@ -0,0 +1,27 @@
+start	end	text
+0	7920	Yes, the most common vesting period is 4 years, but you aren't supposed to accept
+7920	9920	anything at face value.
+9920	12000	So think about it.
+12000	16920	Based on what you have thought about as your company's long-term objective, what blocks
+16920	22600	of period sound right and just fit much better?
+22600	26680	Try to arrive at a very natural sense of that period.
+26680	33440	You see, you can adopt 4 years because that is the norm, but it really won't be yours.
+33440	37840	If after having thought about your long-term goals, you have come to the conclusion that
+37840	43160	yes, 4 years works for us, then it is yours.
+43160	47040	You could feel that 5 years sounds much better to you.
+47040	49640	Could there be some resistance from the employees?
+49640	50640	Possibly.
+50640	56000	Why are you doing 5 when most others do 4, they might ask?
+56000	59880	Your conviction about your vision helps you answer that.
+59880	66320	And most people don't mind when they see that there is some substance behind that thought.
+66320	72120	Also, do not think for a moment that the longer you keep the vesting period, the longer
+72120	74040	you people will stay.
+74040	77040	So let me vest the options over 10 years.
+77040	82080	In that case, you may not find any good people to begin with.
+82080	87760	People tend to stay longer when they are excited about the goal they are pursuing.
+87760	93360	If people are staying only for the options to vest, you have a not-so-interested team
+93360	96760	working for you, which is not good.
+96760	101920	Keep it at a reasonable level that can be justified by your long-term vision.
+101920	107200	Even the long-term vision can usually be divided up into blocks of time.
+107200	110840	But whatever that number is, make it yours.
+110840	112400	Own your vesting period.

transcripts/27-Vesting-conditions-Part-1.txt

@@ -0,0 +1,8 @@
+As we discussed in the ATEM 6D framework discussion, you could waste your stock options based on tenure or based on performance.
+Wasting based on tenure simply means that the options will waste if the employee continues to be an employee on the date of Westing.
+Wasting based on performance, however, specifies additional conditions beyond tenure that the employee needs to satisfy before the options can waste.
+tenure-wasting is easier to understand and implement.
+Performance-wasting is stricter and hence needs more discipline to implement.
+But if you believe your vision or the culture you wish to create demands it, then you must do it.
+You can use performance-wasting very effectively in certain cases, but you also must be extra careful when you grant options at Western performance.
+Let us look at an example of where performance-wasting can be useful.

transcripts/27-Vesting-conditions-Part-1.vtt

@@ -0,0 +1,26 @@
+WEBVTT
+
+00:00.000 --> 00:11.000
+As we discussed in the ATEM 6D framework discussion, you could waste your stock options based on tenure or based on performance.
+
+00:11.000 --> 00:20.000
+Wasting based on tenure simply means that the options will waste if the employee continues to be an employee on the date of Westing.
+
+00:21.000 --> 00:31.000
+Wasting based on performance, however, specifies additional conditions beyond tenure that the employee needs to satisfy before the options can waste.
+
+00:32.000 --> 00:35.000
+tenure-wasting is easier to understand and implement.
+
+00:35.000 --> 00:40.000
+Performance-wasting is stricter and hence needs more discipline to implement.
+
+00:41.000 --> 00:50.000
+But if you believe your vision or the culture you wish to create demands it, then you must do it.
+
+00:50.000 --> 01:00.000
+You can use performance-wasting very effectively in certain cases, but you also must be extra careful when you grant options at Western performance.
+
+01:00.000 --> 01:05.000
+Let us look at an example of where performance-wasting can be useful.
+

transcripts/28-Vesting-conditions-Part-2.txt

@@ -0,0 +1,31 @@
+A very important feature of a stock option is its exercise price.
+It remains fixed and the earlier you receive the stock options, the lower the exercise
+price usually is.
+In your growth journey, you should strive to grant options at a lower rather than a higher
+exercise price.
+That sounds obvious, but let us look at that in some detail.
+If you have a high potential employee who has not yet demonstrated performance, you
+could consider two grant methods.
+One for example, grant them 100 fresh options each year after that year's performance,
+which then go on to West over the next 4 or 5 years.
+Two, instead of granting each year, bunch them up and grant them say 200 or 250 options
+today.
+Add them West over the next 4 or 5 years, but link the Westing to performance.
+The second alternative has some advantages.
+One, it comes at a lower exercise price, while the yearly fresh grants would be at an increasing
+exercise price usually.
+A cheaper option is inherently more valuable than a more expensive one, simply because
+the probability of profit is much higher.
+It is more likely for a lower share price to increase compared to a higher one usually.
+Two, by bunching up the grant upfront, you have provided the complete visibility of wealth
+to that employee right away today.
+100 options granted yearly do not do that very effectively.
+While you have granted a large number of options today, you have also ensured yourself against
+a bad performance by linking the Westing to performance and perhaps even by Westing
+them back-ended like 10%, 20%, 30%, 40% over the next 4 years.
+Doing this helps the company because an employee with complete wealth visibility might be more
+motivated and it also usually takes fewer number of options to deliver the same intended benefit
+than what you would need if you were to grant fresh options each year to that employee.
+But when you grant options that Western performance, you need to be extra careful about designing
+your performance conditions.
+Let us look at that next.

transcripts/28-Vesting-conditions-Part-2.vtt

@@ -0,0 +1,95 @@
+WEBVTT
+
+00:00.000 --> 00:07.000
+A very important feature of a stock option is its exercise price.
+
+00:07.000 --> 00:12.360
+It remains fixed and the earlier you receive the stock options, the lower the exercise
+
+00:12.360 --> 00:15.000
+price usually is.
+
+00:15.000 --> 00:20.160
+In your growth journey, you should strive to grant options at a lower rather than a higher
+
+00:20.160 --> 00:22.360
+exercise price.
+
+00:22.360 --> 00:26.840
+That sounds obvious, but let us look at that in some detail.
+
+00:26.840 --> 00:32.360
+If you have a high potential employee who has not yet demonstrated performance, you
+
+00:32.360 --> 00:35.240
+could consider two grant methods.
+
+00:35.240 --> 00:42.040
+One for example, grant them 100 fresh options each year after that year's performance,
+
+00:42.040 --> 00:46.600
+which then go on to West over the next 4 or 5 years.
+
+00:46.600 --> 00:53.080
+Two, instead of granting each year, bunch them up and grant them say 200 or 250 options
+
+00:53.080 --> 00:54.560
+today.
+
+00:54.560 --> 01:00.880
+Add them West over the next 4 or 5 years, but link the Westing to performance.
+
+01:00.880 --> 01:03.680
+The second alternative has some advantages.
+
+01:03.680 --> 01:10.440
+One, it comes at a lower exercise price, while the yearly fresh grants would be at an increasing
+
+01:10.440 --> 01:13.160
+exercise price usually.
+
+01:13.160 --> 01:19.600
+A cheaper option is inherently more valuable than a more expensive one, simply because
+
+01:19.600 --> 01:22.760
+the probability of profit is much higher.
+
+01:22.760 --> 01:29.080
+It is more likely for a lower share price to increase compared to a higher one usually.
+
+01:29.080 --> 01:37.360
+Two, by bunching up the grant upfront, you have provided the complete visibility of wealth
+
+01:37.360 --> 01:41.360
+to that employee right away today.
+
+01:41.360 --> 01:45.560
+100 options granted yearly do not do that very effectively.
+
+01:45.560 --> 01:52.040
+While you have granted a large number of options today, you have also ensured yourself against
+
+01:52.080 --> 01:57.560
+a bad performance by linking the Westing to performance and perhaps even by Westing
+
+01:57.560 --> 02:04.600
+them back-ended like 10%, 20%, 30%, 40% over the next 4 years.
+
+02:04.600 --> 02:10.440
+Doing this helps the company because an employee with complete wealth visibility might be more
+
+02:10.440 --> 02:17.720
+motivated and it also usually takes fewer number of options to deliver the same intended benefit
+
+02:17.800 --> 02:24.120
+than what you would need if you were to grant fresh options each year to that employee.
+
+02:24.120 --> 02:30.280
+But when you grant options that Western performance, you need to be extra careful about designing
+
+02:30.280 --> 02:32.480
+your performance conditions.
+
+02:32.480 --> 02:33.680
+Let us look at that next.
+

transcripts/29-Vesting-conditions-Part-3.json

@@ -0,0 +1 @@
+{"text": " If you choose to add performance conditions to your Westing, please ensure that the performance matrix is simple and easy to understand. You could link them to company performance or individual performance or a combination of the two. For senior roles, it is better to use either only company performance parameters or if you should use individual performance, assign a much higher weight to the company performance. For junior roles, you might do the opposite. Either only individual performance or a much higher weight attached to it. Depending upon your long-term objective, you might even consider everyone linked only to company performance. The message you send out here is that the fortunes of everyone ultimately depend upon the fortunes of the company. So we all sink or swim together. We all have one not-star. Let us focus on how the company performs overall and not how you perform individually. Again, this will depend upon how your work is structured within your company, the interdependencies it has and the work culture you have decided to create based upon your vision. You may consider a scale or ranges of performance rather than a binary performance matrix. A binary matrix would mean a yes or a no. If we hit this number, the options west, if we are shot by even one, nothing rests. A range, on the other hand, means if we reach between this and this, then 100% of those options rest. If we reach between 90 and 100% of that number, then only 80% options rest and so on. You should have a reasonable minimum below which nothing rests. You may not waste all the options based on performance. Some could waste only on tenure or continued employment with the company. You see now we are talking about multiple layers. The challenge is to balance fairness with simplicity. So try a few alternatives. Consider how each fits with your long-term objective and then make a decision. Here are a few examples. Let's start with the simplest. Standard options granted with the 10, 20, 30, 40 Westing but all options west only on tenure, no performance condition. Second, all options west on performance. Third, 100 options with the 10, 20, 30, 40 Westing but 70% options west on performance and 30% west on tenure. So after the first year, when the first 10 options are due to west, three of them will west automatically due to tenure. There is the balance seven would west based upon some performance parameters. Now that performance condition could have more layers. Is everything linked only to the company performance or is it also split between company and individual performance in a certain proportion? What weights are assigned to company performance versus individual performance? And the last layer is the performance matrix structure. Is it a yes, no binary kind of a matrix or is it a range matrix? So you could have 10 options due to west in the first year but seven of them west based on performance which is then split as 50% individual and 50% company performance. But individual performance has a scale that says that if you achieve the highest rating A, all of that 50% chunk, if B, then 75% of those 50% options west and so on. The company performance could have a similar range with respect to company parameters. Be careful about adding layers. Add new layers only when you are absolutely convinced that you must do it because it furthers your long term objective or the culture you are trying to create. Simple is always more beautiful. You could also create milestone options. As the name suggests, these do not west annually or quarterly but west only on meeting a certain milestone or an event occurring. This might sound very interesting but be very very careful about these. Use them only if you can define your milestone really, really, clearly and objectively. The milestone need not be the achievement of an entire product or the discovery of a molecule. It is a milestone so should be a certain critical and a very clearly definable stage you reach in your journey. Creative milestones are better than subjective milestones. So you could west simply based on continued employment or west based on performance. Choose whatever fits best with your vision and the culture you wish to create.", "segments": [{"id": 0, "seek": 0, "start": 0.0, "end": 8.0, "text": " If you choose to add performance conditions to your Westing, please ensure that the performance", "tokens": [50363, 1002, 345, 3853, 284, 751, 2854, 3403, 284, 534, 2688, 278, 11, 3387, 4155, 326, 262, 2854, 50763], "temperature": 0.0, "avg_logprob": -0.15761025292532785, "compression_ratio": 1.7074468085106382, "no_speech_prob": 0.08582146465778351}, {"id": 1, "seek": 0, "start": 8.0, "end": 11.92, "text": " matrix is simple and easy to understand.", "tokens": [50763, 17593, 318, 2829, 290, 2562, 284, 1833, 13, 50959], "temperature": 0.0, "avg_logprob": -0.15761025292532785, "compression_ratio": 1.7074468085106382, "no_speech_prob": 0.08582146465778351}, {"id": 2, "seek": 0, "start": 11.92, "end": 16.48, "text": " You could link them to company performance or individual performance or a combination", "tokens": [50959, 921, 714, 2792, 606, 284, 1664, 2854, 393, 1981, 2854, 393, 257, 6087, 51187], "temperature": 0.0, "avg_logprob": -0.15761025292532785, "compression_ratio": 1.7074468085106382, "no_speech_prob": 0.08582146465778351}, {"id": 3, "seek": 0, "start": 16.48, "end": 17.96, "text": " of the two.", "tokens": [51187, 286, 262, 734, 13, 51261], "temperature": 0.0, "avg_logprob": -0.15761025292532785, "compression_ratio": 1.7074468085106382, "no_speech_prob": 0.08582146465778351}, {"id": 4, "seek": 0, "start": 17.96, "end": 23.72, "text": " For senior roles, it is better to use either only company performance parameters or if", "tokens": [51261, 1114, 4664, 9176, 11, 340, 318, 1365, 284, 779, 2035, 691, 1664, 2854, 10007, 393, 611, 51549], "temperature": 0.0, "avg_logprob": -0.15761025292532785, "compression_ratio": 1.7074468085106382, "no_speech_prob": 0.08582146465778351}, {"id": 5, "seek": 2372, "start": 23.72, "end": 30.64, "text": " you should use individual performance, assign a much higher weight to the company performance.", "tokens": [50363, 345, 815, 779, 1981, 2854, 11, 8333, 257, 881, 2440, 3463, 284, 262, 1664, 2854, 13, 50709], "temperature": 0.0, "avg_logprob": -0.1490943105597245, "compression_ratio": 1.9086956521739131, "no_speech_prob": 0.13556957244873047}, {"id": 6, "seek": 2372, "start": 30.64, "end": 33.28, "text": " For junior roles, you might do the opposite.", "tokens": [50709, 1114, 13430, 9176, 11, 345, 1244, 466, 262, 6697, 13, 50841], "temperature": 0.0, "avg_logprob": -0.1490943105597245, "compression_ratio": 1.9086956521739131, "no_speech_prob": 0.13556957244873047}, {"id": 7, "seek": 2372, "start": 33.28, "end": 38.64, "text": " Either only individual performance or a much higher weight attached to it.", "tokens": [50841, 15467, 691, 1981, 2854, 393, 257, 881, 2440, 3463, 7223, 284, 340, 13, 51109], "temperature": 0.0, "avg_logprob": -0.1490943105597245, "compression_ratio": 1.9086956521739131, "no_speech_prob": 0.13556957244873047}, {"id": 8, "seek": 2372, "start": 38.64, "end": 43.379999999999995, "text": " Depending upon your long-term objective, you might even consider everyone linked only", "tokens": [51109, 23591, 2402, 534, 890, 12, 4354, 9432, 11, 345, 1244, 772, 2074, 2506, 6692, 691, 51346], "temperature": 0.0, "avg_logprob": -0.1490943105597245, "compression_ratio": 1.9086956521739131, "no_speech_prob": 0.13556957244873047}, {"id": 9, "seek": 2372, "start": 43.379999999999995, "end": 45.56, "text": " to company performance.", "tokens": [51346, 284, 1664, 2854, 13, 51455], "temperature": 0.0, "avg_logprob": -0.1490943105597245, "compression_ratio": 1.9086956521739131, "no_speech_prob": 0.13556957244873047}, {"id": 10, "seek": 2372, "start": 45.56, "end": 51.2, "text": " The message you send out here is that the fortunes of everyone ultimately depend upon", "tokens": [51455, 383, 3275, 345, 3758, 503, 994, 318, 326, 262, 27806, 286, 2506, 6165, 4745, 2402, 51737], "temperature": 0.0, "avg_logprob": -0.1490943105597245, "compression_ratio": 1.9086956521739131, "no_speech_prob": 0.13556957244873047}, {"id": 11, "seek": 2372, "start": 51.2, "end": 53.239999999999995, "text": " the fortunes of the company.", "tokens": [51737, 262, 27806, 286, 262, 1664, 13, 51839], "temperature": 0.0, "avg_logprob": -0.1490943105597245, "compression_ratio": 1.9086956521739131, "no_speech_prob": 0.13556957244873047}, {"id": 12, "seek": 5324, "start": 53.24, "end": 56.160000000000004, "text": " So we all sink or swim together.", "tokens": [50363, 1406, 356, 477, 14595, 393, 9422, 1978, 13, 50509], "temperature": 0.0, "avg_logprob": -0.1610358228388521, "compression_ratio": 1.680161943319838, "no_speech_prob": 0.05336766317486763}, {"id": 13, "seek": 5324, "start": 56.160000000000004, "end": 58.5, "text": " We all have one not-star.", "tokens": [50509, 775, 477, 423, 530, 407, 12, 7364, 13, 50626], "temperature": 0.0, "avg_logprob": -0.1610358228388521, "compression_ratio": 1.680161943319838, "no_speech_prob": 0.05336766317486763}, {"id": 14, "seek": 5324, "start": 58.5, "end": 63.760000000000005, "text": " Let us focus on how the company performs overall and not how you perform individually.", "tokens": [50626, 3914, 514, 2962, 319, 703, 262, 1664, 17706, 4045, 290, 407, 703, 345, 1620, 17033, 13, 50889], "temperature": 0.0, "avg_logprob": -0.1610358228388521, "compression_ratio": 1.680161943319838, "no_speech_prob": 0.05336766317486763}, {"id": 15, "seek": 5324, "start": 63.760000000000005, "end": 70.88, "text": " Again, this will depend upon how your work is structured within your company, the interdependencies", "tokens": [50889, 6521, 11, 428, 481, 4745, 2402, 703, 534, 670, 318, 20793, 1626, 534, 1664, 11, 262, 987, 45841, 3976, 51245], "temperature": 0.0, "avg_logprob": -0.1610358228388521, "compression_ratio": 1.680161943319838, "no_speech_prob": 0.05336766317486763}, {"id": 16, "seek": 5324, "start": 70.88, "end": 76.64, "text": " it has and the work culture you have decided to create based upon your vision.", "tokens": [51245, 340, 468, 290, 262, 670, 3968, 345, 423, 3066, 284, 2251, 1912, 2402, 534, 5761, 13, 51533], "temperature": 0.0, "avg_logprob": -0.1610358228388521, "compression_ratio": 1.680161943319838, "no_speech_prob": 0.05336766317486763}, {"id": 17, "seek": 5324, "start": 76.64, "end": 82.52000000000001, "text": " You may consider a scale or ranges of performance rather than a binary performance matrix.", "tokens": [51533, 921, 743, 2074, 257, 5046, 393, 16069, 286, 2854, 2138, 621, 257, 13934, 2854, 17593, 13, 51827], "temperature": 0.0, "avg_logprob": -0.1610358228388521, "compression_ratio": 1.680161943319838, "no_speech_prob": 0.05336766317486763}, {"id": 18, "seek": 8252, "start": 82.52, "end": 85.88, "text": " A binary matrix would mean a yes or a no.", "tokens": [50363, 317, 13934, 17593, 561, 1612, 257, 3763, 393, 257, 645, 13, 50531], "temperature": 0.0, "avg_logprob": -0.1659710590655987, "compression_ratio": 1.7534883720930232, "no_speech_prob": 0.0031315770465880632}, {"id": 19, "seek": 8252, "start": 85.88, "end": 92.32, "text": " If we hit this number, the options west, if we are shot by even one, nothing rests.", "tokens": [50531, 1002, 356, 2277, 428, 1271, 11, 262, 3689, 7421, 11, 611, 356, 389, 2823, 416, 772, 530, 11, 2147, 24013, 13, 50853], "temperature": 0.0, "avg_logprob": -0.1659710590655987, "compression_ratio": 1.7534883720930232, "no_speech_prob": 0.0031315770465880632}, {"id": 20, "seek": 8252, "start": 92.32, "end": 97.84, "text": " A range, on the other hand, means if we reach between this and this, then 100% of those", "tokens": [50853, 317, 2837, 11, 319, 262, 584, 1021, 11, 1724, 611, 356, 3151, 1022, 428, 290, 428, 11, 788, 1802, 4, 286, 883, 51129], "temperature": 0.0, "avg_logprob": -0.1659710590655987, "compression_ratio": 1.7534883720930232, "no_speech_prob": 0.0031315770465880632}, {"id": 21, "seek": 8252, "start": 97.84, "end": 99.38, "text": " options rest.", "tokens": [51129, 3689, 1334, 13, 51206], "temperature": 0.0, "avg_logprob": -0.1659710590655987, "compression_ratio": 1.7534883720930232, "no_speech_prob": 0.0031315770465880632}, {"id": 22, "seek": 8252, "start": 99.38, "end": 106.0, "text": " If we reach between 90 and 100% of that number, then only 80% options rest and so on.", "tokens": [51206, 1002, 356, 3151, 1022, 4101, 290, 1802, 4, 286, 326, 1271, 11, 788, 691, 4019, 4, 3689, 1334, 290, 523, 319, 13, 51537], "temperature": 0.0, "avg_logprob": -0.1659710590655987, "compression_ratio": 1.7534883720930232, "no_speech_prob": 0.0031315770465880632}, {"id": 23, "seek": 8252, "start": 106.0, "end": 111.5, "text": " You should have a reasonable minimum below which nothing rests.", "tokens": [51537, 921, 815, 423, 257, 6397, 5288, 2174, 543, 2147, 24013, 13, 51812], "temperature": 0.0, "avg_logprob": -0.1659710590655987, "compression_ratio": 1.7534883720930232, "no_speech_prob": 0.0031315770465880632}, {"id": 24, "seek": 11150, "start": 111.5, "end": 115.22, "text": " You may not waste all the options based on performance.", "tokens": [50363, 921, 743, 407, 7030, 477, 262, 3689, 1912, 319, 2854, 13, 50549], "temperature": 0.0, "avg_logprob": -0.1893032987912496, "compression_ratio": 1.5737051792828685, "no_speech_prob": 0.006760116200894117}, {"id": 25, "seek": 11150, "start": 115.22, "end": 120.54, "text": " Some could waste only on tenure or continued employment with the company.", "tokens": [50549, 2773, 714, 7030, 691, 319, 17081, 393, 3767, 7184, 351, 262, 1664, 13, 50815], "temperature": 0.0, "avg_logprob": -0.1893032987912496, "compression_ratio": 1.5737051792828685, "no_speech_prob": 0.006760116200894117}, {"id": 26, "seek": 11150, "start": 120.54, "end": 123.86, "text": " You see now we are talking about multiple layers.", "tokens": [50815, 921, 766, 783, 356, 389, 3375, 546, 3294, 11685, 13, 50981], "temperature": 0.0, "avg_logprob": -0.1893032987912496, "compression_ratio": 1.5737051792828685, "no_speech_prob": 0.006760116200894117}, {"id": 27, "seek": 11150, "start": 123.86, "end": 128.62, "text": " The challenge is to balance fairness with simplicity.", "tokens": [50981, 383, 4427, 318, 284, 5236, 22692, 351, 21654, 13, 51219], "temperature": 0.0, "avg_logprob": -0.1893032987912496, "compression_ratio": 1.5737051792828685, "no_speech_prob": 0.006760116200894117}, {"id": 28, "seek": 11150, "start": 128.62, "end": 131.1, "text": " So try a few alternatives.", "tokens": [51219, 1406, 1949, 257, 1178, 14693, 13, 51343], "temperature": 0.0, "avg_logprob": -0.1893032987912496, "compression_ratio": 1.5737051792828685, "no_speech_prob": 0.006760116200894117}, {"id": 29, "seek": 11150, "start": 131.1, "end": 136.62, "text": " Consider how each fits with your long-term objective and then make a decision.", "tokens": [51343, 12642, 703, 1123, 11414, 351, 534, 890, 12, 4354, 9432, 290, 788, 787, 257, 2551, 13, 51619], "temperature": 0.0, "avg_logprob": -0.1893032987912496, "compression_ratio": 1.5737051792828685, "no_speech_prob": 0.006760116200894117}, {"id": 30, "seek": 11150, "start": 136.62, "end": 138.58, "text": " Here are a few examples.", "tokens": [51619, 3423, 389, 257, 1178, 6096, 13, 51717], "temperature": 0.0, "avg_logprob": -0.1893032987912496, "compression_ratio": 1.5737051792828685, "no_speech_prob": 0.006760116200894117}, {"id": 31, "seek": 11150, "start": 138.58, "end": 141.1, "text": " Let's start with the simplest.", "tokens": [51717, 3914, 338, 923, 351, 262, 24043, 13, 51843], "temperature": 0.0, "avg_logprob": -0.1893032987912496, "compression_ratio": 1.5737051792828685, "no_speech_prob": 0.006760116200894117}, {"id": 32, "seek": 14110, "start": 141.1, "end": 146.85999999999999, "text": " Standard options granted with the 10, 20, 30, 40 Westing but all options west only on", "tokens": [50363, 8997, 3689, 7520, 351, 262, 838, 11, 1160, 11, 1542, 11, 2319, 2688, 278, 475, 477, 3689, 7421, 691, 319, 50651], "temperature": 0.0, "avg_logprob": -0.30291356404622394, "compression_ratio": 1.8951048951048952, "no_speech_prob": 0.3521488606929779}, {"id": 33, "seek": 14110, "start": 146.85999999999999, "end": 150.45999999999998, "text": " tenure, no performance condition.", "tokens": [50651, 17081, 11, 645, 2854, 4006, 13, 50831], "temperature": 0.0, "avg_logprob": -0.30291356404622394, "compression_ratio": 1.8951048951048952, "no_speech_prob": 0.3521488606929779}, {"id": 34, "seek": 14110, "start": 150.45999999999998, "end": 154.98, "text": " Second, all options west on performance.", "tokens": [50831, 5498, 11, 477, 3689, 7421, 319, 2854, 13, 51057], "temperature": 0.0, "avg_logprob": -0.30291356404622394, "compression_ratio": 1.8951048951048952, "no_speech_prob": 0.3521488606929779}, {"id": 35, "seek": 14110, "start": 154.98, "end": 162.14, "text": " Third, 100 options with the 10, 20, 30, 40 Westing but 70% options west on performance", "tokens": [51057, 10467, 11, 1802, 3689, 351, 262, 838, 11, 1160, 11, 1542, 11, 2319, 2688, 278, 475, 4317, 4, 3689, 7421, 319, 2854, 51415], "temperature": 0.0, "avg_logprob": -0.30291356404622394, "compression_ratio": 1.8951048951048952, "no_speech_prob": 0.3521488606929779}, {"id": 36, "seek": 14110, "start": 162.14, "end": 165.1, "text": " and 30% west on tenure.", "tokens": [51415, 290, 1542, 4, 7421, 319, 17081, 13, 51563], "temperature": 0.0, "avg_logprob": -0.30291356404622394, "compression_ratio": 1.8951048951048952, "no_speech_prob": 0.3521488606929779}, {"id": 37, "seek": 16510, "start": 165.1, "end": 172.26, "text": " So after the first year, when the first 10 options are due to west, three of them will", "tokens": [50363, 1406, 706, 262, 717, 614, 11, 618, 262, 717, 838, 3689, 389, 2233, 284, 7421, 11, 1115, 286, 606, 481, 50721], "temperature": 0.0, "avg_logprob": -0.19504627900965074, "compression_ratio": 1.6837606837606838, "no_speech_prob": 0.21742229163646698}, {"id": 38, "seek": 16510, "start": 172.26, "end": 174.94, "text": " west automatically due to tenure.", "tokens": [50721, 7421, 6338, 2233, 284, 17081, 13, 50855], "temperature": 0.0, "avg_logprob": -0.19504627900965074, "compression_ratio": 1.6837606837606838, "no_speech_prob": 0.21742229163646698}, {"id": 39, "seek": 16510, "start": 174.94, "end": 180.78, "text": " There is the balance seven would west based upon some performance parameters.", "tokens": [50855, 1318, 318, 262, 5236, 3598, 561, 7421, 1912, 2402, 617, 2854, 10007, 13, 51147], "temperature": 0.0, "avg_logprob": -0.19504627900965074, "compression_ratio": 1.6837606837606838, "no_speech_prob": 0.21742229163646698}, {"id": 40, "seek": 16510, "start": 180.78, "end": 184.94, "text": " Now that performance condition could have more layers.", "tokens": [51147, 2735, 326, 2854, 4006, 714, 423, 517, 11685, 13, 51355], "temperature": 0.0, "avg_logprob": -0.19504627900965074, "compression_ratio": 1.6837606837606838, "no_speech_prob": 0.21742229163646698}, {"id": 41, "seek": 16510, "start": 184.94, "end": 189.18, "text": " Is everything linked only to the company performance or is it also split between company", "tokens": [51355, 1148, 2279, 6692, 691, 284, 262, 1664, 2854, 393, 318, 340, 635, 6626, 1022, 1664, 51567], "temperature": 0.0, "avg_logprob": -0.19504627900965074, "compression_ratio": 1.6837606837606838, "no_speech_prob": 0.21742229163646698}, {"id": 42, "seek": 16510, "start": 189.18, "end": 192.82, "text": " and individual performance in a certain proportion?", "tokens": [51567, 290, 1981, 2854, 287, 257, 1728, 9823, 30, 51749], "temperature": 0.0, "avg_logprob": -0.19504627900965074, "compression_ratio": 1.6837606837606838, "no_speech_prob": 0.21742229163646698}, {"id": 43, "seek": 19282, "start": 192.82, "end": 198.1, "text": " What weights are assigned to company performance versus individual performance?", "tokens": [50363, 1867, 19590, 389, 8686, 284, 1664, 2854, 9051, 1981, 2854, 30, 50627], "temperature": 0.0, "avg_logprob": -0.12057893220768419, "compression_ratio": 1.6818181818181819, "no_speech_prob": 0.37366536259651184}, {"id": 44, "seek": 19282, "start": 198.1, "end": 202.98, "text": " And the last layer is the performance matrix structure.", "tokens": [50627, 843, 262, 938, 7679, 318, 262, 2854, 17593, 4645, 13, 50871], "temperature": 0.0, "avg_logprob": -0.12057893220768419, "compression_ratio": 1.6818181818181819, "no_speech_prob": 0.37366536259651184}, {"id": 45, "seek": 19282, "start": 202.98, "end": 208.5, "text": " Is it a yes, no binary kind of a matrix or is it a range matrix?", "tokens": [50871, 1148, 340, 257, 3763, 11, 645, 13934, 1611, 286, 257, 17593, 393, 318, 340, 257, 2837, 17593, 30, 51147], "temperature": 0.0, "avg_logprob": -0.12057893220768419, "compression_ratio": 1.6818181818181819, "no_speech_prob": 0.37366536259651184}, {"id": 46, "seek": 19282, "start": 208.5, "end": 214.5, "text": " So you could have 10 options due to west in the first year but seven of them west based", "tokens": [51147, 1406, 345, 714, 423, 838, 3689, 2233, 284, 7421, 287, 262, 717, 614, 475, 3598, 286, 606, 7421, 1912, 51447], "temperature": 0.0, "avg_logprob": -0.12057893220768419, "compression_ratio": 1.6818181818181819, "no_speech_prob": 0.37366536259651184}, {"id": 47, "seek": 19282, "start": 214.5, "end": 221.06, "text": " on performance which is then split as 50% individual and 50% company performance.", "tokens": [51447, 319, 2854, 543, 318, 788, 6626, 355, 2026, 4, 1981, 290, 2026, 4, 1664, 2854, 13, 51775], "temperature": 0.0, "avg_logprob": -0.12057893220768419, "compression_ratio": 1.6818181818181819, "no_speech_prob": 0.37366536259651184}, {"id": 48, "seek": 22106, "start": 221.06, "end": 226.22, "text": " But individual performance has a scale that says that if you achieve the highest rating", "tokens": [50363, 887, 1981, 2854, 468, 257, 5046, 326, 1139, 326, 611, 345, 4620, 262, 4511, 7955, 50621], "temperature": 0.0, "avg_logprob": -0.16619811739240373, "compression_ratio": 1.4791666666666667, "no_speech_prob": 0.14107488095760345}, {"id": 49, "seek": 22106, "start": 226.22, "end": 237.14000000000001, "text": " A, all of that 50% chunk, if B, then 75% of those 50% options west and so on.", "tokens": [50621, 317, 11, 477, 286, 326, 2026, 4, 16058, 11, 611, 347, 11, 788, 5441, 4, 286, 883, 2026, 4, 3689, 7421, 290, 523, 319, 13, 51167], "temperature": 0.0, "avg_logprob": -0.16619811739240373, "compression_ratio": 1.4791666666666667, "no_speech_prob": 0.14107488095760345}, {"id": 50, "seek": 22106, "start": 237.14000000000001, "end": 243.1, "text": " The company performance could have a similar range with respect to company parameters.", "tokens": [51167, 383, 1664, 2854, 714, 423, 257, 2092, 2837, 351, 2461, 284, 1664, 10007, 13, 51465], "temperature": 0.0, "avg_logprob": -0.16619811739240373, "compression_ratio": 1.4791666666666667, "no_speech_prob": 0.14107488095760345}, {"id": 51, "seek": 22106, "start": 243.1, "end": 246.42000000000002, "text": " Be careful about adding layers.", "tokens": [51465, 1355, 8161, 546, 4375, 11685, 13, 51631], "temperature": 0.0, "avg_logprob": -0.16619811739240373, "compression_ratio": 1.4791666666666667, "no_speech_prob": 0.14107488095760345}, {"id": 52, "seek": 24642, "start": 246.42, "end": 251.94, "text": " Add new layers only when you are absolutely convinced that you must do it because it", "tokens": [50363, 3060, 649, 11685, 691, 618, 345, 389, 5543, 9431, 326, 345, 1276, 466, 340, 780, 340, 50639], "temperature": 0.0, "avg_logprob": -0.11698915872229151, "compression_ratio": 1.5991189427312775, "no_speech_prob": 0.4227679371833801}, {"id": 53, "seek": 24642, "start": 251.94, "end": 257.26, "text": " furthers your long term objective or the culture you are trying to create.", "tokens": [50639, 2252, 82, 534, 890, 3381, 9432, 393, 262, 3968, 345, 389, 2111, 284, 2251, 13, 50905], "temperature": 0.0, "avg_logprob": -0.11698915872229151, "compression_ratio": 1.5991189427312775, "no_speech_prob": 0.4227679371833801}, {"id": 54, "seek": 24642, "start": 257.26, "end": 259.94, "text": " Simple is always more beautiful.", "tokens": [50905, 17427, 318, 1464, 517, 4950, 13, 51039], "temperature": 0.0, "avg_logprob": -0.11698915872229151, "compression_ratio": 1.5991189427312775, "no_speech_prob": 0.4227679371833801}, {"id": 55, "seek": 24642, "start": 259.94, "end": 263.34, "text": " You could also create milestone options.", "tokens": [51039, 921, 714, 635, 2251, 23554, 3689, 13, 51209], "temperature": 0.0, "avg_logprob": -0.11698915872229151, "compression_ratio": 1.5991189427312775, "no_speech_prob": 0.4227679371833801}, {"id": 56, "seek": 24642, "start": 263.34, "end": 269.14, "text": " As the name suggests, these do not west annually or quarterly but west only on meeting a certain", "tokens": [51209, 1081, 262, 1438, 5644, 11, 777, 466, 407, 7421, 13844, 393, 27868, 475, 7421, 691, 319, 3249, 257, 1728, 51499], "temperature": 0.0, "avg_logprob": -0.11698915872229151, "compression_ratio": 1.5991189427312775, "no_speech_prob": 0.4227679371833801}, {"id": 57, "seek": 24642, "start": 269.14, "end": 272.65999999999997, "text": " milestone or an event occurring.", "tokens": [51499, 23554, 393, 281, 1785, 14963, 13, 51675], "temperature": 0.0, "avg_logprob": -0.11698915872229151, "compression_ratio": 1.5991189427312775, "no_speech_prob": 0.4227679371833801}, {"id": 58, "seek": 27266, "start": 272.66, "end": 277.98, "text": " This might sound very interesting but be very very careful about these.", "tokens": [50363, 770, 1244, 2128, 845, 3499, 475, 307, 845, 845, 8161, 546, 777, 13, 50629], "temperature": 0.0, "avg_logprob": -0.16566967683679917, "compression_ratio": 1.6788990825688073, "no_speech_prob": 0.3774475157260895}, {"id": 59, "seek": 27266, "start": 277.98, "end": 284.70000000000005, "text": " Use them only if you can define your milestone really, really, clearly and objectively.", "tokens": [50629, 5765, 606, 691, 611, 345, 460, 8160, 534, 23554, 1107, 11, 1107, 11, 4084, 290, 35721, 13, 50965], "temperature": 0.0, "avg_logprob": -0.16566967683679917, "compression_ratio": 1.6788990825688073, "no_speech_prob": 0.3774475157260895}, {"id": 60, "seek": 27266, "start": 284.70000000000005, "end": 289.02000000000004, "text": " The milestone need not be the achievement of an entire product or the discovery of a", "tokens": [50965, 383, 23554, 761, 407, 307, 262, 13293, 286, 281, 2104, 1720, 393, 262, 9412, 286, 257, 51181], "temperature": 0.0, "avg_logprob": -0.16566967683679917, "compression_ratio": 1.6788990825688073, "no_speech_prob": 0.3774475157260895}, {"id": 61, "seek": 27266, "start": 289.02000000000004, "end": 290.34000000000003, "text": " molecule.", "tokens": [51181, 27756, 13, 51247], "temperature": 0.0, "avg_logprob": -0.16566967683679917, "compression_ratio": 1.6788990825688073, "no_speech_prob": 0.3774475157260895}, {"id": 62, "seek": 27266, "start": 290.34000000000003, "end": 296.90000000000003, "text": " It is a milestone so should be a certain critical and a very clearly definable stage you reach", "tokens": [51247, 632, 318, 257, 23554, 523, 815, 307, 257, 1728, 4688, 290, 257, 845, 4084, 2730, 540, 3800, 345, 3151, 51575], "temperature": 0.0, "avg_logprob": -0.16566967683679917, "compression_ratio": 1.6788990825688073, "no_speech_prob": 0.3774475157260895}, {"id": 63, "seek": 27266, "start": 296.90000000000003, "end": 299.22, "text": " in your journey.", "tokens": [51575, 287, 534, 7002, 13, 51691], "temperature": 0.0, "avg_logprob": -0.16566967683679917, "compression_ratio": 1.6788990825688073, "no_speech_prob": 0.3774475157260895}, {"id": 64, "seek": 29922, "start": 299.22, "end": 303.22, "text": " Creative milestones are better than subjective milestones.", "tokens": [50363, 17404, 41926, 389, 1365, 621, 19088, 41926, 13, 50563], "temperature": 0.0, "avg_logprob": -0.27937550014919704, "compression_ratio": 1.48, "no_speech_prob": 0.8082448840141296}, {"id": 65, "seek": 29922, "start": 303.22, "end": 309.3, "text": " So you could west simply based on continued employment or west based on performance.", "tokens": [50563, 1406, 345, 714, 7421, 2391, 1912, 319, 3767, 7184, 393, 7421, 1912, 319, 2854, 13, 50867], "temperature": 0.0, "avg_logprob": -0.27937550014919704, "compression_ratio": 1.48, "no_speech_prob": 0.8082448840141296}, {"id": 66, "seek": 29922, "start": 309.3, "end": 314.34000000000003, "text": " Choose whatever fits best with your vision and the culture you wish to create.", "tokens": [50867, 17489, 4232, 11414, 1266, 351, 534, 5761, 290, 262, 3968, 345, 4601, 284, 2251, 13, 51119], "temperature": 0.0, "avg_logprob": -0.27937550014919704, "compression_ratio": 1.48, "no_speech_prob": 0.8082448840141296}], "language": "en"}

transcripts/29-Vesting-conditions-Part-3.srt

@@ -0,0 +1,268 @@
+1
+00:00:00,000 --> 00:00:08,000
+If you choose to add performance conditions to your Westing, please ensure that the performance
+
+2
+00:00:08,000 --> 00:00:11,920
+matrix is simple and easy to understand.
+
+3
+00:00:11,920 --> 00:00:16,480
+You could link them to company performance or individual performance or a combination
+
+4
+00:00:16,480 --> 00:00:17,960
+of the two.
+
+5
+00:00:17,960 --> 00:00:23,720
+For senior roles, it is better to use either only company performance parameters or if
+
+6
+00:00:23,720 --> 00:00:30,640
+you should use individual performance, assign a much higher weight to the company performance.
+
+7
+00:00:30,640 --> 00:00:33,280
+For junior roles, you might do the opposite.
+
+8
+00:00:33,280 --> 00:00:38,640
+Either only individual performance or a much higher weight attached to it.
+
+9
+00:00:38,640 --> 00:00:43,380
+Depending upon your long-term objective, you might even consider everyone linked only
+
+10
+00:00:43,380 --> 00:00:45,560
+to company performance.
+
+11
+00:00:45,560 --> 00:00:51,200
+The message you send out here is that the fortunes of everyone ultimately depend upon
+
+12
+00:00:51,200 --> 00:00:53,240
+the fortunes of the company.
+
+13
+00:00:53,240 --> 00:00:56,160
+So we all sink or swim together.
+
+14
+00:00:56,160 --> 00:00:58,500
+We all have one not-star.
+
+15
+00:00:58,500 --> 00:01:03,760
+Let us focus on how the company performs overall and not how you perform individually.
+
+16
+00:01:03,760 --> 00:01:10,880
+Again, this will depend upon how your work is structured within your company, the interdependencies
+
+17
+00:01:10,880 --> 00:01:16,640
+it has and the work culture you have decided to create based upon your vision.
+
+18
+00:01:16,640 --> 00:01:22,520
+You may consider a scale or ranges of performance rather than a binary performance matrix.
+
+19
+00:01:22,520 --> 00:01:25,880
+A binary matrix would mean a yes or a no.
+
+20
+00:01:25,880 --> 00:01:32,320
+If we hit this number, the options west, if we are shot by even one, nothing rests.
+
+21
+00:01:32,320 --> 00:01:37,840
+A range, on the other hand, means if we reach between this and this, then 100% of those
+
+22
+00:01:37,840 --> 00:01:39,380
+options rest.
+
+23
+00:01:39,380 --> 00:01:46,000
+If we reach between 90 and 100% of that number, then only 80% options rest and so on.
+
+24
+00:01:46,000 --> 00:01:51,500
+You should have a reasonable minimum below which nothing rests.
+
+25
+00:01:51,500 --> 00:01:55,220
+You may not waste all the options based on performance.
+
+26
+00:01:55,220 --> 00:02:00,540
+Some could waste only on tenure or continued employment with the company.
+
+27
+00:02:00,540 --> 00:02:03,860
+You see now we are talking about multiple layers.
+
+28
+00:02:03,860 --> 00:02:08,620
+The challenge is to balance fairness with simplicity.
+
+29
+00:02:08,620 --> 00:02:11,100
+So try a few alternatives.
+
+30
+00:02:11,100 --> 00:02:16,620
+Consider how each fits with your long-term objective and then make a decision.
+
+31
+00:02:16,620 --> 00:02:18,580
+Here are a few examples.
+
+32
+00:02:18,580 --> 00:02:21,100
+Let's start with the simplest.
+
+33
+00:02:21,100 --> 00:02:26,860
+Standard options granted with the 10, 20, 30, 40 Westing but all options west only on
+
+34
+00:02:26,860 --> 00:02:30,460
+tenure, no performance condition.
+
+35
+00:02:30,460 --> 00:02:34,980
+Second, all options west on performance.
+
+36
+00:02:34,980 --> 00:02:42,140
+Third, 100 options with the 10, 20, 30, 40 Westing but 70% options west on performance
+
+37
+00:02:42,140 --> 00:02:45,100
+and 30% west on tenure.
+
+38
+00:02:45,100 --> 00:02:52,260
+So after the first year, when the first 10 options are due to west, three of them will
+
+39
+00:02:52,260 --> 00:02:54,940
+west automatically due to tenure.
+
+40
+00:02:54,940 --> 00:03:00,780
+There is the balance seven would west based upon some performance parameters.
+
+41
+00:03:00,780 --> 00:03:04,940
+Now that performance condition could have more layers.
+
+42
+00:03:04,940 --> 00:03:09,180
+Is everything linked only to the company performance or is it also split between company
+
+43
+00:03:09,180 --> 00:03:12,820
+and individual performance in a certain proportion?
+
+44
+00:03:12,820 --> 00:03:18,100
+What weights are assigned to company performance versus individual performance?
+
+45
+00:03:18,100 --> 00:03:22,980
+And the last layer is the performance matrix structure.
+
+46
+00:03:22,980 --> 00:03:28,500
+Is it a yes, no binary kind of a matrix or is it a range matrix?
+
+47
+00:03:28,500 --> 00:03:34,500
+So you could have 10 options due to west in the first year but seven of them west based
+
+48
+00:03:34,500 --> 00:03:41,060
+on performance which is then split as 50% individual and 50% company performance.
+
+49
+00:03:41,060 --> 00:03:46,220
+But individual performance has a scale that says that if you achieve the highest rating
+
+50
+00:03:46,220 --> 00:03:57,140
+A, all of that 50% chunk, if B, then 75% of those 50% options west and so on.
+
+51
+00:03:57,140 --> 00:04:03,100
+The company performance could have a similar range with respect to company parameters.
+
+52
+00:04:03,100 --> 00:04:06,420
+Be careful about adding layers.
+
+53
+00:04:06,420 --> 00:04:11,940
+Add new layers only when you are absolutely convinced that you must do it because it
+
+54
+00:04:11,940 --> 00:04:17,260
+furthers your long term objective or the culture you are trying to create.
+
+55
+00:04:17,260 --> 00:04:19,940
+Simple is always more beautiful.
+
+56
+00:04:19,940 --> 00:04:23,340
+You could also create milestone options.
+
+57
+00:04:23,340 --> 00:04:29,140
+As the name suggests, these do not west annually or quarterly but west only on meeting a certain
+
+58
+00:04:29,140 --> 00:04:32,660
+milestone or an event occurring.
+
+59
+00:04:32,660 --> 00:04:37,980
+This might sound very interesting but be very very careful about these.
+
+60
+00:04:37,980 --> 00:04:44,700
+Use them only if you can define your milestone really, really, clearly and objectively.
+
+61
+00:04:44,700 --> 00:04:49,020
+The milestone need not be the achievement of an entire product or the discovery of a
+
+62
+00:04:49,020 --> 00:04:50,340
+molecule.
+
+63
+00:04:50,340 --> 00:04:56,900
+It is a milestone so should be a certain critical and a very clearly definable stage you reach
+
+64
+00:04:56,900 --> 00:04:59,220
+in your journey.
+
+65
+00:04:59,220 --> 00:05:03,220
+Creative milestones are better than subjective milestones.
+
+66
+00:05:03,220 --> 00:05:09,300
+So you could west simply based on continued employment or west based on performance.
+
+67
+00:05:09,300 --> 00:05:14,340
+Choose whatever fits best with your vision and the culture you wish to create.
+

transcripts/29-Vesting-conditions-Part-3.tsv

@@ -0,0 +1,68 @@
+start	end	text
+0	8000	If you choose to add performance conditions to your Westing, please ensure that the performance
+8000	11920	matrix is simple and easy to understand.
+11920	16480	You could link them to company performance or individual performance or a combination
+16480	17960	of the two.
+17960	23720	For senior roles, it is better to use either only company performance parameters or if
+23720	30640	you should use individual performance, assign a much higher weight to the company performance.
+30640	33280	For junior roles, you might do the opposite.
+33280	38640	Either only individual performance or a much higher weight attached to it.
+38640	43380	Depending upon your long-term objective, you might even consider everyone linked only
+43380	45560	to company performance.
+45560	51200	The message you send out here is that the fortunes of everyone ultimately depend upon
+51200	53240	the fortunes of the company.
+53240	56160	So we all sink or swim together.
+56160	58500	We all have one not-star.
+58500	63760	Let us focus on how the company performs overall and not how you perform individually.
+63760	70880	Again, this will depend upon how your work is structured within your company, the interdependencies
+70880	76640	it has and the work culture you have decided to create based upon your vision.
+76640	82520	You may consider a scale or ranges of performance rather than a binary performance matrix.
+82520	85880	A binary matrix would mean a yes or a no.
+85880	92320	If we hit this number, the options west, if we are shot by even one, nothing rests.
+92320	97840	A range, on the other hand, means if we reach between this and this, then 100% of those
+97840	99380	options rest.
+99380	106000	If we reach between 90 and 100% of that number, then only 80% options rest and so on.
+106000	111500	You should have a reasonable minimum below which nothing rests.
+111500	115220	You may not waste all the options based on performance.
+115220	120540	Some could waste only on tenure or continued employment with the company.
+120540	123860	You see now we are talking about multiple layers.
+123860	128620	The challenge is to balance fairness with simplicity.
+128620	131100	So try a few alternatives.
+131100	136620	Consider how each fits with your long-term objective and then make a decision.
+136620	138580	Here are a few examples.
+138580	141100	Let's start with the simplest.
+141100	146860	Standard options granted with the 10, 20, 30, 40 Westing but all options west only on
+146860	150460	tenure, no performance condition.
+150460	154980	Second, all options west on performance.
+154980	162140	Third, 100 options with the 10, 20, 30, 40 Westing but 70% options west on performance
+162140	165100	and 30% west on tenure.
+165100	172260	So after the first year, when the first 10 options are due to west, three of them will
+172260	174940	west automatically due to tenure.
+174940	180780	There is the balance seven would west based upon some performance parameters.
+180780	184940	Now that performance condition could have more layers.
+184940	189180	Is everything linked only to the company performance or is it also split between company
+189180	192820	and individual performance in a certain proportion?
+192820	198100	What weights are assigned to company performance versus individual performance?
+198100	202980	And the last layer is the performance matrix structure.
+202980	208500	Is it a yes, no binary kind of a matrix or is it a range matrix?
+208500	214500	So you could have 10 options due to west in the first year but seven of them west based
+214500	221060	on performance which is then split as 50% individual and 50% company performance.
+221060	226220	But individual performance has a scale that says that if you achieve the highest rating
+226220	237140	A, all of that 50% chunk, if B, then 75% of those 50% options west and so on.
+237140	243100	The company performance could have a similar range with respect to company parameters.
+243100	246420	Be careful about adding layers.
+246420	251940	Add new layers only when you are absolutely convinced that you must do it because it
+251940	257260	furthers your long term objective or the culture you are trying to create.
+257260	259940	Simple is always more beautiful.
+259940	263340	You could also create milestone options.
+263340	269140	As the name suggests, these do not west annually or quarterly but west only on meeting a certain
+269140	272660	milestone or an event occurring.
+272660	277980	This might sound very interesting but be very very careful about these.
+277980	284700	Use them only if you can define your milestone really, really, clearly and objectively.
+284700	289020	The milestone need not be the achievement of an entire product or the discovery of a
+289020	290340	molecule.
+290340	296900	It is a milestone so should be a certain critical and a very clearly definable stage you reach
+296900	299220	in your journey.
+299220	303220	Creative milestones are better than subjective milestones.
+303220	309300	So you could west simply based on continued employment or west based on performance.
+309300	314340	Choose whatever fits best with your vision and the culture you wish to create.

transcripts/3-How-do-stock-options-work.json

@@ -0,0 +1 @@
+{"text": " Stock options are well known and frequently used by startups to attract and retain talented team members with the company. But sometimes one hears that employees don't really value stock options and hence they are not effective. Let us understand why that happens. If you purchase a piano and keep it in your living room, it will not start to play by itself. You need to learn the skill to draw the music out of that instrument. If you do not learn how to play it, you will never derive any true pleasure or inspiration from it. The key word here is learn. You need to learn how to play it. You can purchase a piano anytime, but you own a piano only when you have put in the effort to learn how to create music with that instrument. Stock options work the same way. Because they are so widely used by startups around the world, you tend to take them for granted. You start to believe that all you need to do is just grant them to your team members. Just place the piano in the living room and they will somehow start to play music on their own. A light will magically pass through every team member and they will suddenly start to feel like an owner of the company and will begin to act accordingly. And that must be because that article on stock options said so. So I as a founder have played my part by granting you stock options and now you the team members need to play yours. It does not work that way. It never has and it never will. If you use stock options without knowing how to really use them without learning how to draw music out of them, they will almost never work for you. They might, in a few rare cases, provide financial success to your team members if you create a business that becomes very valuable. But that does not mean you made them work for you. You did not put in any effort in making them work for you, which means you left it to chance and it worked. But that does not happen in most cases. Besides, let us first understand what it means to make stock options work for you. What does work for you really mean? Work for you does not mean that they make a lot of money for the team members. When stock options truly work for you, it means that they strengthen the sense of ownership in the hearts of the team members. That sense of ownership drives them to stare at their ceilings when they lay on their bed at night, thinking about what more they can do to succeed. That sense of ownership inspires them to keep going, keep improving and create something that others will be inspired by. If your people feel none of that, then you are missing out on a tool that is very powerful. You are not truly harnessing the power of stock options. And if despite this, you are financially successful. Imagine what you could have done. Had you used stock options in the right manner. So how do you make your stock options work for you? To make them do wonders, the conversation must not start with stock options. It must start with your values and your vision. That is what inspires people. A piece of paper that you hand out to them with the promise that this will make you rich, inspires no one. It can seduce them, perhaps. It can make them greedy. But it can never really inspire them in the true sense. If you want to use the real power of stock options, you must start from your personal values. And that must lead to a healthy non-financial vision that you are passionate about. It is that non-financial vision that inspires people to go beyond their call of duty and create something that you can be proud of. If your vision says, let's become a billion dollar company, you are essentially saying that I have no vision beyond making money. But that is usually not true. If you only think about a financial vision today, and that is not uncommon, you have probably been swayed and misguided by the external environment that wants you to believe that it is the valuation that matters. But the truth is, values and not valuation inspire people. Vision and not valuation inspires people. Do not use stock options merely as a financial tool to attract or retain people or to lure them into taking a pay cut by showing them an imaginary pot of gold. Give them something much more substantial to resonate with, something they can latch on to and believe along with you. If you have been influenced by the environment around you and you have begun to believe that your core purpose is to raise the next round of funding and create a unicorn, it is understandable. Our environment plays a huge role in shaping our thoughts. Because you are a victim of such an environment, it might also fuel your energy of greed. Now the energy of greed may work once in a while, but at its core, it is an inferior, a much weaker and a negative form of energy. And even if it does work, it might leave you richer, but it will also, in all likelihood, leave you less peaceful. You can simply transform the same energy into a much stronger form, the energy of your values and your vision. Use stock options as a proxy, as a symbol for your values and for the vision that you stand for. That is where your conversation needs to start, from your heart, not from your head. That is what inspires people. That is what will differentiate your venture from 10 others down the road. That is what will make you start up successful. Stock options are dead pieces of paper. It is your vision that infuses life into them. It is your vision that infuses energy in your people. Don't look at ESOPs as employee stock options. Look at them as emotional stock options. Put in the effort, and they will work for you. If you don't, why should they work for you? If you put in the effort, your chances of success increase dramatically. Stock options are a proxy for the values and the non-financial vision you have. And that should be the guiding principle of your stock options strategy for your startup. But before we talk about the stock options strategy, we first need to understand what a startup itself should be. So let us start there.", "segments": [{"id": 0, "seek": 0, "start": 0.0, "end": 10.0, "text": " Stock options are well known and frequently used by startups to attract and retain talented team members with the company.", "tokens": [50363, 10500, 3689, 389, 880, 1900, 290, 6777, 973, 416, 21685, 284, 4729, 290, 12377, 12356, 1074, 1866, 351, 262, 1664, 13, 50863], "temperature": 0.0, "avg_logprob": -0.1045929872536961, "compression_ratio": 1.543103448275862, "no_speech_prob": 0.045025479048490524}, {"id": 1, "seek": 0, "start": 10.0, "end": 17.0, "text": " But sometimes one hears that employees don't really value stock options and hence they are not effective.", "tokens": [50863, 887, 3360, 530, 23180, 326, 4409, 836, 470, 1107, 1988, 4283, 3689, 290, 12891, 484, 389, 407, 4050, 13, 51213], "temperature": 0.0, "avg_logprob": -0.1045929872536961, "compression_ratio": 1.543103448275862, "no_speech_prob": 0.045025479048490524}, {"id": 2, "seek": 0, "start": 17.0, "end": 21.0, "text": " Let us understand why that happens.", "tokens": [51213, 3914, 514, 1833, 1521, 326, 4325, 13, 51413], "temperature": 0.0, "avg_logprob": -0.1045929872536961, "compression_ratio": 1.543103448275862, "no_speech_prob": 0.045025479048490524}, {"id": 3, "seek": 0, "start": 21.0, "end": 29.0, "text": " If you purchase a piano and keep it in your living room, it will not start to play by itself.", "tokens": [51413, 1002, 345, 5001, 257, 19132, 290, 1394, 340, 287, 534, 2877, 2119, 11, 340, 481, 407, 923, 284, 711, 416, 2346, 13, 51813], "temperature": 0.0, "avg_logprob": -0.1045929872536961, "compression_ratio": 1.543103448275862, "no_speech_prob": 0.045025479048490524}, {"id": 4, "seek": 2900, "start": 29.0, "end": 35.0, "text": " You need to learn the skill to draw the music out of that instrument.", "tokens": [50363, 921, 761, 284, 2193, 262, 5032, 284, 3197, 262, 2647, 503, 286, 326, 8875, 13, 50663], "temperature": 0.0, "avg_logprob": -0.05303195727768765, "compression_ratio": 1.8106796116504855, "no_speech_prob": 0.019461553543806076}, {"id": 5, "seek": 2900, "start": 35.0, "end": 42.0, "text": " If you do not learn how to play it, you will never derive any true pleasure or inspiration from it.", "tokens": [50663, 1002, 345, 466, 407, 2193, 703, 284, 711, 340, 11, 345, 481, 1239, 27099, 597, 2081, 9476, 393, 12141, 422, 340, 13, 51013], "temperature": 0.0, "avg_logprob": -0.05303195727768765, "compression_ratio": 1.8106796116504855, "no_speech_prob": 0.019461553543806076}, {"id": 6, "seek": 2900, "start": 42.0, "end": 47.0, "text": " The key word here is learn. You need to learn how to play it.", "tokens": [51013, 383, 1994, 1573, 994, 318, 2193, 13, 921, 761, 284, 2193, 703, 284, 711, 340, 13, 51263], "temperature": 0.0, "avg_logprob": -0.05303195727768765, "compression_ratio": 1.8106796116504855, "no_speech_prob": 0.019461553543806076}, {"id": 7, "seek": 2900, "start": 47.0, "end": 58.0, "text": " You can purchase a piano anytime, but you own a piano only when you have put in the effort to learn how to create music with that instrument.", "tokens": [51263, 921, 460, 5001, 257, 19132, 17949, 11, 475, 345, 898, 257, 19132, 691, 618, 345, 423, 1234, 287, 262, 3626, 284, 2193, 703, 284, 2251, 2647, 351, 326, 8875, 13, 51813], "temperature": 0.0, "avg_logprob": -0.05303195727768765, "compression_ratio": 1.8106796116504855, "no_speech_prob": 0.019461553543806076}, {"id": 8, "seek": 5800, "start": 58.0, "end": 61.0, "text": " Stock options work the same way.", "tokens": [50363, 10500, 3689, 670, 262, 976, 835, 13, 50513], "temperature": 0.0, "avg_logprob": -0.0430536803446318, "compression_ratio": 1.586734693877551, "no_speech_prob": 0.024186039343476295}, {"id": 9, "seek": 5800, "start": 61.0, "end": 68.0, "text": " Because they are so widely used by startups around the world, you tend to take them for granted.", "tokens": [50513, 4362, 484, 389, 523, 6768, 973, 416, 21685, 1088, 262, 995, 11, 345, 4327, 284, 1011, 606, 329, 7520, 13, 50863], "temperature": 0.0, "avg_logprob": -0.0430536803446318, "compression_ratio": 1.586734693877551, "no_speech_prob": 0.024186039343476295}, {"id": 10, "seek": 5800, "start": 68.0, "end": 74.0, "text": " You start to believe that all you need to do is just grant them to your team members.", "tokens": [50863, 921, 923, 284, 1975, 326, 477, 345, 761, 284, 466, 318, 655, 7264, 606, 284, 534, 1074, 1866, 13, 51163], "temperature": 0.0, "avg_logprob": -0.0430536803446318, "compression_ratio": 1.586734693877551, "no_speech_prob": 0.024186039343476295}, {"id": 11, "seek": 5800, "start": 74.0, "end": 80.0, "text": " Just place the piano in the living room and they will somehow start to play music on their own.", "tokens": [51163, 2329, 1295, 262, 19132, 287, 262, 2877, 2119, 290, 484, 481, 7599, 923, 284, 711, 2647, 319, 511, 898, 13, 51463], "temperature": 0.0, "avg_logprob": -0.0430536803446318, "compression_ratio": 1.586734693877551, "no_speech_prob": 0.024186039343476295}, {"id": 12, "seek": 8000, "start": 80.0, "end": 89.0, "text": " A light will magically pass through every team member and they will suddenly start to feel like an owner of the company and will begin to act accordingly.", "tokens": [50363, 317, 1657, 481, 34850, 1208, 832, 790, 1074, 2888, 290, 484, 481, 6451, 923, 284, 1254, 588, 281, 4870, 286, 262, 1664, 290, 481, 2221, 284, 719, 16062, 13, 50813], "temperature": 0.0, "avg_logprob": -0.07410843321617613, "compression_ratio": 1.6837606837606838, "no_speech_prob": 0.15220989286899567}, {"id": 13, "seek": 8000, "start": 89.0, "end": 94.0, "text": " And that must be because that article on stock options said so.", "tokens": [50813, 843, 326, 1276, 307, 780, 326, 2708, 319, 4283, 3689, 531, 523, 13, 51063], "temperature": 0.0, "avg_logprob": -0.07410843321617613, "compression_ratio": 1.6837606837606838, "no_speech_prob": 0.15220989286899567}, {"id": 14, "seek": 8000, "start": 94.0, "end": 103.0, "text": " So I as a founder have played my part by granting you stock options and now you the team members need to play yours.", "tokens": [51063, 1406, 314, 355, 257, 9119, 423, 2826, 616, 636, 416, 21787, 345, 4283, 3689, 290, 783, 345, 262, 1074, 1866, 761, 284, 711, 12431, 13, 51513], "temperature": 0.0, "avg_logprob": -0.07410843321617613, "compression_ratio": 1.6837606837606838, "no_speech_prob": 0.15220989286899567}, {"id": 15, "seek": 8000, "start": 103.0, "end": 105.0, "text": " It does not work that way.", "tokens": [51513, 632, 857, 407, 670, 326, 835, 13, 51613], "temperature": 0.0, "avg_logprob": -0.07410843321617613, "compression_ratio": 1.6837606837606838, "no_speech_prob": 0.15220989286899567}, {"id": 16, "seek": 8000, "start": 105.0, "end": 109.0, "text": " It never has and it never will.", "tokens": [51613, 632, 1239, 468, 290, 340, 1239, 481, 13, 51813], "temperature": 0.0, "avg_logprob": -0.07410843321617613, "compression_ratio": 1.6837606837606838, "no_speech_prob": 0.15220989286899567}, {"id": 17, "seek": 10900, "start": 110.0, "end": 121.0, "text": " If you use stock options without knowing how to really use them without learning how to draw music out of them, they will almost never work for you.", "tokens": [50413, 1002, 345, 779, 4283, 3689, 1231, 6970, 703, 284, 1107, 779, 606, 1231, 4673, 703, 284, 3197, 2647, 503, 286, 606, 11, 484, 481, 2048, 1239, 670, 329, 345, 13, 50963], "temperature": 0.0, "avg_logprob": -0.056003727410968984, "compression_ratio": 1.6116504854368932, "no_speech_prob": 0.01639127917587757}, {"id": 18, "seek": 10900, "start": 121.0, "end": 129.0, "text": " They might, in a few rare cases, provide financial success to your team members if you create a business that becomes very valuable.", "tokens": [50963, 1119, 1244, 11, 287, 257, 1178, 4071, 2663, 11, 2148, 3176, 1943, 284, 534, 1074, 1866, 611, 345, 2251, 257, 1597, 326, 4329, 845, 8119, 13, 51363], "temperature": 0.0, "avg_logprob": -0.056003727410968984, "compression_ratio": 1.6116504854368932, "no_speech_prob": 0.01639127917587757}, {"id": 19, "seek": 10900, "start": 129.0, "end": 133.0, "text": " But that does not mean you made them work for you.", "tokens": [51363, 887, 326, 857, 407, 1612, 345, 925, 606, 670, 329, 345, 13, 51563], "temperature": 0.0, "avg_logprob": -0.056003727410968984, "compression_ratio": 1.6116504854368932, "no_speech_prob": 0.01639127917587757}, {"id": 20, "seek": 13300, "start": 133.0, "end": 140.0, "text": " You did not put in any effort in making them work for you, which means you left it to chance and it worked.", "tokens": [50363, 921, 750, 407, 1234, 287, 597, 3626, 287, 1642, 606, 670, 329, 345, 11, 543, 1724, 345, 1364, 340, 284, 2863, 290, 340, 3111, 13, 50713], "temperature": 0.0, "avg_logprob": -0.05888448136576106, "compression_ratio": 1.7164179104477613, "no_speech_prob": 0.02125653810799122}, {"id": 21, "seek": 13300, "start": 140.0, "end": 143.0, "text": " But that does not happen in most cases.", "tokens": [50713, 887, 326, 857, 407, 1645, 287, 749, 2663, 13, 50863], "temperature": 0.0, "avg_logprob": -0.05888448136576106, "compression_ratio": 1.7164179104477613, "no_speech_prob": 0.02125653810799122}, {"id": 22, "seek": 13300, "start": 143.0, "end": 150.0, "text": " Besides, let us first understand what it means to make stock options work for you.", "tokens": [50863, 16238, 11, 1309, 514, 717, 1833, 644, 340, 1724, 284, 787, 4283, 3689, 670, 329, 345, 13, 51213], "temperature": 0.0, "avg_logprob": -0.05888448136576106, "compression_ratio": 1.7164179104477613, "no_speech_prob": 0.02125653810799122}, {"id": 23, "seek": 13300, "start": 150.0, "end": 153.0, "text": " What does work for you really mean?", "tokens": [51213, 1867, 857, 670, 329, 345, 1107, 1612, 30, 51363], "temperature": 0.0, "avg_logprob": -0.05888448136576106, "compression_ratio": 1.7164179104477613, "no_speech_prob": 0.02125653810799122}, {"id": 24, "seek": 13300, "start": 153.0, "end": 159.0, "text": " Work for you does not mean that they make a lot of money for the team members.", "tokens": [51363, 5521, 329, 345, 857, 407, 1612, 326, 484, 787, 257, 1256, 286, 1637, 329, 262, 1074, 1866, 13, 51663], "temperature": 0.0, "avg_logprob": -0.05888448136576106, "compression_ratio": 1.7164179104477613, "no_speech_prob": 0.02125653810799122}, {"id": 25, "seek": 15900, "start": 160.0, "end": 169.0, "text": " When stock options truly work for you, it means that they strengthen the sense of ownership in the hearts of the team members.", "tokens": [50413, 1649, 4283, 3689, 4988, 670, 329, 345, 11, 340, 1724, 326, 484, 12160, 262, 2565, 286, 9238, 287, 262, 11954, 286, 262, 1074, 1866, 13, 50863], "temperature": 0.0, "avg_logprob": -0.04640915745594462, "compression_ratio": 1.6272189349112427, "no_speech_prob": 0.0215238556265831}, {"id": 26, "seek": 15900, "start": 169.0, "end": 180.0, "text": " That sense of ownership drives them to stare at their ceilings when they lay on their bed at night, thinking about what more they can do to succeed.", "tokens": [50863, 1320, 2565, 286, 9238, 10182, 606, 284, 24170, 379, 511, 45926, 618, 484, 3830, 319, 511, 3996, 379, 1755, 11, 3612, 546, 644, 517, 484, 460, 466, 284, 6758, 13, 51413], "temperature": 0.0, "avg_logprob": -0.04640915745594462, "compression_ratio": 1.6272189349112427, "no_speech_prob": 0.0215238556265831}, {"id": 27, "seek": 18000, "start": 180.0, "end": 189.0, "text": " That sense of ownership inspires them to keep going, keep improving and create something that others will be inspired by.", "tokens": [50363, 1320, 2565, 286, 9238, 38934, 606, 284, 1394, 1016, 11, 1394, 10068, 290, 2251, 1223, 326, 1854, 481, 307, 7867, 416, 13, 50813], "temperature": 0.0, "avg_logprob": -0.08049407459440686, "compression_ratio": 1.59375, "no_speech_prob": 0.18848994374275208}, {"id": 28, "seek": 18000, "start": 189.0, "end": 195.0, "text": " If your people feel none of that, then you are missing out on a tool that is very powerful.", "tokens": [50813, 1002, 534, 661, 1254, 4844, 286, 326, 11, 788, 345, 389, 4814, 503, 319, 257, 2891, 326, 318, 845, 3665, 13, 51113], "temperature": 0.0, "avg_logprob": -0.08049407459440686, "compression_ratio": 1.59375, "no_speech_prob": 0.18848994374275208}, {"id": 29, "seek": 18000, "start": 195.0, "end": 199.0, "text": " You are not truly harnessing the power of stock options.", "tokens": [51113, 921, 389, 407, 4988, 19356, 278, 262, 1176, 286, 4283, 3689, 13, 51313], "temperature": 0.0, "avg_logprob": -0.08049407459440686, "compression_ratio": 1.59375, "no_speech_prob": 0.18848994374275208}, {"id": 30, "seek": 18000, "start": 199.0, "end": 203.0, "text": " And if despite this, you are financially successful.", "tokens": [51313, 843, 611, 3805, 428, 11, 345, 389, 18786, 4388, 13, 51513], "temperature": 0.0, "avg_logprob": -0.08049407459440686, "compression_ratio": 1.59375, "no_speech_prob": 0.18848994374275208}, {"id": 31, "seek": 18000, "start": 203.0, "end": 205.0, "text": " Imagine what you could have done.", "tokens": [51513, 18450, 644, 345, 714, 423, 1760, 13, 51613], "temperature": 0.0, "avg_logprob": -0.08049407459440686, "compression_ratio": 1.59375, "no_speech_prob": 0.18848994374275208}, {"id": 32, "seek": 20500, "start": 205.0, "end": 209.0, "text": " Had you used stock options in the right manner.", "tokens": [50363, 11161, 345, 973, 4283, 3689, 287, 262, 826, 5642, 13, 50563], "temperature": 0.0, "avg_logprob": -0.08156959093534029, "compression_ratio": 1.6178343949044587, "no_speech_prob": 0.08344549685716629}, {"id": 33, "seek": 20500, "start": 209.0, "end": 214.0, "text": " So how do you make your stock options work for you?", "tokens": [50563, 1406, 703, 466, 345, 787, 534, 4283, 3689, 670, 329, 345, 30, 50813], "temperature": 0.0, "avg_logprob": -0.08156959093534029, "compression_ratio": 1.6178343949044587, "no_speech_prob": 0.08344549685716629}, {"id": 34, "seek": 20500, "start": 214.0, "end": 221.0, "text": " To make them do wonders, the conversation must not start with stock options.", "tokens": [50813, 1675, 787, 606, 466, 19294, 11, 262, 5273, 1276, 407, 923, 351, 4283, 3689, 13, 51163], "temperature": 0.0, "avg_logprob": -0.08156959093534029, "compression_ratio": 1.6178343949044587, "no_speech_prob": 0.08344549685716629}, {"id": 35, "seek": 20500, "start": 221.0, "end": 225.0, "text": " It must start with your values and your vision.", "tokens": [51163, 632, 1276, 923, 351, 534, 3815, 290, 534, 5761, 13, 51363], "temperature": 0.0, "avg_logprob": -0.08156959093534029, "compression_ratio": 1.6178343949044587, "no_speech_prob": 0.08344549685716629}, {"id": 36, "seek": 20500, "start": 225.0, "end": 228.0, "text": " That is what inspires people.", "tokens": [51363, 1320, 318, 644, 38934, 661, 13, 51513], "temperature": 0.0, "avg_logprob": -0.08156959093534029, "compression_ratio": 1.6178343949044587, "no_speech_prob": 0.08344549685716629}, {"id": 37, "seek": 22800, "start": 229.0, "end": 235.0, "text": " A piece of paper that you hand out to them with the promise that this will make you rich, inspires no one.", "tokens": [50413, 317, 3704, 286, 3348, 326, 345, 1021, 503, 284, 606, 351, 262, 6991, 326, 428, 481, 787, 345, 5527, 11, 38934, 645, 530, 13, 50713], "temperature": 0.0, "avg_logprob": -0.07389966887657089, "compression_ratio": 1.7056277056277056, "no_speech_prob": 0.10785284638404846}, {"id": 38, "seek": 22800, "start": 235.0, "end": 238.0, "text": " It can seduce them, perhaps. It can make them greedy.", "tokens": [50713, 632, 460, 10081, 7234, 606, 11, 3737, 13, 632, 460, 787, 606, 31828, 13, 50863], "temperature": 0.0, "avg_logprob": -0.07389966887657089, "compression_ratio": 1.7056277056277056, "no_speech_prob": 0.10785284638404846}, {"id": 39, "seek": 22800, "start": 238.0, "end": 243.0, "text": " But it can never really inspire them in the true sense.", "tokens": [50863, 887, 340, 460, 1239, 1107, 18330, 606, 287, 262, 2081, 2565, 13, 51113], "temperature": 0.0, "avg_logprob": -0.07389966887657089, "compression_ratio": 1.7056277056277056, "no_speech_prob": 0.10785284638404846}, {"id": 40, "seek": 22800, "start": 243.0, "end": 250.0, "text": " If you want to use the real power of stock options, you must start from your personal values.", "tokens": [51113, 1002, 345, 765, 284, 779, 262, 1103, 1176, 286, 4283, 3689, 11, 345, 1276, 923, 422, 534, 2614, 3815, 13, 51463], "temperature": 0.0, "avg_logprob": -0.07389966887657089, "compression_ratio": 1.7056277056277056, "no_speech_prob": 0.10785284638404846}, {"id": 41, "seek": 22800, "start": 250.0, "end": 257.0, "text": " And that must lead to a healthy non-financial vision that you are passionate about.", "tokens": [51463, 843, 326, 1276, 1085, 284, 257, 5448, 1729, 12, 46921, 5761, 326, 345, 389, 15347, 546, 13, 51813], "temperature": 0.0, "avg_logprob": -0.07389966887657089, "compression_ratio": 1.7056277056277056, "no_speech_prob": 0.10785284638404846}, {"id": 42, "seek": 25700, "start": 258.0, "end": 267.0, "text": " It is that non-financial vision that inspires people to go beyond their call of duty and create something that you can be proud of.", "tokens": [50413, 632, 318, 326, 1729, 12, 46921, 5761, 326, 38934, 661, 284, 467, 3675, 511, 869, 286, 7077, 290, 2251, 1223, 326, 345, 460, 307, 6613, 286, 13, 50863], "temperature": 0.0, "avg_logprob": -0.0898535362509794, "compression_ratio": 1.7069767441860466, "no_speech_prob": 0.007860605604946613}, {"id": 43, "seek": 25700, "start": 267.0, "end": 275.0, "text": " If your vision says, let's become a billion dollar company, you are essentially saying that I have no vision beyond making money.", "tokens": [50863, 1002, 534, 5761, 1139, 11, 1309, 338, 1716, 257, 2997, 8872, 1664, 11, 345, 389, 6986, 2282, 326, 314, 423, 645, 5761, 3675, 1642, 1637, 13, 51263], "temperature": 0.0, "avg_logprob": -0.0898535362509794, "compression_ratio": 1.7069767441860466, "no_speech_prob": 0.007860605604946613}, {"id": 44, "seek": 25700, "start": 275.0, "end": 278.0, "text": " But that is usually not true.", "tokens": [51263, 887, 326, 318, 3221, 407, 2081, 13, 51413], "temperature": 0.0, "avg_logprob": -0.0898535362509794, "compression_ratio": 1.7069767441860466, "no_speech_prob": 0.007860605604946613}, {"id": 45, "seek": 25700, "start": 278.0, "end": 284.0, "text": " If you only think about a financial vision today, and that is not uncommon,", "tokens": [51413, 1002, 345, 691, 892, 546, 257, 3176, 5761, 1909, 11, 290, 326, 318, 407, 19185, 11, 51713], "temperature": 0.0, "avg_logprob": -0.0898535362509794, "compression_ratio": 1.7069767441860466, "no_speech_prob": 0.007860605604946613}, {"id": 46, "seek": 28400, "start": 284.0, "end": 289.0, "text": " you have probably been swayed and misguided by the external environment", "tokens": [50363, 345, 423, 2192, 587, 47632, 290, 30168, 416, 262, 7097, 2858, 50613], "temperature": 0.0, "avg_logprob": -0.07109180177961077, "compression_ratio": 1.668421052631579, "no_speech_prob": 0.015920419245958328}, {"id": 47, "seek": 28400, "start": 289.0, "end": 293.0, "text": " that wants you to believe that it is the valuation that matters.", "tokens": [50613, 326, 3382, 345, 284, 1975, 326, 340, 318, 262, 29115, 326, 6067, 13, 50813], "temperature": 0.0, "avg_logprob": -0.07109180177961077, "compression_ratio": 1.668421052631579, "no_speech_prob": 0.015920419245958328}, {"id": 48, "seek": 28400, "start": 293.0, "end": 299.0, "text": " But the truth is, values and not valuation inspire people.", "tokens": [50813, 887, 262, 3872, 318, 11, 3815, 290, 407, 29115, 18330, 661, 13, 51113], "temperature": 0.0, "avg_logprob": -0.07109180177961077, "compression_ratio": 1.668421052631579, "no_speech_prob": 0.015920419245958328}, {"id": 49, "seek": 28400, "start": 299.0, "end": 303.0, "text": " Vision and not valuation inspires people.", "tokens": [51113, 19009, 290, 407, 29115, 38934, 661, 13, 51313], "temperature": 0.0, "avg_logprob": -0.07109180177961077, "compression_ratio": 1.668421052631579, "no_speech_prob": 0.015920419245958328}, {"id": 50, "seek": 28400, "start": 303.0, "end": 309.0, "text": " Do not use stock options merely as a financial tool to attract or retain people", "tokens": [51313, 2141, 407, 779, 4283, 3689, 6974, 355, 257, 3176, 2891, 284, 4729, 393, 12377, 661, 51613], "temperature": 0.0, "avg_logprob": -0.07109180177961077, "compression_ratio": 1.668421052631579, "no_speech_prob": 0.015920419245958328}, {"id": 51, "seek": 30900, "start": 309.0, "end": 315.0, "text": " or to lure them into taking a pay cut by showing them an imaginary pot of gold.", "tokens": [50363, 393, 284, 26166, 606, 656, 2263, 257, 1414, 2005, 416, 4478, 606, 281, 26726, 1787, 286, 3869, 13, 50663], "temperature": 0.0, "avg_logprob": -0.07147252422639694, "compression_ratio": 1.7, "no_speech_prob": 0.02039502188563347}, {"id": 52, "seek": 30900, "start": 315.0, "end": 324.0, "text": " Give them something much more substantial to resonate with, something they can latch on to and believe along with you.", "tokens": [50663, 13786, 606, 1223, 881, 517, 8904, 284, 41523, 351, 11, 1223, 484, 460, 43140, 319, 284, 290, 1975, 1863, 351, 345, 13, 51113], "temperature": 0.0, "avg_logprob": -0.07147252422639694, "compression_ratio": 1.7, "no_speech_prob": 0.02039502188563347}, {"id": 53, "seek": 30900, "start": 324.0, "end": 331.0, "text": " If you have been influenced by the environment around you and you have begun to believe that your core purpose", "tokens": [51113, 1002, 345, 423, 587, 12824, 416, 262, 2858, 1088, 345, 290, 345, 423, 9258, 284, 1975, 326, 534, 4755, 4007, 51463], "temperature": 0.0, "avg_logprob": -0.07147252422639694, "compression_ratio": 1.7, "no_speech_prob": 0.02039502188563347}, {"id": 54, "seek": 30900, "start": 331.0, "end": 337.0, "text": " is to raise the next round of funding and create a unicorn, it is understandable.", "tokens": [51463, 318, 284, 5298, 262, 1306, 2835, 286, 4918, 290, 2251, 257, 44986, 11, 340, 318, 21977, 13, 51763], "temperature": 0.0, "avg_logprob": -0.07147252422639694, "compression_ratio": 1.7, "no_speech_prob": 0.02039502188563347}, {"id": 55, "seek": 33700, "start": 337.0, "end": 342.0, "text": " Our environment plays a huge role in shaping our thoughts.", "tokens": [50363, 3954, 2858, 5341, 257, 3236, 2597, 287, 23610, 674, 6066, 13, 50613], "temperature": 0.0, "avg_logprob": -0.08282497950962611, "compression_ratio": 1.558659217877095, "no_speech_prob": 0.021126581355929375}, {"id": 56, "seek": 33700, "start": 342.0, "end": 348.0, "text": " Because you are a victim of such an environment, it might also fuel your energy of greed.", "tokens": [50613, 4362, 345, 389, 257, 3117, 286, 884, 281, 2858, 11, 340, 1244, 635, 5252, 534, 2568, 286, 25474, 13, 50913], "temperature": 0.0, "avg_logprob": -0.08282497950962611, "compression_ratio": 1.558659217877095, "no_speech_prob": 0.021126581355929375}, {"id": 57, "seek": 33700, "start": 348.0, "end": 358.0, "text": " Now the energy of greed may work once in a while, but at its core, it is an inferior, a much weaker and a negative form of energy.", "tokens": [50913, 2735, 262, 2568, 286, 25474, 743, 670, 1752, 287, 257, 981, 11, 475, 379, 663, 4755, 11, 340, 318, 281, 18536, 11, 257, 881, 17642, 290, 257, 4633, 1296, 286, 2568, 13, 51413], "temperature": 0.0, "avg_logprob": -0.08282497950962611, "compression_ratio": 1.558659217877095, "no_speech_prob": 0.021126581355929375}, {"id": 58, "seek": 35800, "start": 359.0, "end": 368.0, "text": " And even if it does work, it might leave you richer, but it will also, in all likelihood, leave you less peaceful.", "tokens": [50413, 843, 772, 611, 340, 857, 670, 11, 340, 1244, 2666, 345, 26192, 11, 475, 340, 481, 635, 11, 287, 477, 14955, 11, 2666, 345, 1342, 12309, 13, 50863], "temperature": 0.0, "avg_logprob": -0.06302904177315627, "compression_ratio": 1.61, "no_speech_prob": 0.17611843347549438}, {"id": 59, "seek": 35800, "start": 368.0, "end": 377.0, "text": " You can simply transform the same energy into a much stronger form, the energy of your values and your vision.", "tokens": [50863, 921, 460, 2391, 6121, 262, 976, 2568, 656, 257, 881, 7387, 1296, 11, 262, 2568, 286, 534, 3815, 290, 534, 5761, 13, 51313], "temperature": 0.0, "avg_logprob": -0.06302904177315627, "compression_ratio": 1.61, "no_speech_prob": 0.17611843347549438}, {"id": 60, "seek": 35800, "start": 377.0, "end": 385.0, "text": " Use stock options as a proxy, as a symbol for your values and for the vision that you stand for.", "tokens": [51313, 5765, 4283, 3689, 355, 257, 15741, 11, 355, 257, 6194, 329, 534, 3815, 290, 329, 262, 5761, 326, 345, 1302, 329, 13, 51713], "temperature": 0.0, "avg_logprob": -0.06302904177315627, "compression_ratio": 1.61, "no_speech_prob": 0.17611843347549438}, {"id": 61, "seek": 38500, "start": 385.0, "end": 392.0, "text": " That is where your conversation needs to start, from your heart, not from your head.", "tokens": [50363, 1320, 318, 810, 534, 5273, 2476, 284, 923, 11, 422, 534, 2612, 11, 407, 422, 534, 1182, 13, 50713], "temperature": 0.0, "avg_logprob": -0.09003976025158845, "compression_ratio": 1.7142857142857142, "no_speech_prob": 0.0307282917201519}, {"id": 62, "seek": 38500, "start": 392.0, "end": 400.0, "text": " That is what inspires people. That is what will differentiate your venture from 10 others down the road.", "tokens": [50713, 1320, 318, 644, 38934, 661, 13, 1320, 318, 644, 481, 28754, 534, 13189, 422, 838, 1854, 866, 262, 2975, 13, 51113], "temperature": 0.0, "avg_logprob": -0.09003976025158845, "compression_ratio": 1.7142857142857142, "no_speech_prob": 0.0307282917201519}, {"id": 63, "seek": 38500, "start": 400.0, "end": 403.0, "text": " That is what will make you start up successful.", "tokens": [51113, 1320, 318, 644, 481, 787, 345, 923, 510, 4388, 13, 51263], "temperature": 0.0, "avg_logprob": -0.09003976025158845, "compression_ratio": 1.7142857142857142, "no_speech_prob": 0.0307282917201519}, {"id": 64, "seek": 38500, "start": 403.0, "end": 407.0, "text": " Stock options are dead pieces of paper.", "tokens": [51263, 10500, 3689, 389, 2636, 5207, 286, 3348, 13, 51463], "temperature": 0.0, "avg_logprob": -0.09003976025158845, "compression_ratio": 1.7142857142857142, "no_speech_prob": 0.0307282917201519}, {"id": 65, "seek": 38500, "start": 407.0, "end": 411.0, "text": " It is your vision that infuses life into them.", "tokens": [51463, 632, 318, 534, 5761, 326, 1167, 2664, 1204, 656, 606, 13, 51663], "temperature": 0.0, "avg_logprob": -0.09003976025158845, "compression_ratio": 1.7142857142857142, "no_speech_prob": 0.0307282917201519}, {"id": 66, "seek": 41100, "start": 411.0, "end": 415.0, "text": " It is your vision that infuses energy in your people.", "tokens": [50363, 632, 318, 534, 5761, 326, 1167, 2664, 2568, 287, 534, 661, 13, 50563], "temperature": 0.0, "avg_logprob": -0.06632032848539807, "compression_ratio": 1.622340425531915, "no_speech_prob": 0.043487485498189926}, {"id": 67, "seek": 41100, "start": 415.0, "end": 419.0, "text": " Don't look at ESOPs as employee stock options.", "tokens": [50563, 2094, 470, 804, 379, 13380, 3185, 82, 355, 6538, 4283, 3689, 13, 50763], "temperature": 0.0, "avg_logprob": -0.06632032848539807, "compression_ratio": 1.622340425531915, "no_speech_prob": 0.043487485498189926}, {"id": 68, "seek": 41100, "start": 419.0, "end": 422.0, "text": " Look at them as emotional stock options.", "tokens": [50763, 6803, 379, 606, 355, 7016, 4283, 3689, 13, 50913], "temperature": 0.0, "avg_logprob": -0.06632032848539807, "compression_ratio": 1.622340425531915, "no_speech_prob": 0.043487485498189926}, {"id": 69, "seek": 41100, "start": 422.0, "end": 426.0, "text": " Put in the effort, and they will work for you.", "tokens": [50913, 5930, 287, 262, 3626, 11, 290, 484, 481, 670, 329, 345, 13, 51113], "temperature": 0.0, "avg_logprob": -0.06632032848539807, "compression_ratio": 1.622340425531915, "no_speech_prob": 0.043487485498189926}, {"id": 70, "seek": 41100, "start": 426.0, "end": 430.0, "text": " If you don't, why should they work for you?", "tokens": [51113, 1002, 345, 836, 470, 11, 1521, 815, 484, 670, 329, 345, 30, 51313], "temperature": 0.0, "avg_logprob": -0.06632032848539807, "compression_ratio": 1.622340425531915, "no_speech_prob": 0.043487485498189926}, {"id": 71, "seek": 41100, "start": 430.0, "end": 436.0, "text": " If you put in the effort, your chances of success increase dramatically.", "tokens": [51313, 1002, 345, 1234, 287, 262, 3626, 11, 534, 8395, 286, 1943, 2620, 12034, 13, 51613], "temperature": 0.0, "avg_logprob": -0.06632032848539807, "compression_ratio": 1.622340425531915, "no_speech_prob": 0.043487485498189926}, {"id": 72, "seek": 43600, "start": 437.0, "end": 443.0, "text": " Stock options are a proxy for the values and the non-financial vision you have.", "tokens": [50413, 10500, 3689, 389, 257, 15741, 329, 262, 3815, 290, 262, 1729, 12, 46921, 5761, 345, 423, 13, 50713], "temperature": 0.0, "avg_logprob": -0.07709236145019531, "compression_ratio": 1.6906077348066297, "no_speech_prob": 0.0387909822165966}, {"id": 73, "seek": 43600, "start": 443.0, "end": 449.0, "text": " And that should be the guiding principle of your stock options strategy for your startup.", "tokens": [50713, 843, 326, 815, 307, 262, 26727, 7989, 286, 534, 4283, 3689, 4811, 329, 534, 13693, 13, 51013], "temperature": 0.0, "avg_logprob": -0.07709236145019531, "compression_ratio": 1.6906077348066297, "no_speech_prob": 0.0387909822165966}, {"id": 74, "seek": 43600, "start": 449.0, "end": 457.0, "text": " But before we talk about the stock options strategy, we first need to understand what a startup itself should be.", "tokens": [51013, 887, 878, 356, 1561, 546, 262, 4283, 3689, 4811, 11, 356, 717, 761, 284, 1833, 644, 257, 13693, 2346, 815, 307, 13, 51413], "temperature": 0.0, "avg_logprob": -0.07709236145019531, "compression_ratio": 1.6906077348066297, "no_speech_prob": 0.0387909822165966}, {"id": 75, "seek": 43600, "start": 457.0, "end": 459.0, "text": " So let us start there.", "tokens": [51413, 1406, 1309, 514, 923, 612, 13, 51513], "temperature": 0.0, "avg_logprob": -0.07709236145019531, "compression_ratio": 1.6906077348066297, "no_speech_prob": 0.0387909822165966}], "language": "en"}

transcripts/34-Founder-roadmap-while-designing-a-stock-options-strategy.json

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+{"text": " When you design your own stock options strategy, don't start with the shareholders resolution. Start with the sandbox. Create some scenarios that will help you decide broadly how many stock options you need to grant to how many people and at what terms to achieve your vision. Think about whether you would like to grant Grasius options too and if yes, at what terms. If you decide to grant Grasius options with a lower exercise price, you would need an additional separate approval from the shareholders for Grasius options. This sandboxing will give you an estimate of the total stock options you might need for the next few years and the terms at which you would like to grant them. Get this estimate first and then go to the shareholders for their approval of these broad terms. You don't need these specific numbers per employee at this stage. You only need broad terms such as the total stock options pool, your exercise price or the pricing formula you wish to use, minimum and maximum investing period etc. You can find these terms in the explanatory statement of the shareholders approval under the legal section in atom. You can continue sandboxing to refine the numbers but once you have a broad estimate, you can start the legal process of obtaining a shareholders approval because that might also take some time. Your legal counsel will guide you on how to call and hold a shareholders meeting. While you do this, continue to fine tune the numbers in the sandbox. Your objective is to arrive at a final list of specific employee names and specific options to be granted to each employee, both under the growth and the Grasius schemes. Once the shareholders approve the broad terms, the board then needs to create a legal stock options scheme under those broad terms. So the board then passes a resolution to create a growth stock options scheme and a Grasius stock options scheme. These schemes have specific terms and not general broad terms of grant. For instance, at the shareholders approval, you could have said that the investing period would be between 1 and 5 years from the rate of grant. In the scheme however, you will say that the options under this growth scheme will waste 25% each year over 4 years, with the first wasting after 12 months from the rate of grant. In the Grasius scheme, you might say that these options waste after 12 months from the rate of grant. The growth scheme might bear an exercise price equal to the current fair market value, while the Grasius scheme might be at a certain discount to the fair market value or at a flat discounted price, say 1 cent per option. So once the shareholders approve the broad legal terms, the board then needs to approve these specific stock options schemes with specific terms, not broad terms anymore. Now that the schemes have been created legally, the next step is to grant the options to the employees. By this time, you should have fine-tuned the numbers in the sandbox and should be ready with the specific growth in Grasius options to be granted to specific employees. Please make the final adjustments to the numbers if required, as discussed in another lesson. When all this is ready, you call another board meeting where the specific grant to identify your employees is approved by the board at specific terms. Please remember that you can grant stock options only to employees who have joined the company and not to someone who has agreed but not yet joined. So please don't make any such promises at the time of hiring people. Like we discussed under the how often dimension of the ATOM 60 framework, follow a quarterly grant schedule for your company. Once the board has approved a specific grant by passing a board resolution with the details of the grant attached to that board resolution, that is when the grant becomes legally valid. Then you proceed to give out the stock options grant letter and the agreement to your employees. As new people join the company, you make a list of those who according to you should be granted stock options and grant them at the next quarterly board meeting. The cycle continues until you decide to overhaul your projections and believe you need a new sandbox. This will happen a few months down the line when the company changes its phase of growth. You will feel it when it is time to sandbox all over again. Just be aware of it. And when it is time, follow the same process. Remember to recap, bring clarity to your vision. Decide what kind of people you want on the team to achieve that vision. Start with the sandbox to get clarity in terms of the numbers. Then go to the shareholders for an approval of broad stock option terms. Then create a legal growth or grassier stock options scheme through a board approval. Finalize the option grantees list in the sandbox. Add the board to approve the specific grant to specific people and finally distribute the grant documentation. We strongly recommend that as a best practice, you make your schemes specific with respect to the exercise price, investing period and investing schedule. Investing in exercise conditions and such other terms and refrain from using clauses such as as decided by the board for these terms in the scheme.", "segments": [{"id": 0, "seek": 0, "start": 0.0, "end": 8.700000000000001, "text": " When you design your own stock options strategy, don't start with the shareholders resolution.", "tokens": [50363, 1649, 345, 1486, 534, 898, 4283, 3689, 4811, 11, 836, 470, 923, 351, 262, 19195, 6323, 13, 50798], "temperature": 0.0, "avg_logprob": -0.22097158992991728, "compression_ratio": 1.7149532710280373, "no_speech_prob": 0.07011181861162186}, {"id": 1, "seek": 0, "start": 8.700000000000001, "end": 11.120000000000001, "text": " Start with the sandbox.", "tokens": [50798, 7253, 351, 262, 35204, 13, 50919], "temperature": 0.0, "avg_logprob": -0.22097158992991728, "compression_ratio": 1.7149532710280373, "no_speech_prob": 0.07011181861162186}, {"id": 2, "seek": 0, "start": 11.120000000000001, "end": 15.64, "text": " Create some scenarios that will help you decide broadly how many stock options you need to", "tokens": [50919, 13610, 617, 13858, 326, 481, 1037, 345, 5409, 18633, 703, 867, 4283, 3689, 345, 761, 284, 51145], "temperature": 0.0, "avg_logprob": -0.22097158992991728, "compression_ratio": 1.7149532710280373, "no_speech_prob": 0.07011181861162186}, {"id": 3, "seek": 0, "start": 15.64, "end": 22.2, "text": " grant to how many people and at what terms to achieve your vision.", "tokens": [51145, 7264, 284, 703, 867, 661, 290, 379, 644, 2846, 284, 4620, 534, 5761, 13, 51473], "temperature": 0.0, "avg_logprob": -0.22097158992991728, "compression_ratio": 1.7149532710280373, "no_speech_prob": 0.07011181861162186}, {"id": 4, "seek": 0, "start": 22.2, "end": 28.8, "text": " Think about whether you would like to grant Grasius options too and if yes, at what terms.", "tokens": [51473, 11382, 546, 1771, 345, 561, 588, 284, 7264, 1902, 292, 3754, 3689, 1165, 290, 611, 3763, 11, 379, 644, 2846, 13, 51803], "temperature": 0.0, "avg_logprob": -0.22097158992991728, "compression_ratio": 1.7149532710280373, "no_speech_prob": 0.07011181861162186}, {"id": 5, "seek": 2880, "start": 28.8, "end": 33.42, "text": " If you decide to grant Grasius options with a lower exercise price, you would need an", "tokens": [50363, 1002, 345, 5409, 284, 7264, 1902, 292, 3754, 3689, 351, 257, 2793, 5517, 2756, 11, 345, 561, 761, 281, 50594], "temperature": 0.0, "avg_logprob": -0.13920499967492145, "compression_ratio": 1.7929515418502202, "no_speech_prob": 0.06586897373199463}, {"id": 6, "seek": 2880, "start": 33.42, "end": 40.0, "text": " additional separate approval from the shareholders for Grasius options.", "tokens": [50594, 3224, 4553, 7546, 422, 262, 19195, 329, 1902, 292, 3754, 3689, 13, 50923], "temperature": 0.0, "avg_logprob": -0.13920499967492145, "compression_ratio": 1.7929515418502202, "no_speech_prob": 0.06586897373199463}, {"id": 7, "seek": 2880, "start": 40.0, "end": 45.42, "text": " This sandboxing will give you an estimate of the total stock options you might need for", "tokens": [50923, 770, 35204, 278, 481, 1577, 345, 281, 8636, 286, 262, 2472, 4283, 3689, 345, 1244, 761, 329, 51194], "temperature": 0.0, "avg_logprob": -0.13920499967492145, "compression_ratio": 1.7929515418502202, "no_speech_prob": 0.06586897373199463}, {"id": 8, "seek": 2880, "start": 45.42, "end": 50.58, "text": " the next few years and the terms at which you would like to grant them.", "tokens": [51194, 262, 1306, 1178, 812, 290, 262, 2846, 379, 543, 345, 561, 588, 284, 7264, 606, 13, 51452], "temperature": 0.0, "avg_logprob": -0.13920499967492145, "compression_ratio": 1.7929515418502202, "no_speech_prob": 0.06586897373199463}, {"id": 9, "seek": 2880, "start": 50.58, "end": 56.72, "text": " Get this estimate first and then go to the shareholders for their approval of these broad", "tokens": [51452, 3497, 428, 8636, 717, 290, 788, 467, 284, 262, 19195, 329, 511, 7546, 286, 777, 3154, 51759], "temperature": 0.0, "avg_logprob": -0.13920499967492145, "compression_ratio": 1.7929515418502202, "no_speech_prob": 0.06586897373199463}, {"id": 10, "seek": 5672, "start": 56.72, "end": 59.16, "text": " terms.", "tokens": [50363, 2846, 13, 50485], "temperature": 0.0, "avg_logprob": -0.17111439175075954, "compression_ratio": 1.6164383561643836, "no_speech_prob": 0.1457146257162094}, {"id": 11, "seek": 5672, "start": 59.16, "end": 64.02, "text": " You don't need these specific numbers per employee at this stage.", "tokens": [50485, 921, 836, 470, 761, 777, 2176, 3146, 583, 6538, 379, 428, 3800, 13, 50728], "temperature": 0.0, "avg_logprob": -0.17111439175075954, "compression_ratio": 1.6164383561643836, "no_speech_prob": 0.1457146257162094}, {"id": 12, "seek": 5672, "start": 64.02, "end": 69.52, "text": " You only need broad terms such as the total stock options pool, your exercise price or", "tokens": [50728, 921, 691, 761, 3154, 2846, 884, 355, 262, 2472, 4283, 3689, 5933, 11, 534, 5517, 2756, 393, 51003], "temperature": 0.0, "avg_logprob": -0.17111439175075954, "compression_ratio": 1.6164383561643836, "no_speech_prob": 0.1457146257162094}, {"id": 13, "seek": 5672, "start": 69.52, "end": 75.75999999999999, "text": " the pricing formula you wish to use, minimum and maximum investing period etc.", "tokens": [51003, 262, 13045, 10451, 345, 4601, 284, 779, 11, 5288, 290, 5415, 14771, 2278, 3503, 13, 51315], "temperature": 0.0, "avg_logprob": -0.17111439175075954, "compression_ratio": 1.6164383561643836, "no_speech_prob": 0.1457146257162094}, {"id": 14, "seek": 5672, "start": 75.75999999999999, "end": 80.82, "text": " You can find these terms in the explanatory statement of the shareholders approval under", "tokens": [51315, 921, 460, 1064, 777, 2846, 287, 262, 44742, 2643, 286, 262, 19195, 7546, 739, 51568], "temperature": 0.0, "avg_logprob": -0.17111439175075954, "compression_ratio": 1.6164383561643836, "no_speech_prob": 0.1457146257162094}, {"id": 15, "seek": 5672, "start": 80.82, "end": 83.4, "text": " the legal section in atom.", "tokens": [51568, 262, 2742, 2665, 287, 22037, 13, 51697], "temperature": 0.0, "avg_logprob": -0.17111439175075954, "compression_ratio": 1.6164383561643836, "no_speech_prob": 0.1457146257162094}, {"id": 16, "seek": 8340, "start": 83.4, "end": 89.36, "text": " You can continue sandboxing to refine the numbers but once you have a broad estimate,", "tokens": [50363, 921, 460, 2555, 35204, 278, 284, 35139, 262, 3146, 475, 1752, 345, 423, 257, 3154, 8636, 11, 50661], "temperature": 0.0, "avg_logprob": -0.15933844409411466, "compression_ratio": 1.6829268292682926, "no_speech_prob": 0.08393511921167374}, {"id": 17, "seek": 8340, "start": 89.36, "end": 94.2, "text": " you can start the legal process of obtaining a shareholders approval because that might", "tokens": [50661, 345, 460, 923, 262, 2742, 1429, 286, 16727, 257, 19195, 7546, 780, 326, 1244, 50903], "temperature": 0.0, "avg_logprob": -0.15933844409411466, "compression_ratio": 1.6829268292682926, "no_speech_prob": 0.08393511921167374}, {"id": 18, "seek": 8340, "start": 94.2, "end": 96.44000000000001, "text": " also take some time.", "tokens": [50903, 635, 1011, 617, 640, 13, 51015], "temperature": 0.0, "avg_logprob": -0.15933844409411466, "compression_ratio": 1.6829268292682926, "no_speech_prob": 0.08393511921167374}, {"id": 19, "seek": 8340, "start": 96.44000000000001, "end": 101.68, "text": " Your legal counsel will guide you on how to call and hold a shareholders meeting.", "tokens": [51015, 3406, 2742, 7739, 481, 5698, 345, 319, 703, 284, 869, 290, 1745, 257, 19195, 3249, 13, 51277], "temperature": 0.0, "avg_logprob": -0.15933844409411466, "compression_ratio": 1.6829268292682926, "no_speech_prob": 0.08393511921167374}, {"id": 20, "seek": 8340, "start": 101.68, "end": 106.72, "text": " While you do this, continue to fine tune the numbers in the sandbox.", "tokens": [51277, 2893, 345, 466, 428, 11, 2555, 284, 3734, 14009, 262, 3146, 287, 262, 35204, 13, 51529], "temperature": 0.0, "avg_logprob": -0.15933844409411466, "compression_ratio": 1.6829268292682926, "no_speech_prob": 0.08393511921167374}, {"id": 21, "seek": 10672, "start": 106.72, "end": 113.64, "text": " Your objective is to arrive at a final list of specific employee names and specific options", "tokens": [50363, 3406, 9432, 318, 284, 9240, 379, 257, 2457, 1351, 286, 2176, 6538, 3891, 290, 2176, 3689, 50709], "temperature": 0.0, "avg_logprob": -0.112357375327121, "compression_ratio": 1.8942307692307692, "no_speech_prob": 0.19374927878379822}, {"id": 22, "seek": 10672, "start": 113.64, "end": 120.68, "text": " to be granted to each employee, both under the growth and the Grasius schemes.", "tokens": [50709, 284, 307, 7520, 284, 1123, 6538, 11, 1111, 739, 262, 3349, 290, 262, 1902, 292, 3754, 16546, 13, 51061], "temperature": 0.0, "avg_logprob": -0.112357375327121, "compression_ratio": 1.8942307692307692, "no_speech_prob": 0.19374927878379822}, {"id": 23, "seek": 10672, "start": 120.68, "end": 125.92, "text": " Once the shareholders approve the broad terms, the board then needs to create a legal stock", "tokens": [51061, 4874, 262, 19195, 14762, 262, 3154, 2846, 11, 262, 3096, 788, 2476, 284, 2251, 257, 2742, 4283, 51323], "temperature": 0.0, "avg_logprob": -0.112357375327121, "compression_ratio": 1.8942307692307692, "no_speech_prob": 0.19374927878379822}, {"id": 24, "seek": 10672, "start": 125.92, "end": 129.48, "text": " options scheme under those broad terms.", "tokens": [51323, 3689, 7791, 739, 883, 3154, 2846, 13, 51501], "temperature": 0.0, "avg_logprob": -0.112357375327121, "compression_ratio": 1.8942307692307692, "no_speech_prob": 0.19374927878379822}, {"id": 25, "seek": 10672, "start": 129.48, "end": 134.2, "text": " So the board then passes a resolution to create a growth stock options scheme and a Grasius", "tokens": [51501, 1406, 262, 3096, 788, 8318, 257, 6323, 284, 2251, 257, 3349, 4283, 3689, 7791, 290, 257, 1902, 292, 3754, 51737], "temperature": 0.0, "avg_logprob": -0.112357375327121, "compression_ratio": 1.8942307692307692, "no_speech_prob": 0.19374927878379822}, {"id": 26, "seek": 13420, "start": 134.2, "end": 137.0, "text": " stock options scheme.", "tokens": [50363, 4283, 3689, 7791, 13, 50503], "temperature": 0.0, "avg_logprob": -0.22305557250976563, "compression_ratio": 1.618811881188119, "no_speech_prob": 0.06728721410036087}, {"id": 27, "seek": 13420, "start": 137.0, "end": 142.79999999999998, "text": " These schemes have specific terms and not general broad terms of grant.", "tokens": [50503, 2312, 16546, 423, 2176, 2846, 290, 407, 2276, 3154, 2846, 286, 7264, 13, 50793], "temperature": 0.0, "avg_logprob": -0.22305557250976563, "compression_ratio": 1.618811881188119, "no_speech_prob": 0.06728721410036087}, {"id": 28, "seek": 13420, "start": 142.79999999999998, "end": 147.39999999999998, "text": " For instance, at the shareholders approval, you could have said that the investing period", "tokens": [50793, 1114, 4554, 11, 379, 262, 19195, 7546, 11, 345, 714, 423, 531, 326, 262, 14771, 2278, 51023], "temperature": 0.0, "avg_logprob": -0.22305557250976563, "compression_ratio": 1.618811881188119, "no_speech_prob": 0.06728721410036087}, {"id": 29, "seek": 13420, "start": 147.39999999999998, "end": 150.83999999999997, "text": " would be between 1 and 5 years from the rate of grant.", "tokens": [51023, 561, 307, 1022, 352, 290, 642, 812, 422, 262, 2494, 286, 7264, 13, 51195], "temperature": 0.0, "avg_logprob": -0.22305557250976563, "compression_ratio": 1.618811881188119, "no_speech_prob": 0.06728721410036087}, {"id": 30, "seek": 13420, "start": 150.83999999999997, "end": 156.64, "text": " In the scheme however, you will say that the options under this growth scheme will waste", "tokens": [51195, 554, 262, 7791, 2158, 11, 345, 481, 910, 326, 262, 3689, 739, 428, 3349, 7791, 481, 7030, 51485], "temperature": 0.0, "avg_logprob": -0.22305557250976563, "compression_ratio": 1.618811881188119, "no_speech_prob": 0.06728721410036087}, {"id": 31, "seek": 15664, "start": 157.0, "end": 165.32, "text": " 25% each year over 4 years, with the first wasting after 12 months from the rate of grant.", "tokens": [50381, 1679, 4, 1123, 614, 625, 604, 812, 11, 351, 262, 717, 24430, 706, 1105, 1933, 422, 262, 2494, 286, 7264, 13, 50797], "temperature": 0.0, "avg_logprob": -0.1740155321486453, "compression_ratio": 1.8285714285714285, "no_speech_prob": 0.07097024470567703}, {"id": 32, "seek": 15664, "start": 165.32, "end": 170.32, "text": " In the Grasius scheme, you might say that these options waste after 12 months from the", "tokens": [50797, 554, 262, 1902, 292, 3754, 7791, 11, 345, 1244, 910, 326, 777, 3689, 7030, 706, 1105, 1933, 422, 262, 51047], "temperature": 0.0, "avg_logprob": -0.1740155321486453, "compression_ratio": 1.8285714285714285, "no_speech_prob": 0.07097024470567703}, {"id": 33, "seek": 15664, "start": 170.32, "end": 172.67999999999998, "text": " rate of grant.", "tokens": [51047, 2494, 286, 7264, 13, 51165], "temperature": 0.0, "avg_logprob": -0.1740155321486453, "compression_ratio": 1.8285714285714285, "no_speech_prob": 0.07097024470567703}, {"id": 34, "seek": 15664, "start": 172.67999999999998, "end": 178.32, "text": " The growth scheme might bear an exercise price equal to the current fair market value, while", "tokens": [51165, 383, 3349, 7791, 1244, 6842, 281, 5517, 2756, 4961, 284, 262, 1459, 3148, 1910, 1988, 11, 981, 51447], "temperature": 0.0, "avg_logprob": -0.1740155321486453, "compression_ratio": 1.8285714285714285, "no_speech_prob": 0.07097024470567703}, {"id": 35, "seek": 15664, "start": 178.32, "end": 184.76, "text": " the Grasius scheme might be at a certain discount to the fair market value or at a flat discounted", "tokens": [51447, 262, 1902, 292, 3754, 7791, 1244, 307, 379, 257, 1728, 9780, 284, 262, 3148, 1910, 1988, 393, 379, 257, 6228, 29686, 51769], "temperature": 0.0, "avg_logprob": -0.1740155321486453, "compression_ratio": 1.8285714285714285, "no_speech_prob": 0.07097024470567703}, {"id": 36, "seek": 18476, "start": 184.76, "end": 188.67999999999998, "text": " price, say 1 cent per option.", "tokens": [50363, 2756, 11, 910, 352, 1247, 583, 3038, 13, 50559], "temperature": 0.0, "avg_logprob": -0.1454729264782321, "compression_ratio": 1.7345132743362832, "no_speech_prob": 0.013189832679927349}, {"id": 37, "seek": 18476, "start": 188.67999999999998, "end": 194.39999999999998, "text": " So once the shareholders approve the broad legal terms, the board then needs to approve", "tokens": [50559, 1406, 1752, 262, 19195, 14762, 262, 3154, 2742, 2846, 11, 262, 3096, 788, 2476, 284, 14762, 50845], "temperature": 0.0, "avg_logprob": -0.1454729264782321, "compression_ratio": 1.7345132743362832, "no_speech_prob": 0.013189832679927349}, {"id": 38, "seek": 18476, "start": 194.39999999999998, "end": 201.64, "text": " these specific stock options schemes with specific terms, not broad terms anymore.", "tokens": [50845, 777, 2176, 4283, 3689, 16546, 351, 2176, 2846, 11, 407, 3154, 2846, 7471, 13, 51207], "temperature": 0.0, "avg_logprob": -0.1454729264782321, "compression_ratio": 1.7345132743362832, "no_speech_prob": 0.013189832679927349}, {"id": 39, "seek": 18476, "start": 201.64, "end": 206.88, "text": " Now that the schemes have been created legally, the next step is to grant the options to the", "tokens": [51207, 2735, 326, 262, 16546, 423, 587, 2727, 11119, 11, 262, 1306, 2239, 318, 284, 7264, 262, 3689, 284, 262, 51469], "temperature": 0.0, "avg_logprob": -0.1454729264782321, "compression_ratio": 1.7345132743362832, "no_speech_prob": 0.013189832679927349}, {"id": 40, "seek": 18476, "start": 206.88, "end": 208.68, "text": " employees.", "tokens": [51469, 4409, 13, 51559], "temperature": 0.0, "avg_logprob": -0.1454729264782321, "compression_ratio": 1.7345132743362832, "no_speech_prob": 0.013189832679927349}, {"id": 41, "seek": 18476, "start": 208.68, "end": 214.32, "text": " By this time, you should have fine-tuned the numbers in the sandbox and should be ready", "tokens": [51559, 2750, 428, 640, 11, 345, 815, 423, 3734, 12, 28286, 276, 262, 3146, 287, 262, 35204, 290, 815, 307, 3492, 51841], "temperature": 0.0, "avg_logprob": -0.1454729264782321, "compression_ratio": 1.7345132743362832, "no_speech_prob": 0.013189832679927349}, {"id": 42, "seek": 21432, "start": 214.4, "end": 220.56, "text": " with the specific growth in Grasius options to be granted to specific employees.", "tokens": [50367, 351, 262, 2176, 3349, 287, 1902, 292, 3754, 3689, 284, 307, 7520, 284, 2176, 4409, 13, 50675], "temperature": 0.0, "avg_logprob": -0.1608585420545641, "compression_ratio": 1.7721518987341771, "no_speech_prob": 0.017012760043144226}, {"id": 43, "seek": 21432, "start": 220.56, "end": 225.35999999999999, "text": " Please make the final adjustments to the numbers if required, as discussed in another", "tokens": [50675, 4222, 787, 262, 2457, 16895, 284, 262, 3146, 611, 2672, 11, 355, 6693, 287, 1194, 50915], "temperature": 0.0, "avg_logprob": -0.1608585420545641, "compression_ratio": 1.7721518987341771, "no_speech_prob": 0.017012760043144226}, {"id": 44, "seek": 21432, "start": 225.35999999999999, "end": 226.35999999999999, "text": " lesson.", "tokens": [50915, 11483, 13, 50965], "temperature": 0.0, "avg_logprob": -0.1608585420545641, "compression_ratio": 1.7721518987341771, "no_speech_prob": 0.017012760043144226}, {"id": 45, "seek": 21432, "start": 226.35999999999999, "end": 232.35999999999999, "text": " When all this is ready, you call another board meeting where the specific grant to identify", "tokens": [50965, 1649, 477, 428, 318, 3492, 11, 345, 869, 1194, 3096, 3249, 810, 262, 2176, 7264, 284, 5911, 51265], "temperature": 0.0, "avg_logprob": -0.1608585420545641, "compression_ratio": 1.7721518987341771, "no_speech_prob": 0.017012760043144226}, {"id": 46, "seek": 21432, "start": 232.35999999999999, "end": 237.04, "text": " your employees is approved by the board at specific terms.", "tokens": [51265, 534, 4409, 318, 6325, 416, 262, 3096, 379, 2176, 2846, 13, 51499], "temperature": 0.0, "avg_logprob": -0.1608585420545641, "compression_ratio": 1.7721518987341771, "no_speech_prob": 0.017012760043144226}, {"id": 47, "seek": 21432, "start": 237.04, "end": 242.44, "text": " Please remember that you can grant stock options only to employees who have joined the company", "tokens": [51499, 4222, 3505, 326, 345, 460, 7264, 4283, 3689, 691, 284, 4409, 508, 423, 5399, 262, 1664, 51769], "temperature": 0.0, "avg_logprob": -0.1608585420545641, "compression_ratio": 1.7721518987341771, "no_speech_prob": 0.017012760043144226}, {"id": 48, "seek": 24244, "start": 242.48, "end": 246.32, "text": " and not to someone who has agreed but not yet joined.", "tokens": [50365, 290, 407, 284, 2130, 508, 468, 4987, 475, 407, 1865, 5399, 13, 50557], "temperature": 0.0, "avg_logprob": -0.15331037738655187, "compression_ratio": 1.5044247787610618, "no_speech_prob": 0.0010706753237172961}, {"id": 49, "seek": 24244, "start": 246.32, "end": 251.32, "text": " So please don't make any such promises at the time of hiring people.", "tokens": [50557, 1406, 3387, 836, 470, 787, 597, 884, 10497, 379, 262, 640, 286, 12965, 661, 13, 50807], "temperature": 0.0, "avg_logprob": -0.15331037738655187, "compression_ratio": 1.5044247787610618, "no_speech_prob": 0.0010706753237172961}, {"id": 50, "seek": 24244, "start": 251.32, "end": 258.28, "text": " Like we discussed under the how often dimension of the ATOM 60 framework, follow a quarterly", "tokens": [50807, 4525, 356, 6693, 739, 262, 703, 1690, 15793, 286, 262, 5161, 2662, 3126, 9355, 11, 1061, 257, 27868, 51155], "temperature": 0.0, "avg_logprob": -0.15331037738655187, "compression_ratio": 1.5044247787610618, "no_speech_prob": 0.0010706753237172961}, {"id": 51, "seek": 24244, "start": 258.28, "end": 261.32, "text": " grant schedule for your company.", "tokens": [51155, 7264, 7269, 329, 534, 1664, 13, 51307], "temperature": 0.0, "avg_logprob": -0.15331037738655187, "compression_ratio": 1.5044247787610618, "no_speech_prob": 0.0010706753237172961}, {"id": 52, "seek": 24244, "start": 261.32, "end": 267.2, "text": " Once the board has approved a specific grant by passing a board resolution with the details", "tokens": [51307, 4874, 262, 3096, 468, 6325, 257, 2176, 7264, 416, 6427, 257, 3096, 6323, 351, 262, 3307, 51601], "temperature": 0.0, "avg_logprob": -0.15331037738655187, "compression_ratio": 1.5044247787610618, "no_speech_prob": 0.0010706753237172961}, {"id": 53, "seek": 26720, "start": 267.2, "end": 274.84, "text": " of the grant attached to that board resolution, that is when the grant becomes legally valid.", "tokens": [50363, 286, 262, 7264, 7223, 284, 326, 3096, 6323, 11, 326, 318, 618, 262, 7264, 4329, 11119, 4938, 13, 50745], "temperature": 0.0, "avg_logprob": -0.09642988596207057, "compression_ratio": 1.6682464454976302, "no_speech_prob": 0.06768189370632172}, {"id": 54, "seek": 26720, "start": 274.84, "end": 281.12, "text": " Then you proceed to give out the stock options grant letter and the agreement to your employees.", "tokens": [50745, 3244, 345, 5120, 284, 1577, 503, 262, 4283, 3689, 7264, 3850, 290, 262, 4381, 284, 534, 4409, 13, 51059], "temperature": 0.0, "avg_logprob": -0.09642988596207057, "compression_ratio": 1.6682464454976302, "no_speech_prob": 0.06768189370632172}, {"id": 55, "seek": 26720, "start": 281.12, "end": 285.91999999999996, "text": " As new people join the company, you make a list of those who according to you should", "tokens": [51059, 1081, 649, 661, 4654, 262, 1664, 11, 345, 787, 257, 1351, 286, 883, 508, 1864, 284, 345, 815, 51299], "temperature": 0.0, "avg_logprob": -0.09642988596207057, "compression_ratio": 1.6682464454976302, "no_speech_prob": 0.06768189370632172}, {"id": 56, "seek": 26720, "start": 285.91999999999996, "end": 292.4, "text": " be granted stock options and grant them at the next quarterly board meeting.", "tokens": [51299, 307, 7520, 4283, 3689, 290, 7264, 606, 379, 262, 1306, 27868, 3096, 3249, 13, 51623], "temperature": 0.0, "avg_logprob": -0.09642988596207057, "compression_ratio": 1.6682464454976302, "no_speech_prob": 0.06768189370632172}, {"id": 57, "seek": 29240, "start": 292.4, "end": 298.35999999999996, "text": " The cycle continues until you decide to overhaul your projections and believe you need a new", "tokens": [50363, 383, 6772, 4477, 1566, 345, 5409, 284, 18708, 534, 19887, 290, 1975, 345, 761, 257, 649, 50661], "temperature": 0.0, "avg_logprob": -0.14745735827787423, "compression_ratio": 1.5588235294117647, "no_speech_prob": 0.22025074064731598}, {"id": 58, "seek": 29240, "start": 298.35999999999996, "end": 300.85999999999996, "text": " sandbox.", "tokens": [50661, 35204, 13, 50786], "temperature": 0.0, "avg_logprob": -0.14745735827787423, "compression_ratio": 1.5588235294117647, "no_speech_prob": 0.22025074064731598}, {"id": 59, "seek": 29240, "start": 300.85999999999996, "end": 306.71999999999997, "text": " This will happen a few months down the line when the company changes its phase of growth.", "tokens": [50786, 770, 481, 1645, 257, 1178, 1933, 866, 262, 1627, 618, 262, 1664, 2458, 663, 7108, 286, 3349, 13, 51079], "temperature": 0.0, "avg_logprob": -0.14745735827787423, "compression_ratio": 1.5588235294117647, "no_speech_prob": 0.22025074064731598}, {"id": 60, "seek": 29240, "start": 306.71999999999997, "end": 310.56, "text": " You will feel it when it is time to sandbox all over again.", "tokens": [51079, 921, 481, 1254, 340, 618, 340, 318, 640, 284, 35204, 477, 625, 757, 13, 51271], "temperature": 0.0, "avg_logprob": -0.14745735827787423, "compression_ratio": 1.5588235294117647, "no_speech_prob": 0.22025074064731598}, {"id": 61, "seek": 29240, "start": 310.56, "end": 312.79999999999995, "text": " Just be aware of it.", "tokens": [51271, 2329, 307, 3910, 286, 340, 13, 51383], "temperature": 0.0, "avg_logprob": -0.14745735827787423, "compression_ratio": 1.5588235294117647, "no_speech_prob": 0.22025074064731598}, {"id": 62, "seek": 29240, "start": 312.79999999999995, "end": 317.28, "text": " And when it is time, follow the same process.", "tokens": [51383, 843, 618, 340, 318, 640, 11, 1061, 262, 976, 1429, 13, 51607], "temperature": 0.0, "avg_logprob": -0.14745735827787423, "compression_ratio": 1.5588235294117647, "no_speech_prob": 0.22025074064731598}, {"id": 63, "seek": 31728, "start": 317.28, "end": 322.47999999999996, "text": " Remember to recap, bring clarity to your vision.", "tokens": [50363, 11436, 284, 26871, 11, 2222, 16287, 284, 534, 5761, 13, 50623], "temperature": 0.0, "avg_logprob": -0.17546290539680642, "compression_ratio": 1.6824034334763949, "no_speech_prob": 0.5497546792030334}, {"id": 64, "seek": 31728, "start": 322.47999999999996, "end": 327.2, "text": " Decide what kind of people you want on the team to achieve that vision.", "tokens": [50623, 4280, 485, 644, 1611, 286, 661, 345, 765, 319, 262, 1074, 284, 4620, 326, 5761, 13, 50859], "temperature": 0.0, "avg_logprob": -0.17546290539680642, "compression_ratio": 1.6824034334763949, "no_speech_prob": 0.5497546792030334}, {"id": 65, "seek": 31728, "start": 327.2, "end": 332.2, "text": " Start with the sandbox to get clarity in terms of the numbers.", "tokens": [50859, 7253, 351, 262, 35204, 284, 651, 16287, 287, 2846, 286, 262, 3146, 13, 51109], "temperature": 0.0, "avg_logprob": -0.17546290539680642, "compression_ratio": 1.6824034334763949, "no_speech_prob": 0.5497546792030334}, {"id": 66, "seek": 31728, "start": 332.2, "end": 337.58, "text": " Then go to the shareholders for an approval of broad stock option terms.", "tokens": [51109, 3244, 467, 284, 262, 19195, 329, 281, 7546, 286, 3154, 4283, 3038, 2846, 13, 51378], "temperature": 0.0, "avg_logprob": -0.17546290539680642, "compression_ratio": 1.6824034334763949, "no_speech_prob": 0.5497546792030334}, {"id": 67, "seek": 31728, "start": 337.58, "end": 343.2, "text": " Then create a legal growth or grassier stock options scheme through a board approval.", "tokens": [51378, 3244, 2251, 257, 2742, 3349, 393, 8701, 959, 4283, 3689, 7791, 832, 257, 3096, 7546, 13, 51659], "temperature": 0.0, "avg_logprob": -0.17546290539680642, "compression_ratio": 1.6824034334763949, "no_speech_prob": 0.5497546792030334}, {"id": 68, "seek": 31728, "start": 343.2, "end": 347.0, "text": " Finalize the option grantees list in the sandbox.", "tokens": [51659, 8125, 1096, 262, 3038, 7264, 2841, 1351, 287, 262, 35204, 13, 51849], "temperature": 0.0, "avg_logprob": -0.17546290539680642, "compression_ratio": 1.6824034334763949, "no_speech_prob": 0.5497546792030334}, {"id": 69, "seek": 34700, "start": 347.0, "end": 353.56, "text": " Add the board to approve the specific grant to specific people and finally distribute", "tokens": [50363, 3060, 262, 3096, 284, 14762, 262, 2176, 7264, 284, 2176, 661, 290, 3443, 14983, 50691], "temperature": 0.0, "avg_logprob": -0.2124101465398615, "compression_ratio": 1.5868263473053892, "no_speech_prob": 0.14669354259967804}, {"id": 70, "seek": 34700, "start": 353.56, "end": 360.04, "text": " the grant documentation.", "tokens": [50691, 262, 7264, 10314, 13, 51015], "temperature": 0.0, "avg_logprob": -0.2124101465398615, "compression_ratio": 1.5868263473053892, "no_speech_prob": 0.14669354259967804}, {"id": 71, "seek": 34700, "start": 360.04, "end": 366.76, "text": " We strongly recommend that as a best practice, you make your schemes specific with respect", "tokens": [51015, 775, 7634, 4313, 326, 355, 257, 1266, 3357, 11, 345, 787, 534, 16546, 2176, 351, 2461, 51351], "temperature": 0.0, "avg_logprob": -0.2124101465398615, "compression_ratio": 1.5868263473053892, "no_speech_prob": 0.14669354259967804}, {"id": 72, "seek": 34700, "start": 366.76, "end": 376.0, "text": " to the exercise price, investing period and investing schedule.", "tokens": [51351, 284, 262, 5517, 2756, 11, 14771, 2278, 290, 14771, 7269, 13, 51813], "temperature": 0.0, "avg_logprob": -0.2124101465398615, "compression_ratio": 1.5868263473053892, "no_speech_prob": 0.14669354259967804}, {"id": 73, "seek": 37600, "start": 376.0, "end": 384.04, "text": " Investing in exercise conditions and such other terms and refrain from using clauses", "tokens": [50363, 7488, 278, 287, 5517, 3403, 290, 884, 584, 2846, 290, 25133, 422, 1262, 31485, 50765], "temperature": 0.0, "avg_logprob": -0.24657327478582208, "compression_ratio": 1.348623853211009, "no_speech_prob": 0.18197892606258392}, {"id": 74, "seek": 37600, "start": 384.04, "end": 388.56, "text": " such as as decided by the board for these terms in the scheme.", "tokens": [50765, 884, 355, 355, 3066, 416, 262, 3096, 329, 777, 2846, 287, 262, 7791, 13, 50991], "temperature": 0.0, "avg_logprob": -0.24657327478582208, "compression_ratio": 1.348623853211009, "no_speech_prob": 0.18197892606258392}], "language": "en"}

transcripts/37-Corporate-Law-101.txt

@@ -0,0 +1,84 @@
+Since you will most likely be forming a private limited company for your startup, it helps
+to have some knowledge about law so you can understand the basics of our company works.
+A company is created by a human being who we can call the founder of the company.
+This company called XYZ Private Limited comes into existence through a process of law.
+You fill a few forms and create a few documents that define the nature of this company.
+And based upon those documents, the government provides you with the certificate of incorporation,
+which is like the birth certificate of a company.
+Now since a company only exists as a legal concept and not as a human being, the founder
+has a separate existence from the company.
+Even though in practical terms, the founders may believe that they really are the company.
+Legally that is not so.
+A company is owned by people called shareholders, not the founders.
+So if you as a founder do not own all the shares of your company, you are not the complete
+owner of your company.
+Even though you started it, nurtured it and put your blood sweat and tears into it.
+Remember this.
+And that is why be very, very careful who you give out your shares to.
+So shareholders and not founders own the company.
+Since the company is merely a legal name and it does not have a physical existence, it
+relies on human beings to carry out its operations.
+So the owners, meaning the shareholders, appoint a few people called the directors of the company,
+who are responsible to manage the day to day affairs of the company.
+The shareholders meet periodically to review the operations of the company and to see how
+the directors are fared.
+If they do not like what they see, they can replace the directors.
+The shareholders meeting of a large listed company could be pictured as taking place in
+a huge room with many individual shareholders in the room and the board meeting could be
+in a small room with a long table.
+It is also very likely that for a listed company, the board members are not the same as the
+shareholders in their large room.
+In a startup that is a private limited company, however, the picture might be slightly different.
+Both the meetings might take place in a small room and it is quite possible that the same
+people are present at both the meetings.
+That is because in a private limited company, you may have very few shareholders, say the
+founders and perhaps the investors.
+And some of those shareholders might also be the directors of the company, but legally,
+they perform two separate rules.
+They just happen to be in both the rules at the same time.
+When you need to grant stock options, you need the approval of the shareholders.
+They approve a broad set of parameters within which the stock options scheme can be created.
+The board with the help of the management team then creates a specific stock options
+scheme within those parameters approved by the shareholders.
+This specific scheme needs to be approved only by the board now and not the shareholders,
+since this scheme is drawn within the parameters already approved by the shareholders.
+While the people in the room may look the same, they first act as shareholders to approve
+the broad parameters and then as directors of the board to approve a specific stock options
+scheme for the employees.
+When the management decides how many options to grant to whom under that scheme, the board
+of directors also need to approve the grant of those options to those specific employees.
+The grant becomes legally valid only after the board of directors approves it.
+In all these cases, the shareholders as well as the board convey their approval by passing
+a resolution that is presented to them.
+These resolutions are the official record that show that the shareholders of the board
+have provided their approval.
+So make sure you have these legal documents approved in the proper fashion at a properly
+convened shareholders meeting or a board meeting.
+You should take the advice of a qualified legal professional to handle these procedural
+matters since there might be quite a few legal processes you need to follow for these approvals.
+While you will find the basic legal documents for stock options here in ATEM, you will need
+to complete certain other legal compliances with respect to your meetings etc. that are
+very important.
+So please take the appropriate legal guidance.
+So to recap, the shareholders first approve the broad stock option terms by passing a
+resolution.
+Then the board creates a specific stock option scheme by passing a resolution.
+Then the board grants a certain number of stock options to certain specific people at
+certain terms by passing another resolution.
+Once the board has approved this grant of options, you then give out the grant letter,
+the option certificate and the stock options agreement to the employees.
+The employees sign the agreement and return a copy to you for your record.
+The stock option agreement is the legal contract between the company and the employee.
+So please ensure the agreement is drawn up and signed properly.
+If you need to increase the number of options approved by the shareholders, you need to
+hold another shareholders meeting and pass another resolution.
+So remember the key decisions about the company are taken by holding these shareholders and
+board meetings.
+And these are important legal events.
+So hold them and record them in a proper manner.
+According to law, do not take this lightly.
+A verbal approval obtained from only one of the directors casually over a telephone call
+or a cup of coffee may not be sufficient or legally valid if you do not have proper legal
+documents to back it up.
+Do it the right way with proper documentation.
+Your legal counsel will help you with this.

transcripts/37-Corporate-Law-101.vtt

@@ -0,0 +1,254 @@
+WEBVTT
+
+00:00.000 --> 00:07.800
+Since you will most likely be forming a private limited company for your startup, it helps
+
+00:07.800 --> 00:14.240
+to have some knowledge about law so you can understand the basics of our company works.
+
+00:14.240 --> 00:20.200
+A company is created by a human being who we can call the founder of the company.
+
+00:20.200 --> 00:26.120
+This company called XYZ Private Limited comes into existence through a process of law.
+
+00:26.120 --> 00:31.560
+You fill a few forms and create a few documents that define the nature of this company.
+
+00:31.560 --> 00:37.640
+And based upon those documents, the government provides you with the certificate of incorporation,
+
+00:37.640 --> 00:40.880
+which is like the birth certificate of a company.
+
+00:40.880 --> 00:47.920
+Now since a company only exists as a legal concept and not as a human being, the founder
+
+00:47.920 --> 00:51.840
+has a separate existence from the company.
+
+00:51.840 --> 00:57.120
+Even though in practical terms, the founders may believe that they really are the company.
+
+00:57.120 --> 00:59.720
+Legally that is not so.
+
+00:59.720 --> 01:05.280
+A company is owned by people called shareholders, not the founders.
+
+01:05.280 --> 01:11.680
+So if you as a founder do not own all the shares of your company, you are not the complete
+
+01:11.680 --> 01:13.480
+owner of your company.
+
+01:13.480 --> 01:19.760
+Even though you started it, nurtured it and put your blood sweat and tears into it.
+
+01:19.760 --> 01:21.120
+Remember this.
+
+01:21.120 --> 01:28.200
+And that is why be very, very careful who you give out your shares to.
+
+01:28.200 --> 01:32.600
+So shareholders and not founders own the company.
+
+01:32.600 --> 01:38.240
+Since the company is merely a legal name and it does not have a physical existence, it
+
+01:38.240 --> 01:42.400
+relies on human beings to carry out its operations.
+
+01:42.400 --> 01:48.480
+So the owners, meaning the shareholders, appoint a few people called the directors of the company,
+
+01:48.480 --> 01:52.920
+who are responsible to manage the day to day affairs of the company.
+
+01:52.920 --> 01:58.240
+The shareholders meet periodically to review the operations of the company and to see how
+
+01:58.240 --> 02:00.760
+the directors are fared.
+
+02:00.760 --> 02:05.080
+If they do not like what they see, they can replace the directors.
+
+02:05.080 --> 02:10.160
+The shareholders meeting of a large listed company could be pictured as taking place in
+
+02:10.160 --> 02:15.760
+a huge room with many individual shareholders in the room and the board meeting could be
+
+02:15.800 --> 02:19.080
+in a small room with a long table.
+
+02:19.080 --> 02:24.480
+It is also very likely that for a listed company, the board members are not the same as the
+
+02:24.480 --> 02:27.360
+shareholders in their large room.
+
+02:27.360 --> 02:34.080
+In a startup that is a private limited company, however, the picture might be slightly different.
+
+02:34.080 --> 02:39.120
+Both the meetings might take place in a small room and it is quite possible that the same
+
+02:39.120 --> 02:42.720
+people are present at both the meetings.
+
+02:42.720 --> 02:47.400
+That is because in a private limited company, you may have very few shareholders, say the
+
+02:47.400 --> 02:50.240
+founders and perhaps the investors.
+
+02:50.240 --> 02:55.720
+And some of those shareholders might also be the directors of the company, but legally,
+
+02:55.720 --> 02:58.520
+they perform two separate rules.
+
+02:58.520 --> 03:03.360
+They just happen to be in both the rules at the same time.
+
+03:03.360 --> 03:08.520
+When you need to grant stock options, you need the approval of the shareholders.
+
+03:08.520 --> 03:15.840
+They approve a broad set of parameters within which the stock options scheme can be created.
+
+03:15.840 --> 03:20.080
+The board with the help of the management team then creates a specific stock options
+
+03:20.080 --> 03:25.400
+scheme within those parameters approved by the shareholders.
+
+03:25.400 --> 03:30.880
+This specific scheme needs to be approved only by the board now and not the shareholders,
+
+03:30.880 --> 03:36.640
+since this scheme is drawn within the parameters already approved by the shareholders.
+
+03:36.640 --> 03:41.840
+While the people in the room may look the same, they first act as shareholders to approve
+
+03:41.840 --> 03:47.920
+the broad parameters and then as directors of the board to approve a specific stock options
+
+03:47.920 --> 03:50.720
+scheme for the employees.
+
+03:50.720 --> 03:56.440
+When the management decides how many options to grant to whom under that scheme, the board
+
+03:56.440 --> 04:03.880
+of directors also need to approve the grant of those options to those specific employees.
+
+04:03.880 --> 04:10.440
+The grant becomes legally valid only after the board of directors approves it.
+
+04:10.440 --> 04:16.560
+In all these cases, the shareholders as well as the board convey their approval by passing
+
+04:16.560 --> 04:20.280
+a resolution that is presented to them.
+
+04:20.280 --> 04:25.080
+These resolutions are the official record that show that the shareholders of the board
+
+04:25.080 --> 04:27.040
+have provided their approval.
+
+04:27.040 --> 04:32.800
+So make sure you have these legal documents approved in the proper fashion at a properly
+
+04:32.840 --> 04:36.680
+convened shareholders meeting or a board meeting.
+
+04:36.680 --> 04:41.560
+You should take the advice of a qualified legal professional to handle these procedural
+
+04:41.560 --> 04:48.280
+matters since there might be quite a few legal processes you need to follow for these approvals.
+
+04:48.280 --> 04:53.600
+While you will find the basic legal documents for stock options here in ATEM, you will need
+
+04:53.600 --> 04:59.040
+to complete certain other legal compliances with respect to your meetings etc. that are
+
+04:59.040 --> 05:00.040
+very important.
+
+05:00.040 --> 05:03.600
+So please take the appropriate legal guidance.
+
+05:03.600 --> 05:09.240
+So to recap, the shareholders first approve the broad stock option terms by passing a
+
+05:09.240 --> 05:10.880
+resolution.
+
+05:10.880 --> 05:16.080
+Then the board creates a specific stock option scheme by passing a resolution.
+
+05:16.080 --> 05:20.600
+Then the board grants a certain number of stock options to certain specific people at
+
+05:20.600 --> 05:24.840
+certain terms by passing another resolution.
+
+05:24.840 --> 05:29.920
+Once the board has approved this grant of options, you then give out the grant letter,
+
+05:29.920 --> 05:35.320
+the option certificate and the stock options agreement to the employees.
+
+05:35.320 --> 05:40.600
+The employees sign the agreement and return a copy to you for your record.
+
+05:40.600 --> 05:45.960
+The stock option agreement is the legal contract between the company and the employee.
+
+05:45.960 --> 05:50.480
+So please ensure the agreement is drawn up and signed properly.
+
+05:50.480 --> 05:54.680
+If you need to increase the number of options approved by the shareholders, you need to
+
+05:54.680 --> 05:59.080
+hold another shareholders meeting and pass another resolution.
+
+05:59.080 --> 06:05.080
+So remember the key decisions about the company are taken by holding these shareholders and
+
+06:05.080 --> 06:06.880
+board meetings.
+
+06:06.880 --> 06:09.400
+And these are important legal events.
+
+06:09.400 --> 06:12.520
+So hold them and record them in a proper manner.
+
+06:12.520 --> 06:15.320
+According to law, do not take this lightly.
+
+06:15.320 --> 06:21.320
+A verbal approval obtained from only one of the directors casually over a telephone call
+
+06:21.320 --> 06:28.040
+or a cup of coffee may not be sufficient or legally valid if you do not have proper legal
+
+06:28.040 --> 06:30.600
+documents to back it up.
+
+06:30.600 --> 06:33.440
+Do it the right way with proper documentation.
+
+06:33.440 --> 06:35.280
+Your legal counsel will help you with this.
+

transcripts/38-But-do-we-really-need-to-grant-stock-options.json

@@ -0,0 +1 @@
+{"text": " If you are currently a small team, you may need to hire people in the future once you pick up pace, because then you may not be able to handle everything. To hire the right people, stock options will come in handy. But as we have discussed earlier, you need to use them in the right manner. If you are only offering them as another component of compensation, it might not inspire your team. If you haven't learned how to use them in the best situation, they may fail to work for you, and in the worst case, they may even demotivate your team, or create an unhealthy culture. If you treat them as just another letter to be granted to the employee, then it is just a dead piece of paper, with no life infused into it. And they will listen to you, watch your stock options presentation, take the letter, and forget all about it. Those stock options will fail to work for you, meaning they will fail to inspire those people. In the worst case, if you haven't thought through your values and your vision, and have held out stock options only as a ticket to getting rich quickly, you would have poisoned your culture. You would have encouraged your people to only think about money. Thinking about money constantly makes one greedy. When greed is not met, it leads to discontent, which very soon leads to anger. If you are struggling in your venture for some reason, it would feel much better if your team is aligned with your values and your vision. Most of them will understand you, stand by you, and work with you shoulder to shoulder. To get out of that situation. But if money is all they can think about, then the only thing on their mind might be, oh, I was promised that pot of gold, and now it seems to be disappearing. Give them something non-financial to latch on to, to resonate with, to be inspired by. That creates the right culture, and significantly increases your odds of success. Stock options are like rough diamonds, but it is your responsibility to polish them, to extract their shine out of them. Your values and vision do that for you. Attract people because of your passion for your values and your vision, and then offer them stock options as an added bonus. Your vision needs to be genuine, because sometimes when a founder says, I am really passionate about this space. What they actually mean is, I think a lot of money can be made here, and your people can hear that, even if you haven't said it aloud. Focusing on a non-financial vision also improves the quality of your journey. The journey lasts much longer than the destination. The journey is your customer, not the destination. Focus on customer experience, not on the product launch party. So do you really need to grant stock options? Well, if you learn how to use them well, you will have a very strong tool that will work in your favor. Once you have such a tool, you will want to grant them. If you are granting them only because you need to, because everyone else is doing it, and you do it without putting in any thought, then you are not really utilizing their power. So put in the time and energy to learn how to use stock options to your advantage, so you want to grant them.", "segments": [{"id": 0, "seek": 0, "start": 0.0, "end": 8.92, "text": " If you are currently a small team, you may need to hire people in the future once you", "tokens": [50363, 1002, 345, 389, 3058, 257, 1402, 1074, 11, 345, 743, 761, 284, 11078, 661, 287, 262, 2003, 1752, 345, 50809], "temperature": 0.0, "avg_logprob": -0.12567471169136665, "compression_ratio": 1.5846994535519126, "no_speech_prob": 0.19808758795261383}, {"id": 1, "seek": 0, "start": 8.92, "end": 15.36, "text": " pick up pace, because then you may not be able to handle everything.", "tokens": [50809, 2298, 510, 8761, 11, 780, 788, 345, 743, 407, 307, 1498, 284, 5412, 2279, 13, 51131], "temperature": 0.0, "avg_logprob": -0.12567471169136665, "compression_ratio": 1.5846994535519126, "no_speech_prob": 0.19808758795261383}, {"id": 2, "seek": 0, "start": 15.36, "end": 19.84, "text": " To hire the right people, stock options will come in handy.", "tokens": [51131, 1675, 11078, 262, 826, 661, 11, 4283, 3689, 481, 1282, 287, 15728, 13, 51355], "temperature": 0.0, "avg_logprob": -0.12567471169136665, "compression_ratio": 1.5846994535519126, "no_speech_prob": 0.19808758795261383}, {"id": 3, "seek": 0, "start": 19.84, "end": 25.48, "text": " But as we have discussed earlier, you need to use them in the right manner.", "tokens": [51355, 887, 355, 356, 423, 6693, 2961, 11, 345, 761, 284, 779, 606, 287, 262, 826, 5642, 13, 51637], "temperature": 0.0, "avg_logprob": -0.12567471169136665, "compression_ratio": 1.5846994535519126, "no_speech_prob": 0.19808758795261383}, {"id": 4, "seek": 2548, "start": 25.48, "end": 31.2, "text": " If you are only offering them as another component of compensation, it might not inspire", "tokens": [50363, 1002, 345, 389, 691, 6011, 606, 355, 1194, 7515, 286, 9836, 11, 340, 1244, 407, 18330, 50649], "temperature": 0.0, "avg_logprob": -0.1349595559609903, "compression_ratio": 1.7448559670781894, "no_speech_prob": 0.22607792913913727}, {"id": 5, "seek": 2548, "start": 31.2, "end": 32.6, "text": " your team.", "tokens": [50649, 534, 1074, 13, 50719], "temperature": 0.0, "avg_logprob": -0.1349595559609903, "compression_ratio": 1.7448559670781894, "no_speech_prob": 0.22607792913913727}, {"id": 6, "seek": 2548, "start": 32.6, "end": 37.92, "text": " If you haven't learned how to use them in the best situation, they may fail to work", "tokens": [50719, 1002, 345, 4398, 470, 4499, 703, 284, 779, 606, 287, 262, 1266, 3074, 11, 484, 743, 2038, 284, 670, 50985], "temperature": 0.0, "avg_logprob": -0.1349595559609903, "compression_ratio": 1.7448559670781894, "no_speech_prob": 0.22607792913913727}, {"id": 7, "seek": 2548, "start": 37.92, "end": 44.04, "text": " for you, and in the worst case, they may even demotivate your team, or create an unhealthy", "tokens": [50985, 329, 345, 11, 290, 287, 262, 5290, 1339, 11, 484, 743, 772, 1357, 313, 452, 378, 534, 1074, 11, 393, 2251, 281, 27942, 51291], "temperature": 0.0, "avg_logprob": -0.1349595559609903, "compression_ratio": 1.7448559670781894, "no_speech_prob": 0.22607792913913727}, {"id": 8, "seek": 2548, "start": 44.04, "end": 46.04, "text": " culture.", "tokens": [51291, 3968, 13, 51391], "temperature": 0.0, "avg_logprob": -0.1349595559609903, "compression_ratio": 1.7448559670781894, "no_speech_prob": 0.22607792913913727}, {"id": 9, "seek": 2548, "start": 46.04, "end": 50.92, "text": " If you treat them as just another letter to be granted to the employee, then it is just", "tokens": [51391, 1002, 345, 2190, 606, 355, 655, 1194, 3850, 284, 307, 7520, 284, 262, 6538, 11, 788, 340, 318, 655, 51635], "temperature": 0.0, "avg_logprob": -0.1349595559609903, "compression_ratio": 1.7448559670781894, "no_speech_prob": 0.22607792913913727}, {"id": 10, "seek": 2548, "start": 50.92, "end": 55.040000000000006, "text": " a dead piece of paper, with no life infused into it.", "tokens": [51635, 257, 2636, 3704, 286, 3348, 11, 351, 645, 1204, 37681, 656, 340, 13, 51841], "temperature": 0.0, "avg_logprob": -0.1349595559609903, "compression_ratio": 1.7448559670781894, "no_speech_prob": 0.22607792913913727}, {"id": 11, "seek": 5504, "start": 55.04, "end": 60.6, "text": " And they will listen to you, watch your stock options presentation, take the letter, and", "tokens": [50363, 843, 484, 481, 6004, 284, 345, 11, 2342, 534, 4283, 3689, 10470, 11, 1011, 262, 3850, 11, 290, 50641], "temperature": 0.0, "avg_logprob": -0.12127965625963713, "compression_ratio": 1.7324561403508771, "no_speech_prob": 0.129610076546669}, {"id": 12, "seek": 5504, "start": 60.6, "end": 63.16, "text": " forget all about it.", "tokens": [50641, 6044, 477, 546, 340, 13, 50769], "temperature": 0.0, "avg_logprob": -0.12127965625963713, "compression_ratio": 1.7324561403508771, "no_speech_prob": 0.129610076546669}, {"id": 13, "seek": 5504, "start": 63.16, "end": 68.6, "text": " Those stock options will fail to work for you, meaning they will fail to inspire those people.", "tokens": [50769, 5845, 4283, 3689, 481, 2038, 284, 670, 329, 345, 11, 3616, 484, 481, 2038, 284, 18330, 883, 661, 13, 51041], "temperature": 0.0, "avg_logprob": -0.12127965625963713, "compression_ratio": 1.7324561403508771, "no_speech_prob": 0.129610076546669}, {"id": 14, "seek": 5504, "start": 68.6, "end": 73.8, "text": " In the worst case, if you haven't thought through your values and your vision, and have", "tokens": [51041, 554, 262, 5290, 1339, 11, 611, 345, 4398, 470, 1807, 832, 534, 3815, 290, 534, 5761, 11, 290, 423, 51301], "temperature": 0.0, "avg_logprob": -0.12127965625963713, "compression_ratio": 1.7324561403508771, "no_speech_prob": 0.129610076546669}, {"id": 15, "seek": 5504, "start": 73.8, "end": 79.84, "text": " held out stock options only as a ticket to getting rich quickly, you would have poisoned", "tokens": [51301, 2714, 503, 4283, 3689, 691, 355, 257, 7846, 284, 1972, 5527, 2952, 11, 345, 561, 423, 29419, 51603], "temperature": 0.0, "avg_logprob": -0.12127965625963713, "compression_ratio": 1.7324561403508771, "no_speech_prob": 0.129610076546669}, {"id": 16, "seek": 5504, "start": 79.84, "end": 81.52, "text": " your culture.", "tokens": [51603, 534, 3968, 13, 51687], "temperature": 0.0, "avg_logprob": -0.12127965625963713, "compression_ratio": 1.7324561403508771, "no_speech_prob": 0.129610076546669}, {"id": 17, "seek": 8152, "start": 81.52, "end": 85.6, "text": " You would have encouraged your people to only think about money.", "tokens": [50363, 921, 561, 423, 10085, 534, 661, 284, 691, 892, 546, 1637, 13, 50567], "temperature": 0.0, "avg_logprob": -0.10725165858413234, "compression_ratio": 1.6935483870967742, "no_speech_prob": 0.080659419298172}, {"id": 18, "seek": 8152, "start": 85.6, "end": 90.16, "text": " Thinking about money constantly makes one greedy.", "tokens": [50567, 30707, 546, 1637, 7558, 1838, 530, 31828, 13, 50795], "temperature": 0.0, "avg_logprob": -0.10725165858413234, "compression_ratio": 1.6935483870967742, "no_speech_prob": 0.080659419298172}, {"id": 19, "seek": 8152, "start": 90.16, "end": 96.88, "text": " When greed is not met, it leads to discontent, which very soon leads to anger.", "tokens": [50795, 1649, 25474, 318, 407, 1138, 11, 340, 5983, 284, 39784, 11, 543, 845, 2582, 5983, 284, 8993, 13, 51131], "temperature": 0.0, "avg_logprob": -0.10725165858413234, "compression_ratio": 1.6935483870967742, "no_speech_prob": 0.080659419298172}, {"id": 20, "seek": 8152, "start": 96.88, "end": 101.67999999999999, "text": " If you are struggling in your venture for some reason, it would feel much better if your", "tokens": [51131, 1002, 345, 389, 9648, 287, 534, 13189, 329, 617, 1738, 11, 340, 561, 1254, 881, 1365, 611, 534, 51371], "temperature": 0.0, "avg_logprob": -0.10725165858413234, "compression_ratio": 1.6935483870967742, "no_speech_prob": 0.080659419298172}, {"id": 21, "seek": 8152, "start": 101.67999999999999, "end": 105.5, "text": " team is aligned with your values and your vision.", "tokens": [51371, 1074, 318, 19874, 351, 534, 3815, 290, 534, 5761, 13, 51562], "temperature": 0.0, "avg_logprob": -0.10725165858413234, "compression_ratio": 1.6935483870967742, "no_speech_prob": 0.080659419298172}, {"id": 22, "seek": 8152, "start": 105.5, "end": 111.12, "text": " Most of them will understand you, stand by you, and work with you shoulder to shoulder.", "tokens": [51562, 4042, 286, 606, 481, 1833, 345, 11, 1302, 416, 345, 11, 290, 670, 351, 345, 8163, 284, 8163, 13, 51843], "temperature": 0.0, "avg_logprob": -0.10725165858413234, "compression_ratio": 1.6935483870967742, "no_speech_prob": 0.080659419298172}, {"id": 23, "seek": 11112, "start": 111.12, "end": 113.48, "text": " To get out of that situation.", "tokens": [50363, 1675, 651, 503, 286, 326, 3074, 13, 50481], "temperature": 0.0, "avg_logprob": -0.15105203481820914, "compression_ratio": 1.577092511013216, "no_speech_prob": 0.07805537432432175}, {"id": 24, "seek": 11112, "start": 113.48, "end": 118.44, "text": " But if money is all they can think about, then the only thing on their mind might be,", "tokens": [50481, 887, 611, 1637, 318, 477, 484, 460, 892, 546, 11, 788, 262, 691, 1517, 319, 511, 2000, 1244, 307, 11, 50729], "temperature": 0.0, "avg_logprob": -0.15105203481820914, "compression_ratio": 1.577092511013216, "no_speech_prob": 0.07805537432432175}, {"id": 25, "seek": 11112, "start": 118.44, "end": 125.12, "text": " oh, I was promised that pot of gold, and now it seems to be disappearing.", "tokens": [50729, 11752, 11, 314, 373, 8072, 326, 1787, 286, 3869, 11, 290, 783, 340, 2331, 284, 307, 28867, 13, 51063], "temperature": 0.0, "avg_logprob": -0.15105203481820914, "compression_ratio": 1.577092511013216, "no_speech_prob": 0.07805537432432175}, {"id": 26, "seek": 11112, "start": 125.12, "end": 132.20000000000002, "text": " Give them something non-financial to latch on to, to resonate with, to be inspired by.", "tokens": [51063, 13786, 606, 1223, 1729, 12, 46921, 284, 43140, 319, 284, 11, 284, 41523, 351, 11, 284, 307, 7867, 416, 13, 51417], "temperature": 0.0, "avg_logprob": -0.15105203481820914, "compression_ratio": 1.577092511013216, "no_speech_prob": 0.07805537432432175}, {"id": 27, "seek": 11112, "start": 132.20000000000002, "end": 139.08, "text": " That creates the right culture, and significantly increases your odds of success.", "tokens": [51417, 1320, 8075, 262, 826, 3968, 11, 290, 5566, 5732, 534, 10402, 286, 1943, 13, 51761], "temperature": 0.0, "avg_logprob": -0.15105203481820914, "compression_ratio": 1.577092511013216, "no_speech_prob": 0.07805537432432175}, {"id": 28, "seek": 13908, "start": 139.08, "end": 145.12, "text": " Stock options are like rough diamonds, but it is your responsibility to polish them,", "tokens": [50363, 10500, 3689, 389, 588, 5210, 30984, 11, 475, 340, 318, 534, 5798, 284, 25245, 606, 11, 50665], "temperature": 0.0, "avg_logprob": -0.14593252539634705, "compression_ratio": 1.6936170212765957, "no_speech_prob": 0.3116345703601837}, {"id": 29, "seek": 13908, "start": 145.12, "end": 148.16000000000003, "text": " to extract their shine out of them.", "tokens": [50665, 284, 7925, 511, 18340, 503, 286, 606, 13, 50817], "temperature": 0.0, "avg_logprob": -0.14593252539634705, "compression_ratio": 1.6936170212765957, "no_speech_prob": 0.3116345703601837}, {"id": 30, "seek": 13908, "start": 148.16000000000003, "end": 151.44, "text": " Your values and vision do that for you.", "tokens": [50817, 3406, 3815, 290, 5761, 466, 326, 329, 345, 13, 50981], "temperature": 0.0, "avg_logprob": -0.14593252539634705, "compression_ratio": 1.6936170212765957, "no_speech_prob": 0.3116345703601837}, {"id": 31, "seek": 13908, "start": 151.44, "end": 155.84, "text": " Attract people because of your passion for your values and your vision, and then offer", "tokens": [50981, 3460, 974, 661, 780, 286, 534, 7506, 329, 534, 3815, 290, 534, 5761, 11, 290, 788, 2897, 51201], "temperature": 0.0, "avg_logprob": -0.14593252539634705, "compression_ratio": 1.6936170212765957, "no_speech_prob": 0.3116345703601837}, {"id": 32, "seek": 13908, "start": 155.84, "end": 159.20000000000002, "text": " them stock options as an added bonus.", "tokens": [51201, 606, 4283, 3689, 355, 281, 2087, 7202, 13, 51369], "temperature": 0.0, "avg_logprob": -0.14593252539634705, "compression_ratio": 1.6936170212765957, "no_speech_prob": 0.3116345703601837}, {"id": 33, "seek": 13908, "start": 159.20000000000002, "end": 165.36, "text": " Your vision needs to be genuine, because sometimes when a founder says, I am really passionate", "tokens": [51369, 3406, 5761, 2476, 284, 307, 8768, 11, 780, 3360, 618, 257, 9119, 1139, 11, 314, 716, 1107, 15347, 51677], "temperature": 0.0, "avg_logprob": -0.14593252539634705, "compression_ratio": 1.6936170212765957, "no_speech_prob": 0.3116345703601837}, {"id": 34, "seek": 13908, "start": 165.36, "end": 167.04000000000002, "text": " about this space.", "tokens": [51677, 546, 428, 2272, 13, 51761], "temperature": 0.0, "avg_logprob": -0.14593252539634705, "compression_ratio": 1.6936170212765957, "no_speech_prob": 0.3116345703601837}, {"id": 35, "seek": 16704, "start": 167.04, "end": 171.84, "text": " What they actually mean is, I think a lot of money can be made here, and your people", "tokens": [50363, 1867, 484, 1682, 1612, 318, 11, 314, 892, 257, 1256, 286, 1637, 460, 307, 925, 994, 11, 290, 534, 661, 50603], "temperature": 0.0, "avg_logprob": -0.10338121779421543, "compression_ratio": 1.6651982378854626, "no_speech_prob": 0.17845569550991058}, {"id": 36, "seek": 16704, "start": 171.84, "end": 177.04, "text": " can hear that, even if you haven't said it aloud.", "tokens": [50603, 460, 3285, 326, 11, 772, 611, 345, 4398, 470, 531, 340, 32227, 13, 50863], "temperature": 0.0, "avg_logprob": -0.10338121779421543, "compression_ratio": 1.6651982378854626, "no_speech_prob": 0.17845569550991058}, {"id": 37, "seek": 16704, "start": 177.04, "end": 182.2, "text": " Focusing on a non-financial vision also improves the quality of your journey.", "tokens": [50863, 376, 45743, 319, 257, 1729, 12, 46921, 5761, 635, 19575, 262, 3081, 286, 534, 7002, 13, 51121], "temperature": 0.0, "avg_logprob": -0.10338121779421543, "compression_ratio": 1.6651982378854626, "no_speech_prob": 0.17845569550991058}, {"id": 38, "seek": 16704, "start": 182.2, "end": 185.64, "text": " The journey lasts much longer than the destination.", "tokens": [51121, 383, 7002, 20374, 881, 2392, 621, 262, 10965, 13, 51293], "temperature": 0.0, "avg_logprob": -0.10338121779421543, "compression_ratio": 1.6651982378854626, "no_speech_prob": 0.17845569550991058}, {"id": 39, "seek": 16704, "start": 185.64, "end": 189.48, "text": " The journey is your customer, not the destination.", "tokens": [51293, 383, 7002, 318, 534, 6491, 11, 407, 262, 10965, 13, 51485], "temperature": 0.0, "avg_logprob": -0.10338121779421543, "compression_ratio": 1.6651982378854626, "no_speech_prob": 0.17845569550991058}, {"id": 40, "seek": 16704, "start": 189.48, "end": 194.76, "text": " Focus on customer experience, not on the product launch party.", "tokens": [51485, 17061, 319, 6491, 1998, 11, 407, 319, 262, 1720, 4219, 2151, 13, 51749], "temperature": 0.0, "avg_logprob": -0.10338121779421543, "compression_ratio": 1.6651982378854626, "no_speech_prob": 0.17845569550991058}, {"id": 41, "seek": 19476, "start": 194.76, "end": 197.56, "text": " So do you really need to grant stock options?", "tokens": [50363, 1406, 466, 345, 1107, 761, 284, 7264, 4283, 3689, 30, 50503], "temperature": 0.0, "avg_logprob": -0.12038946151733398, "compression_ratio": 1.7142857142857142, "no_speech_prob": 0.13981443643569946}, {"id": 42, "seek": 19476, "start": 197.56, "end": 202.79999999999998, "text": " Well, if you learn how to use them well, you will have a very strong tool that will work", "tokens": [50503, 3894, 11, 611, 345, 2193, 703, 284, 779, 606, 880, 11, 345, 481, 423, 257, 845, 1913, 2891, 326, 481, 670, 50765], "temperature": 0.0, "avg_logprob": -0.12038946151733398, "compression_ratio": 1.7142857142857142, "no_speech_prob": 0.13981443643569946}, {"id": 43, "seek": 19476, "start": 202.79999999999998, "end": 204.2, "text": " in your favor.", "tokens": [50765, 287, 534, 2661, 13, 50835], "temperature": 0.0, "avg_logprob": -0.12038946151733398, "compression_ratio": 1.7142857142857142, "no_speech_prob": 0.13981443643569946}, {"id": 44, "seek": 19476, "start": 204.2, "end": 209.0, "text": " Once you have such a tool, you will want to grant them.", "tokens": [50835, 4874, 345, 423, 884, 257, 2891, 11, 345, 481, 765, 284, 7264, 606, 13, 51075], "temperature": 0.0, "avg_logprob": -0.12038946151733398, "compression_ratio": 1.7142857142857142, "no_speech_prob": 0.13981443643569946}, {"id": 45, "seek": 19476, "start": 209.0, "end": 214.28, "text": " If you are granting them only because you need to, because everyone else is doing it,", "tokens": [51075, 1002, 345, 389, 21787, 606, 691, 780, 345, 761, 284, 11, 780, 2506, 2073, 318, 1804, 340, 11, 51339], "temperature": 0.0, "avg_logprob": -0.12038946151733398, "compression_ratio": 1.7142857142857142, "no_speech_prob": 0.13981443643569946}, {"id": 46, "seek": 19476, "start": 214.28, "end": 220.39999999999998, "text": " and you do it without putting in any thought, then you are not really utilizing their power.", "tokens": [51339, 290, 345, 466, 340, 1231, 5137, 287, 597, 1807, 11, 788, 345, 389, 407, 1107, 25137, 511, 1176, 13, 51645], "temperature": 0.0, "avg_logprob": -0.12038946151733398, "compression_ratio": 1.7142857142857142, "no_speech_prob": 0.13981443643569946}, {"id": 47, "seek": 22040, "start": 220.4, "end": 225.92000000000002, "text": " So put in the time and energy to learn how to use stock options to your advantage, so", "tokens": [50363, 1406, 1234, 287, 262, 640, 290, 2568, 284, 2193, 703, 284, 779, 4283, 3689, 284, 534, 4621, 11, 523, 50639], "temperature": 0.0, "avg_logprob": -0.19666714668273927, "compression_ratio": 1.2528735632183907, "no_speech_prob": 0.3901757597923279}, {"id": 48, "seek": 22040, "start": 225.92000000000002, "end": 227.52, "text": " you want to grant them.", "tokens": [50639, 345, 765, 284, 7264, 606, 13, 50719], "temperature": 0.0, "avg_logprob": -0.19666714668273927, "compression_ratio": 1.2528735632183907, "no_speech_prob": 0.3901757597923279}], "language": "en"}

transcripts/39-Scheme-design-practice---Values-and-Vision.json

@@ -0,0 +1 @@
+{"text": " Let us design a stock option strategy from scratch for a hypothetical education startup. They are just getting started and plan to develop high-quality digital education content for schools. They have two co-founders, Margal and Catherine. Both of them have been passionate about education for a very long time and wish to contribute to the education conversation worldwide. They incorporate a company with 10,000 equity shares to begin with. Since they both are software engineers, they start to build their education application together without hiring anyone else just yet. A few months down the line, with the product built to a reasonable extent, they feel they need to hire a couple of junior engineers to help them speed up the development, and very importantly, also someone for sales and marketing. They plan to sell their product to educational institutions so they need someone experienced in B2B sales. They know the digital education domain is quite crowded, but they wish to build a product that though digital has a unique manner in which the content is delivered. They also have a separate section for teachers to help them upskill so they can use the content effectively. They are not trying to replace the teachers but to train and empower them. After a lot of deliberation, they agree that the vision of empowering teachers resonates very strongly with them. This is their non-financial vision that energizes them to come to work every morning, and they would like to have such people on the team who are also energized by such a vision. They also agree that apart from integrity and professionalism, a core value they would want to have in their team members is warmth and compassion. The definition of their values and a non-financial vision provides them with clarity in terms of the kind of people they would like to have on the team. For instance, they are now clear that someone who is very well connected in the education ecosystem is experienced in B2B sales, but bears a loud and a slightly domineering attitude may not be the right fit for the culture they would like to create. Now they are also not looking for people who merely have their relevant experience or are passionate about education in general, but those who would be excited about empowering teachers in particular. As they begin their search, they are also aware that they cannot afford to pay market salaries. Once they find the right people who are inspired by their values, vision and culture, they would also need to incentivize them financially using stock options. So they need to note two things. One, they intended benefit for each such role over four years, and two, their financial projections to determine how much profit one equity share would provide in four years. 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worldwide.", "tokens": [51637, 284, 262, 3707, 5273, 8688, 13, 51809], "temperature": 0.0, "avg_logprob": -0.2005542157644249, "compression_ratio": 1.6475770925110131, "no_speech_prob": 0.058517735451459885}, {"id": 6, "seek": 2892, "start": 28.92, "end": 33.68, "text": " They incorporate a company with 10,000 equity shares to begin with.", "tokens": [50363, 1119, 19330, 257, 1664, 351, 838, 11, 830, 13598, 7303, 284, 2221, 351, 13, 50601], "temperature": 0.0, "avg_logprob": -0.15704158941904703, "compression_ratio": 1.6615384615384616, "no_speech_prob": 0.16261066496372223}, {"id": 7, "seek": 2892, "start": 33.68, "end": 38.120000000000005, "text": " Since they both are software engineers, they start to build their education application", "tokens": [50601, 4619, 484, 1111, 389, 3788, 12037, 11, 484, 923, 284, 1382, 511, 3707, 3586, 50823], "temperature": 0.0, "avg_logprob": -0.15704158941904703, "compression_ratio": 1.6615384615384616, "no_speech_prob": 0.16261066496372223}, {"id": 8, 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transcripts/39-Scheme-design-practice---Values-and-Vision.srt

@@ -0,0 +1,164 @@
+1
+00:00:00,000 --> 00:00:09,800
+Let us design a stock option strategy from scratch for a hypothetical education startup.
+
+2
+00:00:09,800 --> 00:00:14,280
+They are just getting started and plan to develop high-quality digital education content
+
+3
+00:00:14,280 --> 00:00:15,280
+for schools.
+
+4
+00:00:15,280 --> 00:00:20,360
+They have two co-founders, Margal and Catherine.
+
+5
+00:00:20,360 --> 00:00:25,480
+Both of them have been passionate about education for a very long time and wish to contribute
+
+6
+00:00:25,480 --> 00:00:28,920
+to the education conversation worldwide.
+
+7
+00:00:28,920 --> 00:00:33,680
+They incorporate a company with 10,000 equity shares to begin with.
+
+8
+00:00:33,680 --> 00:00:38,120
+Since they both are software engineers, they start to build their education application
+
+9
+00:00:38,120 --> 00:00:42,120
+together without hiring anyone else just yet.
+
+10
+00:00:42,120 --> 00:00:47,520
+A few months down the line, with the product built to a reasonable extent, they feel they
+
+11
+00:00:47,520 --> 00:00:52,960
+need to hire a couple of junior engineers to help them speed up the development, and
+
+12
+00:00:52,960 --> 00:00:58,000
+very importantly, also someone for sales and marketing.
+
+13
+00:00:58,000 --> 00:01:03,480
+They plan to sell their product to educational institutions so they need someone experienced
+
+14
+00:01:03,480 --> 00:01:05,640
+in B2B sales.
+
+15
+00:01:05,640 --> 00:01:10,880
+They know the digital education domain is quite crowded, but they wish to build a product
+
+16
+00:01:10,880 --> 00:01:16,520
+that though digital has a unique manner in which the content is delivered.
+
+17
+00:01:16,520 --> 00:01:21,920
+They also have a separate section for teachers to help them upskill so they can use the content
+
+18
+00:01:21,920 --> 00:01:22,920
+effectively.
+
+19
+00:01:23,080 --> 00:01:28,400
+They are not trying to replace the teachers but to train and empower them.
+
+20
+00:01:28,400 --> 00:01:34,680
+After a lot of deliberation, they agree that the vision of empowering teachers resonates
+
+21
+00:01:34,680 --> 00:01:36,440
+very strongly with them.
+
+22
+00:01:36,440 --> 00:01:42,440
+This is their non-financial vision that energizes them to come to work every morning, and they
+
+23
+00:01:42,440 --> 00:01:49,240
+would like to have such people on the team who are also energized by such a vision.
+
+24
+00:01:49,240 --> 00:01:55,160
+They also agree that apart from integrity and professionalism, a core value they would
+
+25
+00:01:55,160 --> 00:02:00,960
+want to have in their team members is warmth and compassion.
+
+26
+00:02:00,960 --> 00:02:06,880
+The definition of their values and a non-financial vision provides them with clarity in terms
+
+27
+00:02:06,880 --> 00:02:10,520
+of the kind of people they would like to have on the team.
+
+28
+00:02:10,520 --> 00:02:15,800
+For instance, they are now clear that someone who is very well connected in the education
+
+29
+00:02:15,800 --> 00:02:23,600
+ecosystem is experienced in B2B sales, but bears a loud and a slightly domineering attitude
+
+30
+00:02:23,600 --> 00:02:28,680
+may not be the right fit for the culture they would like to create.
+
+31
+00:02:28,680 --> 00:02:34,440
+Now they are also not looking for people who merely have their relevant experience or are
+
+32
+00:02:34,440 --> 00:02:40,000
+passionate about education in general, but those who would be excited about empowering
+
+33
+00:02:40,000 --> 00:02:43,080
+teachers in particular.
+
+34
+00:02:43,080 --> 00:02:47,760
+As they begin their search, they are also aware that they cannot afford to pay market
+
+35
+00:02:47,760 --> 00:02:49,560
+salaries.
+
+36
+00:02:49,560 --> 00:02:54,760
+Once they find the right people who are inspired by their values, vision and culture, they
+
+37
+00:02:54,760 --> 00:02:59,360
+would also need to incentivize them financially using stock options.
+
+38
+00:02:59,360 --> 00:03:01,720
+So they need to note two things.
+
+39
+00:03:01,720 --> 00:03:08,800
+One, they intended benefit for each such role over four years, and two, their financial
+
+40
+00:03:08,800 --> 00:03:15,680
+projections to determine how much profit one equity share would provide in four years.
+
+41
+00:03:15,680 --> 00:03:16,680
+Let us do that next.
+

transcripts/39-Scheme-design-practice---Values-and-Vision.tsv

@@ -0,0 +1,42 @@
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+0	9800	Let us design a stock option strategy from scratch for a hypothetical education startup.
+9800	14280	They are just getting started and plan to develop high-quality digital education content
+14280	15280	for schools.
+15280	20360	They have two co-founders, Margal and Catherine.
+20360	25480	Both of them have been passionate about education for a very long time and wish to contribute
+25480	28920	to the education conversation worldwide.
+28920	33680	They incorporate a company with 10,000 equity shares to begin with.
+33680	38120	Since they both are software engineers, they start to build their education application
+38120	42120	together without hiring anyone else just yet.
+42120	47520	A few months down the line, with the product built to a reasonable extent, they feel they
+47520	52960	need to hire a couple of junior engineers to help them speed up the development, and
+52960	58000	very importantly, also someone for sales and marketing.
+58000	63480	They plan to sell their product to educational institutions so they need someone experienced
+63480	65640	in B2B sales.
+65640	70880	They know the digital education domain is quite crowded, but they wish to build a product
+70880	76520	that though digital has a unique manner in which the content is delivered.
+76520	81920	They also have a separate section for teachers to help them upskill so they can use the content
+81920	82920	effectively.
+83080	88400	They are not trying to replace the teachers but to train and empower them.
+88400	94680	After a lot of deliberation, they agree that the vision of empowering teachers resonates
+94680	96440	very strongly with them.
+96440	102440	This is their non-financial vision that energizes them to come to work every morning, and they
+102440	109240	would like to have such people on the team who are also energized by such a vision.
+109240	115160	They also agree that apart from integrity and professionalism, a core value they would
+115160	120960	want to have in their team members is warmth and compassion.
+120960	126880	The definition of their values and a non-financial vision provides them with clarity in terms
+126880	130520	of the kind of people they would like to have on the team.
+130520	135800	For instance, they are now clear that someone who is very well connected in the education
+135800	143600	ecosystem is experienced in B2B sales, but bears a loud and a slightly domineering attitude
+143600	148680	may not be the right fit for the culture they would like to create.
+148680	154440	Now they are also not looking for people who merely have their relevant experience or are
+154440	160000	passionate about education in general, but those who would be excited about empowering
+160000	163080	teachers in particular.
+163080	167760	As they begin their search, they are also aware that they cannot afford to pay market
+167760	169560	salaries.
+169560	174760	Once they find the right people who are inspired by their values, vision and culture, they
+174760	179360	would also need to incentivize them financially using stock options.
+179360	181720	So they need to note two things.
+181720	188800	One, they intended benefit for each such role over four years, and two, their financial
+188800	195680	projections to determine how much profit one equity share would provide in four years.
+195680	196680	Let us do that next.

transcripts/40-Scheme-design-practice---numbers.srt

@@ -0,0 +1,396 @@
+1
+00:00:00,000 --> 00:00:08,640
+You should do these calculations in your journal yourself as we discuss them.
+
+2
+00:00:08,640 --> 00:00:14,600
+Morgan and Catherine decide that the right sales head needs to be in their 40s and would
+
+3
+00:00:14,600 --> 00:00:21,600
+probably be drawing around $200,000 per annum currently, but they can only afford to pay
+
+4
+00:00:21,600 --> 00:00:24,080
+$75,000 per annum.
+
+5
+00:00:24,080 --> 00:00:29,240
+So they need someone who resonates strongly enough with their non-financial vision to
+
+6
+00:00:29,240 --> 00:00:36,000
+consider that salary and top that up with an attractive stock option strategy.
+
+7
+00:00:36,000 --> 00:00:41,920
+They consider this role to be of the highest criticality rating, that is A, and agree
+
+8
+00:00:41,920 --> 00:00:47,000
+that an attractive intended benefit for such a person should be at least eight times their
+
+9
+00:00:47,000 --> 00:00:49,400
+current annual worth.
+
+10
+00:00:49,400 --> 00:00:55,440
+They realize that this amount is not a guarantee from their side, but will be realized only
+
+11
+00:00:55,440 --> 00:00:58,920
+if their business grows to a certain value.
+
+12
+00:00:58,920 --> 00:01:03,360
+Seeing the right person who resonates with their values and vision is key to achieving
+
+13
+00:01:03,360 --> 00:01:10,360
+that growth, and if they can find one, the financial benefit must also be attractive.
+
+14
+00:01:10,360 --> 00:01:15,600
+A benefit of eight times in four years means that the sales head should be able to make
+
+15
+00:01:15,600 --> 00:01:21,320
+$1.6 million after four years if things go as planned.
+
+16
+00:01:21,320 --> 00:01:23,360
+But what is that plan?
+
+17
+00:01:23,360 --> 00:01:27,040
+They need to drop their financial projections next.
+
+18
+00:01:27,040 --> 00:01:32,040
+They have only started up a few months ago and have a half-finished product with them.
+
+19
+00:01:32,040 --> 00:01:36,360
+They estimate their growth over four years and believe they would raise venture capital
+
+20
+00:01:36,360 --> 00:01:38,480
+during this period.
+
+21
+00:01:38,480 --> 00:01:43,440
+This would increase their number of shares, so they estimate the share capital to increase
+
+22
+00:01:43,440 --> 00:01:49,360
+to 40,000 shares, from the current 10,000 shares in four years.
+
+23
+00:01:49,360 --> 00:01:54,760
+They estimate that given the current market saturation in the education sector, it might
+
+24
+00:01:54,760 --> 00:01:58,760
+take them some time to make a dent with their uniqueness.
+
+25
+00:01:58,760 --> 00:02:03,880
+They estimate their company valuation at $40 million after four years.
+
+26
+00:02:03,880 --> 00:02:11,880
+$40 million divided by 40,000 shares leads to a share price of $1,000 per share after
+
+27
+00:02:11,880 --> 00:02:14,160
+four years.
+
+28
+00:02:14,160 --> 00:02:20,440
+Since the intended benefit to the sales head is $1.6 million, they would need to grant
+
+29
+00:02:20,440 --> 00:02:27,400
+1,600 options, assuming the options are granted at, say, 1 cent or almost zero exercise
+
+30
+00:02:27,400 --> 00:02:29,640
+price today.
+
+31
+00:02:29,640 --> 00:02:35,320
+So the arithmetic is done and now they have a number, 1,600 options.
+
+32
+00:02:35,320 --> 00:02:42,640
+But then they look carefully and realize that 1,600 options amount to 16% of their current
+
+33
+00:02:42,640 --> 00:02:45,400
+capital of 10,000 shares.
+
+34
+00:02:45,400 --> 00:02:48,560
+And this is just the sales head we are talking about.
+
+35
+00:02:48,560 --> 00:02:52,920
+They also need to grant stock options to a few other team members.
+
+36
+00:02:52,920 --> 00:02:55,080
+Something is not right.
+
+37
+00:02:55,080 --> 00:02:59,280
+So they start looking at each number more carefully this time.
+
+38
+00:02:59,280 --> 00:03:02,120
+First, the intended benefit.
+
+39
+00:03:02,120 --> 00:03:07,480
+They have considered it at eight times the current market worth of $200,000, which comes
+
+40
+00:03:07,480 --> 00:03:09,840
+to 1.6 million.
+
+41
+00:03:09,840 --> 00:03:15,440
+They could reduce that, but they realize that the intended benefit must be really attractive,
+
+42
+00:03:15,440 --> 00:03:22,080
+so for now they decide to keep it at 1.6 million and consider the other figures first.
+
+43
+00:03:22,080 --> 00:03:28,040
+Next, they notice they have considered the total number of shares in the fourth year at
+
+44
+00:03:28,040 --> 00:03:30,400
+40,000 shares.
+
+45
+00:03:30,400 --> 00:03:35,560
+They start analyzing that number and conclude they should be judicious by raising capital
+
+46
+00:03:35,560 --> 00:03:42,040
+from the investors and also raise it at a good valuation so they don't dilute much.
+
+47
+00:03:42,040 --> 00:03:47,520
+But that would mean delivering a really strong product with a healthy revenue.
+
+48
+00:03:47,520 --> 00:03:52,360
+That would come not just from adding more people to the team, but by strengthening the
+
+49
+00:03:52,360 --> 00:03:54,520
+core of the product.
+
+50
+00:03:54,520 --> 00:03:59,680
+So they make a mental note that if they wish to reduce their equity dilution but still
+
+51
+00:03:59,680 --> 00:04:06,360
+make the company valuable, they need to solidify the vision to attract the right people and
+
+52
+00:04:06,360 --> 00:04:10,440
+think deeply about the value proposition of the product.
+
+53
+00:04:10,440 --> 00:04:16,200
+They revise the total number of shares in the fourth year to 20,000 shares, from 40,000
+
+54
+00:04:16,200 --> 00:04:18,080
+shares.
+
+55
+00:04:18,080 --> 00:04:22,000
+Then they consider the valuation of 40 million dollars in the fourth year.
+
+56
+00:04:22,000 --> 00:04:28,000
+Now, this is not just about changing 40 million to something else so that the numbers fit
+
+57
+00:04:28,000 --> 00:04:29,500
+well.
+
+58
+00:04:29,500 --> 00:04:34,840
+It tells them something very important about their stock options strategy.
+
+59
+00:04:34,840 --> 00:04:42,520
+If they wish to give out 1.6 million as intended benefit, they have to get to a much higher
+
+60
+00:04:42,520 --> 00:04:43,920
+valuation.
+
+61
+00:04:43,920 --> 00:04:48,920
+The valuation of 40 million is certainly a good number, but at that valuation they may
+
+62
+00:04:48,920 --> 00:04:55,440
+not be able to justify an intended benefit of 1.6 million dollars.
+
+63
+00:04:55,440 --> 00:05:02,960
+So either the intended benefit needs to reduce or the value per share needs to go up.
+
+64
+00:05:02,960 --> 00:05:08,280
+As they still wish to preserve the intended benefit, they revise the fourth year valuation
+
+65
+00:05:08,280 --> 00:05:10,800
+to 1.60 million dollars.
+
+66
+00:05:10,800 --> 00:05:15,080
+But they now make a mental note that this would mean a certain amount of revenue to be brought
+
+67
+00:05:15,080 --> 00:05:16,240
+in.
+
+68
+00:05:16,240 --> 00:05:21,400
+And they need to ensure even more that their product is far better than what others have
+
+69
+00:05:21,400 --> 00:05:23,040
+an offer.
+
+70
+00:05:23,040 --> 00:05:27,160
+This does not mean more advertisements and more customer phone calls.
+
+71
+00:05:27,160 --> 00:05:32,920
+It means more contemplation on how that product could become valuable.
+
+72
+00:05:32,920 --> 00:05:39,240
+More physical labor, more resources without any additional intellectual labor may not
+
+73
+00:05:39,240 --> 00:05:41,000
+help much.
+
+74
+00:05:41,000 --> 00:05:46,080
+By contemplating deeply about their product, they can significantly increase its value
+
+75
+00:05:46,080 --> 00:05:52,800
+proposition, enhance valuation without spending a single extra dollar.
+
+76
+00:05:52,800 --> 00:05:57,760
+Reducing the fourth year shares to 20,000 and increasing the fourth year's valuation
+
+77
+00:05:57,760 --> 00:06:05,560
+to 160 million dollars brings down the number of options to be granted from 1600 to 200
+
+78
+00:06:05,560 --> 00:06:12,680
+options, which is 2% of their current capital and 1% of the capital in the fourth year.
+
+79
+00:06:12,680 --> 00:06:17,560
+Now if the eventual valuation were to get to a billion dollars, then the employee ends
+
+80
+00:06:17,560 --> 00:06:20,360
+up making much much more.
+
+81
+00:06:20,360 --> 00:06:25,720
+Similarly, if they were to reach only 40 million in valuation, those 200 options would
+
+82
+00:06:25,720 --> 00:06:28,120
+fetch much lesser.
+
+83
+00:06:28,120 --> 00:06:34,720
+So their strategy rewards the employee reasonably in case of a certain growth trajectory and
+
+84
+00:06:34,720 --> 00:06:40,160
+rewards them exponentially in case of an exponential growth.
+
+85
+00:06:40,160 --> 00:06:45,280
+Next they take up the other potential team members and rate them A, B or C depending upon
+
+86
+00:06:45,280 --> 00:06:50,480
+the criticality of their role and apply a descending multiple to compute their intended
+
+87
+00:06:50,480 --> 00:06:51,580
+benefit.
+
+88
+00:06:51,580 --> 00:06:54,560
+The process is the same.
+
+89
+00:06:54,560 --> 00:06:59,800
+Now they could further reduce the number of options by reducing the multiple or increasing
+
+90
+00:06:59,800 --> 00:07:05,080
+the valuation in the fourth year or decreasing the number of shares in the fourth year even
+
+91
+00:07:05,080 --> 00:07:06,440
+further.
+
+92
+00:07:06,440 --> 00:07:11,420
+But what you need to focus on here is the process.
+
+93
+00:07:11,420 --> 00:07:17,640
+Look at how the intended benefit can sometimes guide you to take decisions about your business.
+
+94
+00:07:17,640 --> 00:07:23,680
+As far as possible, try not reducing the intended benefit.
+
+95
+00:07:23,680 --> 00:07:29,420
+The key takeaway is let your vision and intellectual capital drive your stock option
+
+96
+00:07:29,420 --> 00:07:31,400
+strategy.
+
+97
+00:07:31,400 --> 00:07:35,520
+Use your non-financial vision to attract the right people.
+
+98
+00:07:35,520 --> 00:07:39,940
+Use deep thinking to infuse value into your product.
+
+99
+00:07:39,940 --> 00:07:45,680
+Valuation will take care of itself and your journey will be much more meaningful and enjoyable.
+

transcripts/40-Scheme-design-practice---numbers.tsv

@@ -0,0 +1,100 @@
+start	end	text
+0	8640	You should do these calculations in your journal yourself as we discuss them.
+8640	14600	Morgan and Catherine decide that the right sales head needs to be in their 40s and would
+14600	21600	probably be drawing around $200,000 per annum currently, but they can only afford to pay
+21600	24080	$75,000 per annum.
+24080	29240	So they need someone who resonates strongly enough with their non-financial vision to
+29240	36000	consider that salary and top that up with an attractive stock option strategy.
+36000	41920	They consider this role to be of the highest criticality rating, that is A, and agree
+41920	47000	that an attractive intended benefit for such a person should be at least eight times their
+47000	49400	current annual worth.
+49400	55440	They realize that this amount is not a guarantee from their side, but will be realized only
+55440	58920	if their business grows to a certain value.
+58920	63360	Seeing the right person who resonates with their values and vision is key to achieving
+63360	70360	that growth, and if they can find one, the financial benefit must also be attractive.
+70360	75600	A benefit of eight times in four years means that the sales head should be able to make
+75600	81320	$1.6 million after four years if things go as planned.
+81320	83360	But what is that plan?
+83360	87040	They need to drop their financial projections next.
+87040	92040	They have only started up a few months ago and have a half-finished product with them.
+92040	96360	They estimate their growth over four years and believe they would raise venture capital
+96360	98480	during this period.
+98480	103440	This would increase their number of shares, so they estimate the share capital to increase
+103440	109360	to 40,000 shares, from the current 10,000 shares in four years.
+109360	114760	They estimate that given the current market saturation in the education sector, it might
+114760	118760	take them some time to make a dent with their uniqueness.
+118760	123880	They estimate their company valuation at $40 million after four years.
+123880	131880	$40 million divided by 40,000 shares leads to a share price of $1,000 per share after
+131880	134160	four years.
+134160	140440	Since the intended benefit to the sales head is $1.6 million, they would need to grant
+140440	147400	1,600 options, assuming the options are granted at, say, 1 cent or almost zero exercise
+147400	149640	price today.
+149640	155320	So the arithmetic is done and now they have a number, 1,600 options.
+155320	162640	But then they look carefully and realize that 1,600 options amount to 16% of their current
+162640	165400	capital of 10,000 shares.
+165400	168560	And this is just the sales head we are talking about.
+168560	172920	They also need to grant stock options to a few other team members.
+172920	175080	Something is not right.
+175080	179280	So they start looking at each number more carefully this time.
+179280	182120	First, the intended benefit.
+182120	187480	They have considered it at eight times the current market worth of $200,000, which comes
+187480	189840	to 1.6 million.
+189840	195440	They could reduce that, but they realize that the intended benefit must be really attractive,
+195440	202080	so for now they decide to keep it at 1.6 million and consider the other figures first.
+202080	208040	Next, they notice they have considered the total number of shares in the fourth year at
+208040	210400	40,000 shares.
+210400	215560	They start analyzing that number and conclude they should be judicious by raising capital
+215560	222040	from the investors and also raise it at a good valuation so they don't dilute much.
+222040	227520	But that would mean delivering a really strong product with a healthy revenue.
+227520	232360	That would come not just from adding more people to the team, but by strengthening the
+232360	234520	core of the product.
+234520	239680	So they make a mental note that if they wish to reduce their equity dilution but still
+239680	246360	make the company valuable, they need to solidify the vision to attract the right people and
+246360	250440	think deeply about the value proposition of the product.
+250440	256200	They revise the total number of shares in the fourth year to 20,000 shares, from 40,000
+256200	258080	shares.
+258080	262000	Then they consider the valuation of 40 million dollars in the fourth year.
+262000	268000	Now, this is not just about changing 40 million to something else so that the numbers fit
+268000	269500	well.
+269500	274840	It tells them something very important about their stock options strategy.
+274840	282520	If they wish to give out 1.6 million as intended benefit, they have to get to a much higher
+282520	283920	valuation.
+283920	288920	The valuation of 40 million is certainly a good number, but at that valuation they may
+288920	295440	not be able to justify an intended benefit of 1.6 million dollars.
+295440	302960	So either the intended benefit needs to reduce or the value per share needs to go up.
+302960	308280	As they still wish to preserve the intended benefit, they revise the fourth year valuation
+308280	310800	to 1.60 million dollars.
+310800	315080	But they now make a mental note that this would mean a certain amount of revenue to be brought
+315080	316240	in.
+316240	321400	And they need to ensure even more that their product is far better than what others have
+321400	323040	an offer.
+323040	327160	This does not mean more advertisements and more customer phone calls.
+327160	332920	It means more contemplation on how that product could become valuable.
+332920	339240	More physical labor, more resources without any additional intellectual labor may not
+339240	341000	help much.
+341000	346080	By contemplating deeply about their product, they can significantly increase its value
+346080	352800	proposition, enhance valuation without spending a single extra dollar.
+352800	357760	Reducing the fourth year shares to 20,000 and increasing the fourth year's valuation
+357760	365560	to 160 million dollars brings down the number of options to be granted from 1600 to 200
+365560	372680	options, which is 2% of their current capital and 1% of the capital in the fourth year.
+372680	377560	Now if the eventual valuation were to get to a billion dollars, then the employee ends
+377560	380360	up making much much more.
+380360	385720	Similarly, if they were to reach only 40 million in valuation, those 200 options would
+385720	388120	fetch much lesser.
+388120	394720	So their strategy rewards the employee reasonably in case of a certain growth trajectory and
+394720	400160	rewards them exponentially in case of an exponential growth.
+400160	405280	Next they take up the other potential team members and rate them A, B or C depending upon
+405280	410480	the criticality of their role and apply a descending multiple to compute their intended
+410480	411580	benefit.
+411580	414560	The process is the same.
+414560	419800	Now they could further reduce the number of options by reducing the multiple or increasing
+419800	425080	the valuation in the fourth year or decreasing the number of shares in the fourth year even
+425080	426440	further.
+426440	431420	But what you need to focus on here is the process.
+431420	437640	Look at how the intended benefit can sometimes guide you to take decisions about your business.
+437640	443680	As far as possible, try not reducing the intended benefit.
+443680	449420	The key takeaway is let your vision and intellectual capital drive your stock option
+449420	451400	strategy.
+451400	455520	Use your non-financial vision to attract the right people.
+455520	459940	Use deep thinking to infuse value into your product.
+459940	465680	Valuation will take care of itself and your journey will be much more meaningful and enjoyable.

transcripts/41-In-Closing.srt

@@ -0,0 +1,428 @@
+1
+00:00:00,000 --> 00:00:09,760
+As a founder, your primary role is not to sign documents or to raise money or to make speeches
+
+2
+00:00:09,760 --> 00:00:13,040
+at events or to have fireside chats.
+
+3
+00:00:13,040 --> 00:00:19,440
+Your primary role is to contemplate, contemplate about your values and your vision.
+
+4
+00:00:19,440 --> 00:00:23,920
+You are the chief contemplation officer of your startup.
+
+5
+00:00:23,920 --> 00:00:30,800
+Your primary role is to become a thought leader in whatever you do and inspire others.
+
+6
+00:00:30,800 --> 00:00:35,800
+In the rush of operations, you might come to believe that restless execution is the
+
+7
+00:00:35,800 --> 00:00:37,600
+way to go.
+
+8
+00:00:37,600 --> 00:00:43,600
+It can also make you feel very busy, very productive and very important.
+
+9
+00:00:43,600 --> 00:00:49,720
+People across the startup ecosystem often confuse working hard and long hours with working
+
+10
+00:00:49,720 --> 00:00:52,160
+in the right direction.
+
+11
+00:00:52,160 --> 00:00:55,440
+You tend to differentiate between the two.
+
+12
+00:00:55,440 --> 00:01:00,600
+Constantly being connected with the outside world might seem like an obvious trait to
+
+13
+00:01:00,600 --> 00:01:02,040
+possess.
+
+14
+00:01:02,040 --> 00:01:04,600
+But what you really need to do is the opposite.
+
+15
+00:01:04,600 --> 00:01:09,640
+You need to cut off from the external and go inward.
+
+16
+00:01:09,640 --> 00:01:15,360
+You need to spend hours and hours doing nothing but thinking deeply about your values and
+
+17
+00:01:15,360 --> 00:01:16,840
+your vision.
+
+18
+00:01:16,840 --> 00:01:21,520
+Assuming that you possess the energy, ability and perseverance.
+
+19
+00:01:21,520 --> 00:01:27,760
+It is this act of contemplation that will provide you with the insights that are almost
+
+20
+00:01:27,760 --> 00:01:31,000
+never visible on the surface.
+
+21
+00:01:31,000 --> 00:01:36,640
+Those insights will polish your vision slowly and steadily.
+
+22
+00:01:36,640 --> 00:01:41,160
+Contemplation allows you to master clarity of thought and communication.
+
+23
+00:01:41,160 --> 00:01:44,000
+That is a must-have ability for a leader.
+
+24
+00:01:44,000 --> 00:01:50,360
+You must be able to clearly lay out the path for others to follow.
+
+25
+00:01:50,360 --> 00:01:53,760
+And you need to contemplate silently.
+
+26
+00:01:53,760 --> 00:01:58,120
+Don't announce it to the world or discuss it on social media.
+
+27
+00:01:58,120 --> 00:02:04,680
+If you merely change your designation to Chief Contemplation Officer and post it online or
+
+28
+00:02:04,680 --> 00:02:09,600
+announce to the world, look, I went on my contemplation walk today.
+
+29
+00:02:09,600 --> 00:02:17,000
+You are still thinking about outside rather than inside and that change will be superficial.
+
+30
+00:02:17,000 --> 00:02:19,240
+It will not help you.
+
+31
+00:02:19,240 --> 00:02:26,840
+You have to talk less, physically reduce your quantity of speech, online or offline.
+
+32
+00:02:26,840 --> 00:02:30,200
+Talk less, think more.
+
+33
+00:02:30,200 --> 00:02:35,440
+Talking and looking outside consumes a lot of energy.
+
+34
+00:02:35,440 --> 00:02:40,320
+Spend less energy reading or replying to posts online.
+
+35
+00:02:40,320 --> 00:02:47,320
+Ask yourself, is this reading helping me get better or is it just entertaining me?
+
+36
+00:02:47,320 --> 00:02:51,000
+Use that energy instead to think deeply.
+
+37
+00:02:51,000 --> 00:02:56,240
+And don't rush back to instantly announce your deep thinking to the world.
+
+38
+00:02:56,240 --> 00:02:58,040
+Forget the external.
+
+39
+00:02:58,040 --> 00:02:59,440
+Look inward.
+
+40
+00:02:59,440 --> 00:03:01,000
+Stay inward.
+
+41
+00:03:01,000 --> 00:03:05,480
+As a founder, contemplation is your core technology.
+
+42
+00:03:05,480 --> 00:03:06,880
+Galileo used it.
+
+43
+00:03:06,880 --> 00:03:08,480
+Mozart used it.
+
+44
+00:03:08,480 --> 00:03:10,120
+Shakespeare used it.
+
+45
+00:03:10,120 --> 00:03:12,080
+Alan Turing used it.
+
+46
+00:03:12,080 --> 00:03:14,440
+You can use it too.
+
+47
+00:03:14,440 --> 00:03:19,000
+If you need a systematic program to develop your contemplation skills, you can use the
+
+48
+00:03:19,000 --> 00:03:23,840
+Core Level 1 program on adiosworld.com.
+
+49
+00:03:23,840 --> 00:03:30,360
+Next, you must pursue a hobby regularly.
+
+50
+00:03:30,360 --> 00:03:33,480
+Pursuing a hobby helps you do your work better.
+
+51
+00:03:33,480 --> 00:03:40,120
+It helps create new neural connections that might help you see things in a different light.
+
+52
+00:03:40,120 --> 00:03:44,920
+Apart from being a waste of time, it can actually help you become better at your work.
+
+53
+00:03:44,920 --> 00:03:49,920
+You could add new flavors in your work by finding inspiration from other fields.
+
+54
+00:03:49,920 --> 00:03:54,280
+Say music, art, poetry, theatre, sports.
+
+55
+00:03:54,280 --> 00:03:57,800
+Your hobby might also help you look at something differently.
+
+56
+00:03:57,800 --> 00:04:02,960
+For instance, if you're learning to paint or playing a sport, drawing analogies between
+
+57
+00:04:02,960 --> 00:04:08,520
+your hobby and your work can open completely fresh perspectives from which to look at your
+
+58
+00:04:08,520 --> 00:04:10,480
+work.
+
+59
+00:04:10,480 --> 00:04:15,640
+Reading more about those art forms and especially about the people who have been masters of those
+
+60
+00:04:15,640 --> 00:04:22,160
+fields, their approaches can open new doors of thinking altogether.
+
+61
+00:04:22,160 --> 00:04:25,320
+Pursue a hobby regularly.
+
+62
+00:04:25,320 --> 00:04:32,640
+Find a teacher in your town or online that usually helps maintain consistency.
+
+63
+00:04:32,640 --> 00:04:34,240
+This isn't about your startup.
+
+64
+00:04:34,240 --> 00:04:40,160
+This is about you, how you would like to live your next few years as you work on your
+
+65
+00:04:40,160 --> 00:04:42,080
+startup.
+
+66
+00:04:42,080 --> 00:04:47,800
+Would you prefer restless execution or contemplative execution?
+
+67
+00:04:47,800 --> 00:04:53,160
+What you prefer to do will also determine how you feel on a regular basis and in life
+
+68
+00:04:53,160 --> 00:04:55,600
+in general.
+
+69
+00:04:55,600 --> 00:05:01,800
+If you're destined to succeed using restless execution, imagine what you could do with
+
+70
+00:05:01,840 --> 00:05:04,400
+contemplative execution.
+
+71
+00:05:04,400 --> 00:05:10,320
+If you're destined to fail using restless execution, your chances of success increase
+
+72
+00:05:10,320 --> 00:05:15,000
+dramatically with contemplative execution.
+
+73
+00:05:15,000 --> 00:05:21,400
+If say 90% of the startups fail, that may just sound like 90 out of 100 fail, but that
+
+74
+00:05:21,400 --> 00:05:25,920
+also means that you have a 90% chance of failing.
+
+75
+00:05:25,920 --> 00:05:28,580
+Think about that for a second.
+
+76
+00:05:28,580 --> 00:05:34,940
+What should you do differently that others haven't done so you succeed?
+
+77
+00:05:34,940 --> 00:05:42,460
+If you just continue to do what those 90% of the startups have done, aren't you ensuring
+
+78
+00:05:42,460 --> 00:05:46,020
+that you would also be one of them?
+
+79
+00:05:46,020 --> 00:05:49,420
+And don't think this startup is the one, that's it.
+
+80
+00:05:49,420 --> 00:05:50,980
+It might not be.
+
+81
+00:05:50,980 --> 00:05:53,900
+And for all you know, it shouldn't be.
+
+82
+00:05:53,900 --> 00:05:58,060
+You will see it is a small component and you will eventually build something much more
+
+83
+00:05:58,060 --> 00:06:00,420
+important.
+
+84
+00:06:00,420 --> 00:06:02,820
+Focus on the process of improving yourself.
+
+85
+00:06:02,820 --> 00:06:04,020
+Trust the process.
+
+86
+00:06:04,020 --> 00:06:06,100
+It works.
+
+87
+00:06:06,100 --> 00:06:12,500
+There are many, many ways to create something large, but there is only one way to create
+
+88
+00:06:12,500 --> 00:06:15,020
+something truly inspiring.
+
+89
+00:06:15,020 --> 00:06:17,940
+And that is contemplation.
+
+90
+00:06:17,940 --> 00:06:24,140
+Think about someone in the startup world who did something truly inspiring.
+
+91
+00:06:24,140 --> 00:06:29,980
+Do you think they spent a lot of time contemplating or a lot of time trying to connect with as
+
+92
+00:06:29,980 --> 00:06:37,060
+many people online and attending as many startup events as possible?
+
+93
+00:06:37,060 --> 00:06:39,900
+Contemplation on the right values.
+
+94
+00:06:39,900 --> 00:06:42,180
+Contemplation on a non-financial vision.
+
+95
+00:06:42,180 --> 00:06:45,460
+That is your primary role as a founder.
+
+96
+00:06:45,460 --> 00:06:50,780
+Your justice to that role and you shall receive psychological and financial insurance
+
+97
+00:06:50,780 --> 00:06:53,500
+for the rest of your life.
+
+98
+00:06:53,500 --> 00:07:01,820
+The words values, vision and contemplation occur about 180 times in this course, while
+
+99
+00:07:01,820 --> 00:07:06,180
+the word valuation occurs about 25 times.
+
+100
+00:07:06,180 --> 00:07:12,140
+If you can follow the same proportion while running your startup, no one in this world
+
+101
+00:07:12,140 --> 00:07:15,260
+can stop you from succeeding.
+
+102
+00:07:15,260 --> 00:07:19,100
+So dissolve everything that is around you.
+
+103
+00:07:19,100 --> 00:07:23,820
+Forget about others and how they view you and what they think of you.
+
+104
+00:07:23,820 --> 00:07:28,060
+Focus only on yourself and do the right thing.
+
+105
+00:07:28,060 --> 00:07:29,540
+So go for it.
+
+106
+00:07:29,540 --> 00:07:36,420
+Use contemplation on your values and your vision as your neutrons and split that atom.
+
+107
+00:07:36,420 --> 00:07:36,980
+All the best.
+

transcripts/41-In-Closing.tsv

@@ -0,0 +1,108 @@
+start	end	text
+0	9760	As a founder, your primary role is not to sign documents or to raise money or to make speeches
+9760	13040	at events or to have fireside chats.
+13040	19440	Your primary role is to contemplate, contemplate about your values and your vision.
+19440	23920	You are the chief contemplation officer of your startup.
+23920	30800	Your primary role is to become a thought leader in whatever you do and inspire others.
+30800	35800	In the rush of operations, you might come to believe that restless execution is the
+35800	37600	way to go.
+37600	43600	It can also make you feel very busy, very productive and very important.
+43600	49720	People across the startup ecosystem often confuse working hard and long hours with working
+49720	52160	in the right direction.
+52160	55440	You tend to differentiate between the two.
+55440	60600	Constantly being connected with the outside world might seem like an obvious trait to
+60600	62040	possess.
+62040	64600	But what you really need to do is the opposite.
+64600	69640	You need to cut off from the external and go inward.
+69640	75360	You need to spend hours and hours doing nothing but thinking deeply about your values and
+75360	76840	your vision.
+76840	81520	Assuming that you possess the energy, ability and perseverance.
+81520	87760	It is this act of contemplation that will provide you with the insights that are almost
+87760	91000	never visible on the surface.
+91000	96640	Those insights will polish your vision slowly and steadily.
+96640	101160	Contemplation allows you to master clarity of thought and communication.
+101160	104000	That is a must-have ability for a leader.
+104000	110360	You must be able to clearly lay out the path for others to follow.
+110360	113760	And you need to contemplate silently.
+113760	118120	Don't announce it to the world or discuss it on social media.
+118120	124680	If you merely change your designation to Chief Contemplation Officer and post it online or
+124680	129600	announce to the world, look, I went on my contemplation walk today.
+129600	137000	You are still thinking about outside rather than inside and that change will be superficial.
+137000	139240	It will not help you.
+139240	146840	You have to talk less, physically reduce your quantity of speech, online or offline.
+146840	150200	Talk less, think more.
+150200	155440	Talking and looking outside consumes a lot of energy.
+155440	160320	Spend less energy reading or replying to posts online.
+160320	167320	Ask yourself, is this reading helping me get better or is it just entertaining me?
+167320	171000	Use that energy instead to think deeply.
+171000	176240	And don't rush back to instantly announce your deep thinking to the world.
+176240	178040	Forget the external.
+178040	179440	Look inward.
+179440	181000	Stay inward.
+181000	185480	As a founder, contemplation is your core technology.
+185480	186880	Galileo used it.
+186880	188480	Mozart used it.
+188480	190120	Shakespeare used it.
+190120	192080	Alan Turing used it.
+192080	194440	You can use it too.
+194440	199000	If you need a systematic program to develop your contemplation skills, you can use the
+199000	203840	Core Level 1 program on adiosworld.com.
+203840	210360	Next, you must pursue a hobby regularly.
+210360	213480	Pursuing a hobby helps you do your work better.
+213480	220120	It helps create new neural connections that might help you see things in a different light.
+220120	224920	Apart from being a waste of time, it can actually help you become better at your work.
+224920	229920	You could add new flavors in your work by finding inspiration from other fields.
+229920	234280	Say music, art, poetry, theatre, sports.
+234280	237800	Your hobby might also help you look at something differently.
+237800	242960	For instance, if you're learning to paint or playing a sport, drawing analogies between
+242960	248520	your hobby and your work can open completely fresh perspectives from which to look at your
+248520	250480	work.
+250480	255640	Reading more about those art forms and especially about the people who have been masters of those
+255640	262160	fields, their approaches can open new doors of thinking altogether.
+262160	265320	Pursue a hobby regularly.
+265320	272640	Find a teacher in your town or online that usually helps maintain consistency.
+272640	274240	This isn't about your startup.
+274240	280160	This is about you, how you would like to live your next few years as you work on your
+280160	282080	startup.
+282080	287800	Would you prefer restless execution or contemplative execution?
+287800	293160	What you prefer to do will also determine how you feel on a regular basis and in life
+293160	295600	in general.
+295600	301800	If you're destined to succeed using restless execution, imagine what you could do with
+301840	304400	contemplative execution.
+304400	310320	If you're destined to fail using restless execution, your chances of success increase
+310320	315000	dramatically with contemplative execution.
+315000	321400	If say 90% of the startups fail, that may just sound like 90 out of 100 fail, but that
+321400	325920	also means that you have a 90% chance of failing.
+325920	328580	Think about that for a second.
+328580	334940	What should you do differently that others haven't done so you succeed?
+334940	342460	If you just continue to do what those 90% of the startups have done, aren't you ensuring
+342460	346020	that you would also be one of them?
+346020	349420	And don't think this startup is the one, that's it.
+349420	350980	It might not be.
+350980	353900	And for all you know, it shouldn't be.
+353900	358060	You will see it is a small component and you will eventually build something much more
+358060	360420	important.
+360420	362820	Focus on the process of improving yourself.
+362820	364020	Trust the process.
+364020	366100	It works.
+366100	372500	There are many, many ways to create something large, but there is only one way to create
+372500	375020	something truly inspiring.
+375020	377940	And that is contemplation.
+377940	384140	Think about someone in the startup world who did something truly inspiring.
+384140	389980	Do you think they spent a lot of time contemplating or a lot of time trying to connect with as
+389980	397060	many people online and attending as many startup events as possible?
+397060	399900	Contemplation on the right values.
+399900	402180	Contemplation on a non-financial vision.
+402180	405460	That is your primary role as a founder.
+405460	410780	Your justice to that role and you shall receive psychological and financial insurance
+410780	413500	for the rest of your life.
+413500	421820	The words values, vision and contemplation occur about 180 times in this course, while
+421820	426180	the word valuation occurs about 25 times.
+426180	432140	If you can follow the same proportion while running your startup, no one in this world
+432140	435260	can stop you from succeeding.
+435260	439100	So dissolve everything that is around you.
+439100	443820	Forget about others and how they view you and what they think of you.
+443820	448060	Focus only on yourself and do the right thing.
+448060	449540	So go for it.
+449540	456420	Use contemplation on your values and your vision as your neutrons and split that atom.
+456420	456980	All the best.

transcripts/5-What-is-potential.json

@@ -0,0 +1 @@
+{"text": " If a startup is a vehicle to maximize your potential, let us first understand what potential is. Potential is a force, a force that can do some work, create something, move something. Potential has two components. It has magnitude and it has a direction. Potential is a vector quantity. So it is not just about how much potential or force you possess, but also in what direction is that potential, that force applied. The direction is also important. Let us examine these two in detail, magnitude and direction. And please remember that your objective is not listening to these sessions, your objective is contemplation. So make a lot of notes and make time to keep everything else aside and think about them. So what is potential with a high magnitude? If your potential has a high magnitude, you have great depth to your thought process. So whatever you do, you develop deep insights about that work or the problem that you are trying to solve. A high magnitude of potential also means you have perspectives that are unique to you, to your thought process. It is because you combine all your existing knowledge together in a certain manner to create a new compound that only you could have created. It is like creating your own special theory of relativity about your work or the problem you are trying to solve. And this could be done in absolutely anything that you do, no matter how routine or mundane it might be. If you apply depth to your thought process, new insights are bound to surface. So potential with a high magnitude is one that has depth of thought and can create new insights. You should have potential with a high magnitude. But in addition to its magnitude, potential also has a direction and the direction could be right or wrong. It is this direction that determines your peace of mind. If the direction of your potential is wrong, it is unlikely that you will be peaceful. Financially successful, perhaps, peaceful, unlikely. So potential with a high magnitude, but applied in a wrong direction, will be catastrophic. A startup is a vehicle to maximize your potential. Maximizing your potential means maximizing its magnitude and applying that magnitude in the right direction. Alright, so we have seen so far that one, a startup is a vehicle to maximize your potential and your peace of mind. And two, potential as a magnitude, which is depth of thought and a direction, which is right or wrong. But how do you maximize your potential and your peace of mind? To do that, you need a systematic framework that you can refer to from time to time, to check if you are on the right track. Am I increasing my depth of thought? Am I generating new insights? Am I doing all of this for the right purpose? Am I moving in the right direction? Because if your thinking is muddled, you may make decisions that are not necessarily right for you, but because you see others make similar decisions. You may do things not because they resonate well with you, but because that is the current trend, or because you wish to gain quick success of fame. You need a framework that you can use to determine your plan of action. 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"no_speech_prob": 0.1941121220588684}, {"id": 10, "seek": 5100, "start": 71.0, "end": 79.0, "text": " So whatever you do, you develop deep insights about that work or the problem that you are trying to solve.", "tokens": [51363, 1406, 4232, 345, 466, 11, 345, 1205, 2769, 17218, 546, 326, 670, 393, 262, 1917, 326, 345, 389, 2111, 284, 8494, 13, 51763], "temperature": 0.0, "avg_logprob": -0.03477238989495612, "compression_ratio": 1.649746192893401, "no_speech_prob": 0.1941121220588684}, {"id": 11, "seek": 7900, "start": 79.0, "end": 87.0, "text": " A high magnitude of potential also means you have perspectives that are unique to you, to your thought process.", "tokens": [50363, 317, 1029, 14735, 286, 2785, 635, 1724, 345, 423, 22582, 326, 389, 3748, 284, 345, 11, 284, 534, 1807, 1429, 13, 50763], "temperature": 0.0, "avg_logprob": -0.049710388307447555, "compression_ratio": 1.6383928571428572, "no_speech_prob": 0.048130303621292114}, {"id": 12, "seek": 7900, "start": 87.0, "end": 95.0, "text": " It is because you combine all your existing knowledge together in a certain manner to create a new compound that only you could have created.", "tokens": [50763, 632, 318, 780, 345, 12082, 477, 534, 4683, 3725, 1978, 287, 257, 1728, 5642, 284, 2251, 257, 649, 13061, 326, 691, 345, 714, 423, 2727, 13, 51163], "temperature": 0.0, "avg_logprob": -0.049710388307447555, "compression_ratio": 1.6383928571428572, "no_speech_prob": 0.048130303621292114}, {"id": 13, "seek": 7900, "start": 95.0, "end": 103.0, "text": " It is like creating your own special theory of relativity about your work or the problem you are trying to solve.", "tokens": [51163, 632, 318, 588, 4441, 534, 898, 2041, 4583, 286, 44449, 546, 534, 670, 393, 262, 1917, 345, 389, 2111, 284, 8494, 13, 51563], "temperature": 0.0, "avg_logprob": -0.049710388307447555, "compression_ratio": 1.6383928571428572, "no_speech_prob": 0.048130303621292114}, {"id": 14, "seek": 10300, "start": 103.0, "end": 109.0, "text": " And this could be done in absolutely anything that you do, no matter how routine or mundane it might be.", "tokens": [50363, 843, 428, 714, 307, 1760, 287, 5543, 1997, 326, 345, 466, 11, 645, 2300, 703, 8027, 393, 30741, 340, 1244, 307, 13, 50663], "temperature": 0.0, "avg_logprob": -0.04716715373490986, "compression_ratio": 1.6871794871794872, "no_speech_prob": 0.09598865360021591}, {"id": 15, "seek": 10300, "start": 109.0, "end": 117.0, "text": " If you apply depth to your thought process, new insights are bound to surface.", "tokens": [50663, 1002, 345, 4174, 6795, 284, 534, 1807, 1429, 11, 649, 17218, 389, 5421, 284, 4417, 13, 51063], "temperature": 0.0, "avg_logprob": -0.04716715373490986, "compression_ratio": 1.6871794871794872, "no_speech_prob": 0.09598865360021591}, {"id": 16, "seek": 10300, "start": 117.0, "end": 127.0, "text": " So potential with a high magnitude is one that has depth of thought and can create new insights.", "tokens": [51063, 1406, 2785, 351, 257, 1029, 14735, 318, 530, 326, 468, 6795, 286, 1807, 290, 460, 2251, 649, 17218, 13, 51563], "temperature": 0.0, "avg_logprob": -0.04716715373490986, "compression_ratio": 1.6871794871794872, "no_speech_prob": 0.09598865360021591}, {"id": 17, "seek": 10300, "start": 127.0, "end": 131.0, "text": " You should have potential with a high magnitude.", "tokens": [51563, 921, 815, 423, 2785, 351, 257, 1029, 14735, 13, 51763], "temperature": 0.0, "avg_logprob": -0.04716715373490986, "compression_ratio": 1.6871794871794872, "no_speech_prob": 0.09598865360021591}, {"id": 18, "seek": 13100, "start": 132.0, "end": 140.0, "text": " But in addition to its magnitude, potential also has a direction and the direction could be right or wrong.", "tokens": [50413, 887, 287, 3090, 284, 663, 14735, 11, 2785, 635, 468, 257, 4571, 290, 262, 4571, 714, 307, 826, 393, 2642, 13, 50813], "temperature": 0.0, "avg_logprob": -0.09931945129179619, "compression_ratio": 1.6703296703296704, "no_speech_prob": 0.011313213966786861}, {"id": 19, "seek": 13100, "start": 140.0, "end": 144.0, "text": " It is this direction that determines your peace of mind.", "tokens": [50813, 632, 318, 428, 4571, 326, 15947, 534, 4167, 286, 2000, 13, 51013], "temperature": 0.0, "avg_logprob": -0.09931945129179619, "compression_ratio": 1.6703296703296704, "no_speech_prob": 0.011313213966786861}, {"id": 20, "seek": 13100, "start": 144.0, "end": 149.0, "text": " If the direction of your potential is wrong, it is unlikely that you will be peaceful.", "tokens": [51013, 1002, 262, 4571, 286, 534, 2785, 318, 2642, 11, 340, 318, 7485, 326, 345, 481, 307, 12309, 13, 51263], "temperature": 0.0, "avg_logprob": -0.09931945129179619, "compression_ratio": 1.6703296703296704, "no_speech_prob": 0.011313213966786861}, {"id": 21, "seek": 13100, "start": 149.0, "end": 155.0, "text": " Financially successful, perhaps, peaceful, unlikely.", "tokens": [51263, 4463, 272, 2131, 4388, 11, 3737, 11, 12309, 11, 7485, 13, 51563], "temperature": 0.0, "avg_logprob": -0.09931945129179619, "compression_ratio": 1.6703296703296704, "no_speech_prob": 0.011313213966786861}, {"id": 22, "seek": 15500, "start": 155.0, "end": 163.0, "text": " So potential with a high magnitude, but applied in a wrong direction, will be catastrophic.", "tokens": [50363, 1406, 2785, 351, 257, 1029, 14735, 11, 475, 5625, 287, 257, 2642, 4571, 11, 481, 307, 22694, 13, 50763], "temperature": 0.0, "avg_logprob": -0.06838220020510116, "compression_ratio": 1.6193548387096774, "no_speech_prob": 0.04424877464771271}, {"id": 23, "seek": 15500, "start": 163.0, "end": 167.0, "text": " A startup is a vehicle to maximize your potential.", "tokens": [50763, 317, 13693, 318, 257, 4038, 284, 20487, 534, 2785, 13, 50963], "temperature": 0.0, "avg_logprob": -0.06838220020510116, "compression_ratio": 1.6193548387096774, "no_speech_prob": 0.04424877464771271}, {"id": 24, "seek": 15500, "start": 167.0, "end": 178.0, "text": " Maximizing your potential means maximizing its magnitude and applying that magnitude in the right direction.", "tokens": [50963, 38962, 2890, 534, 2785, 1724, 48350, 663, 14735, 290, 11524, 326, 14735, 287, 262, 826, 4571, 13, 51513], "temperature": 0.0, "avg_logprob": -0.06838220020510116, "compression_ratio": 1.6193548387096774, "no_speech_prob": 0.04424877464771271}, {"id": 25, "seek": 17800, "start": 178.0, "end": 185.0, "text": " Alright, so we have seen so far that one, a startup is a vehicle to maximize your potential and your peace of mind.", "tokens": [50363, 40967, 11, 523, 356, 423, 1775, 523, 1290, 326, 530, 11, 257, 13693, 318, 257, 4038, 284, 20487, 534, 2785, 290, 534, 4167, 286, 2000, 13, 50713], "temperature": 0.0, "avg_logprob": -0.08030178523299718, "compression_ratio": 1.8206278026905829, "no_speech_prob": 0.15670540928840637}, {"id": 26, "seek": 17800, "start": 185.0, "end": 193.0, "text": " And two, potential as a magnitude, which is depth of thought and a direction, which is right or wrong.", "tokens": [50713, 843, 734, 11, 2785, 355, 257, 14735, 11, 543, 318, 6795, 286, 1807, 290, 257, 4571, 11, 543, 318, 826, 393, 2642, 13, 51113], "temperature": 0.0, "avg_logprob": -0.08030178523299718, "compression_ratio": 1.8206278026905829, "no_speech_prob": 0.15670540928840637}, {"id": 27, "seek": 17800, "start": 193.0, "end": 198.0, "text": " But how do you maximize your potential and your peace of mind?", "tokens": [51113, 887, 703, 466, 345, 20487, 534, 2785, 290, 534, 4167, 286, 2000, 30, 51363], "temperature": 0.0, "avg_logprob": -0.08030178523299718, "compression_ratio": 1.8206278026905829, "no_speech_prob": 0.15670540928840637}, {"id": 28, "seek": 17800, "start": 198.0, "end": 206.0, "text": " To do that, you need a systematic framework that you can refer to from time to time, to check if you are on the right track.", "tokens": [51363, 1675, 466, 326, 11, 345, 761, 257, 17895, 9355, 326, 345, 460, 3522, 284, 422, 640, 284, 640, 11, 284, 2198, 611, 345, 389, 319, 262, 826, 2610, 13, 51763], "temperature": 0.0, "avg_logprob": -0.08030178523299718, "compression_ratio": 1.8206278026905829, "no_speech_prob": 0.15670540928840637}, {"id": 29, "seek": 20600, "start": 206.0, "end": 211.0, "text": " Am I increasing my depth of thought? Am I generating new insights?", "tokens": [50363, 1703, 314, 3649, 616, 6795, 286, 1807, 30, 1703, 314, 15453, 649, 17218, 30, 50613], "temperature": 0.0, "avg_logprob": -0.0577907793730208, "compression_ratio": 1.7777777777777777, "no_speech_prob": 0.03798212483525276}, {"id": 30, "seek": 20600, "start": 211.0, "end": 216.0, "text": " Am I doing all of this for the right purpose? Am I moving in the right direction?", "tokens": [50613, 1703, 314, 1804, 477, 286, 428, 329, 262, 826, 4007, 30, 1703, 314, 3867, 287, 262, 826, 4571, 30, 50863], "temperature": 0.0, "avg_logprob": -0.0577907793730208, "compression_ratio": 1.7777777777777777, "no_speech_prob": 0.03798212483525276}, {"id": 31, "seek": 20600, "start": 216.0, "end": 226.0, "text": " Because if your thinking is muddled, you may make decisions that are not necessarily right for you, but because you see others make similar decisions.", "tokens": [50863, 4362, 611, 534, 3612, 318, 285, 32745, 11, 345, 743, 787, 5370, 326, 389, 407, 6646, 826, 329, 345, 11, 475, 780, 345, 766, 1854, 787, 2092, 5370, 13, 51363], "temperature": 0.0, "avg_logprob": -0.0577907793730208, "compression_ratio": 1.7777777777777777, "no_speech_prob": 0.03798212483525276}, {"id": 32, "seek": 20600, "start": 226.0, "end": 235.0, "text": " You may do things not because they resonate well with you, but because that is the current trend, or because you wish to gain quick success of fame.", "tokens": [51363, 921, 743, 466, 1243, 407, 780, 484, 41523, 880, 351, 345, 11, 475, 780, 326, 318, 262, 1459, 5182, 11, 393, 780, 345, 4601, 284, 4461, 2068, 1943, 286, 16117, 13, 51813], "temperature": 0.0, "avg_logprob": -0.0577907793730208, "compression_ratio": 1.7777777777777777, "no_speech_prob": 0.03798212483525276}, {"id": 33, "seek": 23500, "start": 236.0, "end": 240.0, "text": " You need a framework that you can use to determine your plan of action.", "tokens": [50413, 921, 761, 257, 9355, 326, 345, 460, 779, 284, 5004, 534, 1410, 286, 2223, 13, 50613], "temperature": 0.0, "avg_logprob": -0.0785380710255016, "compression_ratio": 1.2916666666666667, "no_speech_prob": 0.022717377170920372}, {"id": 34, "seek": 23500, "start": 240.0, "end": 245.0, "text": " We will use the Adios framework to help you do that.", "tokens": [50613, 775, 481, 779, 262, 1215, 4267, 9355, 284, 1037, 345, 466, 326, 13, 50863], "temperature": 0.0, "avg_logprob": -0.0785380710255016, "compression_ratio": 1.2916666666666667, "no_speech_prob": 0.022717377170920372}], "language": "en"}

transcripts/5-What-is-potential.srt

@@ -0,0 +1,140 @@
+1
+00:00:00,000 --> 00:00:09,000
+If a startup is a vehicle to maximize your potential, let us first understand what potential is.
+
+2
+00:00:09,000 --> 00:00:18,000
+Potential is a force, a force that can do some work, create something, move something.
+
+3
+00:00:18,000 --> 00:00:27,000
+Potential has two components. It has magnitude and it has a direction. Potential is a vector quantity.
+
+4
+00:00:27,000 --> 00:00:36,000
+So it is not just about how much potential or force you possess, but also in what direction is that potential, that force applied.
+
+5
+00:00:36,000 --> 00:00:39,000
+The direction is also important.
+
+6
+00:00:39,000 --> 00:00:45,000
+Let us examine these two in detail, magnitude and direction.
+
+7
+00:00:45,000 --> 00:00:51,000
+And please remember that your objective is not listening to these sessions, your objective is contemplation.
+
+8
+00:00:51,000 --> 00:00:59,000
+So make a lot of notes and make time to keep everything else aside and think about them.
+
+9
+00:00:59,000 --> 00:01:04,000
+So what is potential with a high magnitude?
+
+10
+00:01:04,000 --> 00:01:11,000
+If your potential has a high magnitude, you have great depth to your thought process.
+
+11
+00:01:11,000 --> 00:01:19,000
+So whatever you do, you develop deep insights about that work or the problem that you are trying to solve.
+
+12
+00:01:19,000 --> 00:01:27,000
+A high magnitude of potential also means you have perspectives that are unique to you, to your thought process.
+
+13
+00:01:27,000 --> 00:01:35,000
+It is because you combine all your existing knowledge together in a certain manner to create a new compound that only you could have created.
+
+14
+00:01:35,000 --> 00:01:43,000
+It is like creating your own special theory of relativity about your work or the problem you are trying to solve.
+
+15
+00:01:43,000 --> 00:01:49,000
+And this could be done in absolutely anything that you do, no matter how routine or mundane it might be.
+
+16
+00:01:49,000 --> 00:01:57,000
+If you apply depth to your thought process, new insights are bound to surface.
+
+17
+00:01:57,000 --> 00:02:07,000
+So potential with a high magnitude is one that has depth of thought and can create new insights.
+
+18
+00:02:07,000 --> 00:02:11,000
+You should have potential with a high magnitude.
+
+19
+00:02:12,000 --> 00:02:20,000
+But in addition to its magnitude, potential also has a direction and the direction could be right or wrong.
+
+20
+00:02:20,000 --> 00:02:24,000
+It is this direction that determines your peace of mind.
+
+21
+00:02:24,000 --> 00:02:29,000
+If the direction of your potential is wrong, it is unlikely that you will be peaceful.
+
+22
+00:02:29,000 --> 00:02:35,000
+Financially successful, perhaps, peaceful, unlikely.
+
+23
+00:02:35,000 --> 00:02:43,000
+So potential with a high magnitude, but applied in a wrong direction, will be catastrophic.
+
+24
+00:02:43,000 --> 00:02:47,000
+A startup is a vehicle to maximize your potential.
+
+25
+00:02:47,000 --> 00:02:58,000
+Maximizing your potential means maximizing its magnitude and applying that magnitude in the right direction.
+
+26
+00:02:58,000 --> 00:03:05,000
+Alright, so we have seen so far that one, a startup is a vehicle to maximize your potential and your peace of mind.
+
+27
+00:03:05,000 --> 00:03:13,000
+And two, potential as a magnitude, which is depth of thought and a direction, which is right or wrong.
+
+28
+00:03:13,000 --> 00:03:18,000
+But how do you maximize your potential and your peace of mind?
+
+29
+00:03:18,000 --> 00:03:26,000
+To do that, you need a systematic framework that you can refer to from time to time, to check if you are on the right track.
+
+30
+00:03:26,000 --> 00:03:31,000
+Am I increasing my depth of thought? Am I generating new insights?
+
+31
+00:03:31,000 --> 00:03:36,000
+Am I doing all of this for the right purpose? Am I moving in the right direction?
+
+32
+00:03:36,000 --> 00:03:46,000
+Because if your thinking is muddled, you may make decisions that are not necessarily right for you, but because you see others make similar decisions.
+
+33
+00:03:46,000 --> 00:03:55,000
+You may do things not because they resonate well with you, but because that is the current trend, or because you wish to gain quick success of fame.
+
+34
+00:03:56,000 --> 00:04:00,000
+You need a framework that you can use to determine your plan of action.
+
+35
+00:04:00,000 --> 00:04:05,000
+We will use the Adios framework to help you do that.
+

transcripts/5-What-is-potential.tsv

@@ -0,0 +1,36 @@
+start	end	text
+0	9000	If a startup is a vehicle to maximize your potential, let us first understand what potential is.
+9000	18000	Potential is a force, a force that can do some work, create something, move something.
+18000	27000	Potential has two components. It has magnitude and it has a direction. Potential is a vector quantity.
+27000	36000	So it is not just about how much potential or force you possess, but also in what direction is that potential, that force applied.
+36000	39000	The direction is also important.
+39000	45000	Let us examine these two in detail, magnitude and direction.
+45000	51000	And please remember that your objective is not listening to these sessions, your objective is contemplation.
+51000	59000	So make a lot of notes and make time to keep everything else aside and think about them.
+59000	64000	So what is potential with a high magnitude?
+64000	71000	If your potential has a high magnitude, you have great depth to your thought process.
+71000	79000	So whatever you do, you develop deep insights about that work or the problem that you are trying to solve.
+79000	87000	A high magnitude of potential also means you have perspectives that are unique to you, to your thought process.
+87000	95000	It is because you combine all your existing knowledge together in a certain manner to create a new compound that only you could have created.
+95000	103000	It is like creating your own special theory of relativity about your work or the problem you are trying to solve.
+103000	109000	And this could be done in absolutely anything that you do, no matter how routine or mundane it might be.
+109000	117000	If you apply depth to your thought process, new insights are bound to surface.
+117000	127000	So potential with a high magnitude is one that has depth of thought and can create new insights.
+127000	131000	You should have potential with a high magnitude.
+132000	140000	But in addition to its magnitude, potential also has a direction and the direction could be right or wrong.
+140000	144000	It is this direction that determines your peace of mind.
+144000	149000	If the direction of your potential is wrong, it is unlikely that you will be peaceful.
+149000	155000	Financially successful, perhaps, peaceful, unlikely.
+155000	163000	So potential with a high magnitude, but applied in a wrong direction, will be catastrophic.
+163000	167000	A startup is a vehicle to maximize your potential.
+167000	178000	Maximizing your potential means maximizing its magnitude and applying that magnitude in the right direction.
+178000	185000	Alright, so we have seen so far that one, a startup is a vehicle to maximize your potential and your peace of mind.
+185000	193000	And two, potential as a magnitude, which is depth of thought and a direction, which is right or wrong.
+193000	198000	But how do you maximize your potential and your peace of mind?
+198000	206000	To do that, you need a systematic framework that you can refer to from time to time, to check if you are on the right track.
+206000	211000	Am I increasing my depth of thought? Am I generating new insights?
+211000	216000	Am I doing all of this for the right purpose? Am I moving in the right direction?
+216000	226000	Because if your thinking is muddled, you may make decisions that are not necessarily right for you, but because you see others make similar decisions.
+226000	235000	You may do things not because they resonate well with you, but because that is the current trend, or because you wish to gain quick success of fame.
+236000	240000	You need a framework that you can use to determine your plan of action.
+240000	245000	We will use the Adios framework to help you do that.

transcripts/6-What-is-Adios.json

@@ -0,0 +1 @@
+{"text": " Now, what is our objective? Our objective is to maximize the magnitude of our potential, ensure that it is used in the right direction, and maximize our peace of mind. How do we do that? This is how the cycle works. If we are able to maximize the magnitude of our potential and ensure that it is applied in the right direction. We maximize our potential, and that automatically leads to peace of mind, as far as our work is concerned. In this case, you are working at your highest ability and depth, and in the right direction. So for a positive, healthy purpose, you will be peaceful about what you do, even though you face challenges as you go along. But how do you achieve that depth and the right direction? For that, you need clarity of thought, the ability to think clearly, and in the right manner. How do you achieve clarity of thought? Through contemplation on the right values. So here is the cycle again. Contemplation on your work leads to depth of thought, because you think about a matter very deeply, so gain insights about it. Contemplation on the right values leads to clarity of thought, which ensures that you move in the right direction. Once you are able to think clearly and in the right direction, you maximize your potential, and in turn, your peace of mind. What is the Adios framework? Adios stands for a dialogue in objective silence. Adios is about contemplation. Contemplation on the right values and on matters that matter. It is a dialogue between you and yourself, so you get to know yourself better. It is an objective or an unbiased dialogue with yourself, so you can make the right decisions, even if a part of you feels it is difficult to make them or pulls you towards thinking about things such as valuation rather than values and vision. And it is silence that helps you focus and go deep within, so you can make those decisions that are right for you. Silence includes physical and technological silence. You set yourself away from all external noise and things that might distract you, so you can focus. So Adios is a method you use to have an objective dialogue with yourself silently on an ongoing basis, so you achieve clarity of thought and through that, maximize your potential and peace of mind. How do you use Adios for this purpose? We will work with its core tool, contemplation. But what exactly is contemplation? How do we define it for the purpose of Adios? While thinking can be thought of as a process that occurs quickly, contemplation on the other hand can be defined as a process of thinking deeply about a matter and analyzing it in great detail. Contemplation helps us see things we otherwise are unable to see. It helps us see things much more clearly. Contemplation is the mother of clarity. When we contemplate on certain matters for a long time, we gain deep insights into the subject or the problem, and that is how we build depth of thought. That is how we increase the magnitude of our potential. The opposite of this is shallowness of thought. If you haven't really thought about it deeply, your understanding of the issue at hand or the problem would be superficial. It isn't just the intelligence that helps you. Given two people with the same level of average intelligence, the one who contemplates will always find insights, hidden patterns, not so obvious connections that can only be found in a state of deep thought. It is contemplation and not just intelligence that creates a Newton or an Einstein. And in many instances, average intelligence plus deep contemplation far surpasses superior intelligence with little contemplation. Contemplation is the mother of clarity. Silence and contemplation is the technology stack of the future. This is the technology you need to master if you are serious about doing something truly inspiring. And anything that comes in the way of your contemplation is bad for you, bad for your potential and hence bad for your startup. So remember this big picture and draw a chart for yourself in your journal. A startup has two purposes, to maximize your potential and your peace of mind. Contemplation has two parts, magnitude and direction. To maximize the magnitude of your potential, you contemplate on your vision. To ensure you move in the right direction, you contemplate on the right values. And you do this silently. This contemplation on the vision and the right values provides depth of thought and clarity of thought. Depth of thought provides new insights about your work. Clarity of thought ensures that you make the right decisions. Making the right decisions leads to peace of mind and financial success is a byproduct. And in the process, you would most likely have created something truly inspiring for others to learn from and not just a financially successful company. So if you really want your stock options to work for you, change the narrative, change the conversation. Values and vision is the conversation you need to have with your team members. Valuation is not the right conversation to have. Here is the sequence. Start with going silent and looking inward instead of outward. Focus on your individual values. Set your vision out of those values. Look for people who share those values and vision. And then the conversation with them is, we all are enthusiastic about this vision. So let us make it happen. And yes, by the way, should we win the day, here are stock options for you. So you also share the financial value we all create while we achieve our vision. Values and vision is the way to go.", "segments": [{"id": 0, "seek": 0, "start": 0.0, "end": 4.92, "text": " Now, what is our objective?", "tokens": [50363, 2735, 11, 644, 318, 674, 9432, 30, 50609], "temperature": 0.0, "avg_logprob": -0.15604937353799508, "compression_ratio": 1.9011627906976745, "no_speech_prob": 0.12937983870506287}, {"id": 1, "seek": 0, "start": 4.92, "end": 10.44, "text": " Our objective is to maximize the magnitude of our potential, ensure that it is used in", "tokens": [50609, 3954, 9432, 318, 284, 20487, 262, 14735, 286, 674, 2785, 11, 4155, 326, 340, 318, 973, 287, 50885], "temperature": 0.0, "avg_logprob": -0.15604937353799508, "compression_ratio": 1.9011627906976745, "no_speech_prob": 0.12937983870506287}, {"id": 2, "seek": 0, "start": 10.44, "end": 15.32, "text": " the right direction, and maximize our peace of mind.", "tokens": [50885, 262, 826, 4571, 11, 290, 20487, 674, 4167, 286, 2000, 13, 51129], "temperature": 0.0, "avg_logprob": -0.15604937353799508, "compression_ratio": 1.9011627906976745, "no_speech_prob": 0.12937983870506287}, {"id": 3, "seek": 0, "start": 15.32, "end": 18.2, "text": " How do we do that?", "tokens": [51129, 1374, 466, 356, 466, 326, 30, 51273], "temperature": 0.0, "avg_logprob": -0.15604937353799508, "compression_ratio": 1.9011627906976745, "no_speech_prob": 0.12937983870506287}, {"id": 4, "seek": 0, "start": 18.2, "end": 21.48, "text": " This is how the cycle works.", "tokens": [51273, 770, 318, 703, 262, 6772, 2499, 13, 51437], "temperature": 0.0, "avg_logprob": -0.15604937353799508, "compression_ratio": 1.9011627906976745, "no_speech_prob": 0.12937983870506287}, {"id": 5, "seek": 0, "start": 21.48, "end": 27.04, "text": " If we are able to maximize the magnitude of our potential and ensure that it is applied", "tokens": [51437, 1002, 356, 389, 1498, 284, 20487, 262, 14735, 286, 674, 2785, 290, 4155, 326, 340, 318, 5625, 51715], "temperature": 0.0, "avg_logprob": -0.15604937353799508, "compression_ratio": 1.9011627906976745, "no_speech_prob": 0.12937983870506287}, {"id": 6, "seek": 0, "start": 27.04, "end": 29.28, "text": " in the right direction.", "tokens": [51715, 287, 262, 826, 4571, 13, 51827], "temperature": 0.0, "avg_logprob": -0.15604937353799508, "compression_ratio": 1.9011627906976745, "no_speech_prob": 0.12937983870506287}, {"id": 7, "seek": 2928, "start": 29.28, "end": 35.800000000000004, "text": " We maximize our potential, and that automatically leads to peace of mind, as far as our work", "tokens": [50363, 775, 20487, 674, 2785, 11, 290, 326, 6338, 5983, 284, 4167, 286, 2000, 11, 355, 1290, 355, 674, 670, 50689], "temperature": 0.0, "avg_logprob": -0.1365270915784334, "compression_ratio": 1.6297872340425532, "no_speech_prob": 0.01728680171072483}, {"id": 8, "seek": 2928, "start": 35.800000000000004, "end": 37.08, "text": " is concerned.", "tokens": [50689, 318, 5213, 13, 50753], "temperature": 0.0, "avg_logprob": -0.1365270915784334, "compression_ratio": 1.6297872340425532, "no_speech_prob": 0.01728680171072483}, {"id": 9, "seek": 2928, "start": 37.08, "end": 43.52, "text": " In this case, you are working at your highest ability and depth, and in the right direction.", "tokens": [50753, 554, 428, 1339, 11, 345, 389, 1762, 379, 534, 4511, 2694, 290, 6795, 11, 290, 287, 262, 826, 4571, 13, 51075], "temperature": 0.0, "avg_logprob": -0.1365270915784334, "compression_ratio": 1.6297872340425532, "no_speech_prob": 0.01728680171072483}, {"id": 10, "seek": 2928, "start": 43.52, "end": 49.480000000000004, "text": " So for a positive, healthy purpose, you will be peaceful about what you do, even though", "tokens": [51075, 1406, 329, 257, 3967, 11, 5448, 4007, 11, 345, 481, 307, 12309, 546, 644, 345, 466, 11, 772, 996, 51373], "temperature": 0.0, "avg_logprob": -0.1365270915784334, "compression_ratio": 1.6297872340425532, "no_speech_prob": 0.01728680171072483}, {"id": 11, "seek": 2928, "start": 49.480000000000004, "end": 53.16, "text": " you face challenges as you go along.", "tokens": [51373, 345, 1986, 6459, 355, 345, 467, 1863, 13, 51557], "temperature": 0.0, "avg_logprob": -0.1365270915784334, "compression_ratio": 1.6297872340425532, "no_speech_prob": 0.01728680171072483}, {"id": 12, "seek": 2928, "start": 53.16, "end": 57.6, "text": " But how do you achieve that depth and the right direction?", "tokens": [51557, 887, 703, 466, 345, 4620, 326, 6795, 290, 262, 826, 4571, 30, 51779], "temperature": 0.0, "avg_logprob": -0.1365270915784334, "compression_ratio": 1.6297872340425532, "no_speech_prob": 0.01728680171072483}, {"id": 13, "seek": 5760, "start": 57.6, "end": 64.24000000000001, "text": " For that, you need clarity of thought, the ability to think clearly, and in the right", "tokens": [50363, 1114, 326, 11, 345, 761, 16287, 286, 1807, 11, 262, 2694, 284, 892, 4084, 11, 290, 287, 262, 826, 50695], "temperature": 0.0, "avg_logprob": -0.16026025594666946, "compression_ratio": 1.6666666666666667, "no_speech_prob": 0.23254580795764923}, {"id": 14, "seek": 5760, "start": 64.24000000000001, "end": 66.56, "text": " manner.", "tokens": [50695, 5642, 13, 50811], "temperature": 0.0, "avg_logprob": -0.16026025594666946, "compression_ratio": 1.6666666666666667, "no_speech_prob": 0.23254580795764923}, {"id": 15, "seek": 5760, "start": 66.56, "end": 69.44, "text": " How do you achieve clarity of thought?", "tokens": [50811, 1374, 466, 345, 4620, 16287, 286, 1807, 30, 50955], "temperature": 0.0, "avg_logprob": -0.16026025594666946, "compression_ratio": 1.6666666666666667, "no_speech_prob": 0.23254580795764923}, {"id": 16, "seek": 5760, "start": 69.44, "end": 73.56, "text": " Through contemplation on the right values.", "tokens": [50955, 9561, 50152, 319, 262, 826, 3815, 13, 51161], "temperature": 0.0, "avg_logprob": -0.16026025594666946, "compression_ratio": 1.6666666666666667, "no_speech_prob": 0.23254580795764923}, {"id": 17, "seek": 5760, "start": 73.56, "end": 76.64, "text": " So here is the cycle again.", "tokens": [51161, 1406, 994, 318, 262, 6772, 757, 13, 51315], "temperature": 0.0, "avg_logprob": -0.16026025594666946, "compression_ratio": 1.6666666666666667, "no_speech_prob": 0.23254580795764923}, {"id": 18, "seek": 5760, "start": 76.64, "end": 81.48, "text": " Contemplation on your work leads to depth of thought, because you think about a matter", "tokens": [51315, 2345, 18856, 341, 319, 534, 670, 5983, 284, 6795, 286, 1807, 11, 780, 345, 892, 546, 257, 2300, 51557], "temperature": 0.0, "avg_logprob": -0.16026025594666946, "compression_ratio": 1.6666666666666667, "no_speech_prob": 0.23254580795764923}, {"id": 19, "seek": 5760, "start": 81.48, "end": 86.48, "text": " very deeply, so gain insights about it.", "tokens": [51557, 845, 7744, 11, 523, 4461, 17218, 546, 340, 13, 51807], "temperature": 0.0, "avg_logprob": -0.16026025594666946, "compression_ratio": 1.6666666666666667, "no_speech_prob": 0.23254580795764923}, {"id": 20, "seek": 8648, "start": 86.48, "end": 91.32000000000001, "text": " Contemplation on the right values leads to clarity of thought, which ensures that you", "tokens": [50363, 2345, 18856, 341, 319, 262, 826, 3815, 5983, 284, 16287, 286, 1807, 11, 543, 19047, 326, 345, 50605], "temperature": 0.0, "avg_logprob": -0.18532810854108145, "compression_ratio": 1.6571428571428573, "no_speech_prob": 0.21726980805397034}, {"id": 21, "seek": 8648, "start": 91.32000000000001, "end": 94.16, "text": " move in the right direction.", "tokens": [50605, 1445, 287, 262, 826, 4571, 13, 50747], "temperature": 0.0, "avg_logprob": -0.18532810854108145, "compression_ratio": 1.6571428571428573, "no_speech_prob": 0.21726980805397034}, {"id": 22, "seek": 8648, "start": 94.16, "end": 100.72, "text": " Once you are able to think clearly and in the right direction, you maximize your potential,", "tokens": [50747, 4874, 345, 389, 1498, 284, 892, 4084, 290, 287, 262, 826, 4571, 11, 345, 20487, 534, 2785, 11, 51075], "temperature": 0.0, "avg_logprob": -0.18532810854108145, "compression_ratio": 1.6571428571428573, "no_speech_prob": 0.21726980805397034}, {"id": 23, "seek": 8648, "start": 100.72, "end": 104.72, "text": " and in turn, your peace of mind.", "tokens": [51075, 290, 287, 1210, 11, 534, 4167, 286, 2000, 13, 51275], "temperature": 0.0, "avg_logprob": -0.18532810854108145, "compression_ratio": 1.6571428571428573, "no_speech_prob": 0.21726980805397034}, {"id": 24, "seek": 8648, "start": 104.72, "end": 107.44, "text": " What is the Adios framework?", "tokens": [51275, 1867, 318, 262, 1215, 4267, 9355, 30, 51411], "temperature": 0.0, "avg_logprob": -0.18532810854108145, "compression_ratio": 1.6571428571428573, "no_speech_prob": 0.21726980805397034}, {"id": 25, "seek": 8648, "start": 107.44, "end": 113.04, "text": " Adios stands for a dialogue in objective silence.", "tokens": [51411, 1215, 4267, 6296, 329, 257, 10721, 287, 9432, 9550, 13, 51691], "temperature": 0.0, "avg_logprob": -0.18532810854108145, "compression_ratio": 1.6571428571428573, "no_speech_prob": 0.21726980805397034}, {"id": 26, "seek": 8648, "start": 113.04, "end": 116.16, "text": " Adios is about contemplation.", "tokens": [51691, 1215, 4267, 318, 546, 50152, 13, 51847], "temperature": 0.0, "avg_logprob": -0.18532810854108145, "compression_ratio": 1.6571428571428573, "no_speech_prob": 0.21726980805397034}, {"id": 27, "seek": 11616, "start": 116.16, "end": 121.64, "text": " Contemplation on the right values and on matters that matter.", "tokens": [50363, 2345, 18856, 341, 319, 262, 826, 3815, 290, 319, 6067, 326, 2300, 13, 50637], "temperature": 0.0, "avg_logprob": -0.14555082823100843, "compression_ratio": 1.710382513661202, "no_speech_prob": 0.25148776173591614}, {"id": 28, "seek": 11616, "start": 121.64, "end": 128.04, "text": " It is a dialogue between you and yourself, so you get to know yourself better.", "tokens": [50637, 632, 318, 257, 10721, 1022, 345, 290, 3511, 11, 523, 345, 651, 284, 760, 3511, 1365, 13, 50957], "temperature": 0.0, "avg_logprob": -0.14555082823100843, "compression_ratio": 1.710382513661202, "no_speech_prob": 0.25148776173591614}, {"id": 29, "seek": 11616, "start": 128.04, "end": 133.94, "text": " It is an objective or an unbiased dialogue with yourself, so you can make the right", "tokens": [50957, 632, 318, 281, 9432, 393, 281, 46735, 10721, 351, 3511, 11, 523, 345, 460, 787, 262, 826, 51252], "temperature": 0.0, "avg_logprob": -0.14555082823100843, "compression_ratio": 1.710382513661202, "no_speech_prob": 0.25148776173591614}, {"id": 30, "seek": 11616, "start": 133.94, "end": 140.44, "text": " decisions, even if a part of you feels it is difficult to make them or pulls you towards", "tokens": [51252, 5370, 11, 772, 611, 257, 636, 286, 345, 5300, 340, 318, 2408, 284, 787, 606, 393, 16194, 345, 3371, 51577], "temperature": 0.0, "avg_logprob": -0.14555082823100843, "compression_ratio": 1.710382513661202, "no_speech_prob": 0.25148776173591614}, {"id": 31, "seek": 14044, "start": 140.44, "end": 145.96, "text": " thinking about things such as valuation rather than values and vision.", "tokens": [50363, 3612, 546, 1243, 884, 355, 29115, 2138, 621, 3815, 290, 5761, 13, 50639], "temperature": 0.0, "avg_logprob": -0.1194296494508401, "compression_ratio": 1.6407766990291262, "no_speech_prob": 0.3531743288040161}, {"id": 32, "seek": 14044, "start": 145.96, "end": 151.16, "text": " And it is silence that helps you focus and go deep within, so you can make those decisions", "tokens": [50639, 843, 340, 318, 9550, 326, 5419, 345, 2962, 290, 467, 2769, 1626, 11, 523, 345, 460, 787, 883, 5370, 50899], "temperature": 0.0, "avg_logprob": -0.1194296494508401, "compression_ratio": 1.6407766990291262, "no_speech_prob": 0.3531743288040161}, {"id": 33, "seek": 14044, "start": 151.16, "end": 154.64, "text": " that are right for you.", "tokens": [50899, 326, 389, 826, 329, 345, 13, 51073], "temperature": 0.0, "avg_logprob": -0.1194296494508401, "compression_ratio": 1.6407766990291262, "no_speech_prob": 0.3531743288040161}, {"id": 34, "seek": 14044, "start": 154.64, "end": 158.54, "text": " Silence includes physical and technological silence.", "tokens": [51073, 26354, 3407, 3518, 290, 14614, 9550, 13, 51268], "temperature": 0.0, "avg_logprob": -0.1194296494508401, "compression_ratio": 1.6407766990291262, "no_speech_prob": 0.3531743288040161}, {"id": 35, "seek": 14044, "start": 158.54, "end": 164.48, "text": " You set yourself away from all external noise and things that might distract you, so you", "tokens": [51268, 921, 900, 3511, 1497, 422, 477, 7097, 7838, 290, 1243, 326, 1244, 11786, 345, 11, 523, 345, 51565], "temperature": 0.0, "avg_logprob": -0.1194296494508401, "compression_ratio": 1.6407766990291262, "no_speech_prob": 0.3531743288040161}, {"id": 36, "seek": 14044, "start": 164.48, "end": 166.92, "text": " can focus.", "tokens": [51565, 460, 2962, 13, 51687], "temperature": 0.0, "avg_logprob": -0.1194296494508401, "compression_ratio": 1.6407766990291262, "no_speech_prob": 0.3531743288040161}, {"id": 37, "seek": 16692, "start": 166.92, "end": 174.83999999999997, "text": " So Adios is a method you use to have an objective dialogue with yourself silently on an ongoing", "tokens": [50363, 1406, 1215, 4267, 318, 257, 2446, 345, 779, 284, 423, 281, 9432, 10721, 351, 3511, 24595, 319, 281, 7044, 50759], "temperature": 0.0, "avg_logprob": -0.1912582252599016, "compression_ratio": 1.5336538461538463, "no_speech_prob": 0.09581272304058075}, {"id": 38, "seek": 16692, "start": 174.83999999999997, "end": 182.23999999999998, "text": " basis, so you achieve clarity of thought and through that, maximize your potential and", "tokens": [50759, 4308, 11, 523, 345, 4620, 16287, 286, 1807, 290, 832, 326, 11, 20487, 534, 2785, 290, 51129], "temperature": 0.0, "avg_logprob": -0.1912582252599016, "compression_ratio": 1.5336538461538463, "no_speech_prob": 0.09581272304058075}, {"id": 39, "seek": 16692, "start": 182.23999999999998, "end": 185.16, "text": " peace of mind.", "tokens": [51129, 4167, 286, 2000, 13, 51275], "temperature": 0.0, "avg_logprob": -0.1912582252599016, "compression_ratio": 1.5336538461538463, "no_speech_prob": 0.09581272304058075}, {"id": 40, "seek": 16692, "start": 185.16, "end": 187.72, "text": " How do you use Adios for this purpose?", "tokens": [51275, 1374, 466, 345, 779, 1215, 4267, 329, 428, 4007, 30, 51403], "temperature": 0.0, "avg_logprob": -0.1912582252599016, "compression_ratio": 1.5336538461538463, "no_speech_prob": 0.09581272304058075}, {"id": 41, "seek": 16692, "start": 187.72, "end": 191.92, "text": " We will work with its core tool, contemplation.", "tokens": [51403, 775, 481, 670, 351, 663, 4755, 2891, 11, 50152, 13, 51613], "temperature": 0.0, "avg_logprob": -0.1912582252599016, "compression_ratio": 1.5336538461538463, "no_speech_prob": 0.09581272304058075}, {"id": 42, "seek": 16692, "start": 191.92, "end": 193.76, "text": " But what exactly is contemplation?", "tokens": [51613, 887, 644, 3446, 318, 50152, 30, 51705], "temperature": 0.0, "avg_logprob": -0.1912582252599016, "compression_ratio": 1.5336538461538463, "no_speech_prob": 0.09581272304058075}, {"id": 43, "seek": 19376, "start": 193.76, "end": 197.67999999999998, "text": " How do we define it for the purpose of Adios?", "tokens": [50363, 1374, 466, 356, 8160, 340, 329, 262, 4007, 286, 1215, 4267, 30, 50559], "temperature": 0.0, "avg_logprob": -0.13202748187752658, "compression_ratio": 1.6492890995260663, "no_speech_prob": 0.25598573684692383}, {"id": 44, "seek": 19376, "start": 197.67999999999998, "end": 203.72, "text": " While thinking can be thought of as a process that occurs quickly, contemplation on the", "tokens": [50559, 2893, 3612, 460, 307, 1807, 286, 355, 257, 1429, 326, 8833, 2952, 11, 50152, 319, 262, 50861], "temperature": 0.0, "avg_logprob": -0.13202748187752658, "compression_ratio": 1.6492890995260663, "no_speech_prob": 0.25598573684692383}, {"id": 45, "seek": 19376, "start": 203.72, "end": 209.72, "text": " other hand can be defined as a process of thinking deeply about a matter and analyzing", "tokens": [50861, 584, 1021, 460, 307, 5447, 355, 257, 1429, 286, 3612, 7744, 546, 257, 2300, 290, 22712, 51161], "temperature": 0.0, "avg_logprob": -0.13202748187752658, "compression_ratio": 1.6492890995260663, "no_speech_prob": 0.25598573684692383}, {"id": 46, "seek": 19376, "start": 209.72, "end": 213.04, "text": " it in great detail.", "tokens": [51161, 340, 287, 1049, 3703, 13, 51327], "temperature": 0.0, "avg_logprob": -0.13202748187752658, "compression_ratio": 1.6492890995260663, "no_speech_prob": 0.25598573684692383}, {"id": 47, "seek": 19376, "start": 213.04, "end": 216.51999999999998, "text": " Contemplation helps us see things we otherwise are unable to see.", "tokens": [51327, 2345, 18856, 341, 5419, 514, 766, 1243, 356, 4306, 389, 5906, 284, 766, 13, 51501], "temperature": 0.0, "avg_logprob": -0.13202748187752658, "compression_ratio": 1.6492890995260663, "no_speech_prob": 0.25598573684692383}, {"id": 48, "seek": 19376, "start": 216.51999999999998, "end": 221.2, "text": " It helps us see things much more clearly.", "tokens": [51501, 632, 5419, 514, 766, 1243, 881, 517, 4084, 13, 51735], "temperature": 0.0, "avg_logprob": -0.13202748187752658, "compression_ratio": 1.6492890995260663, "no_speech_prob": 0.25598573684692383}, {"id": 49, "seek": 22120, "start": 221.2, "end": 225.04, "text": " Contemplation is the mother of clarity.", "tokens": [50363, 2345, 18856, 341, 318, 262, 2802, 286, 16287, 13, 50555], "temperature": 0.0, "avg_logprob": -0.13420957264147307, "compression_ratio": 1.646808510638298, "no_speech_prob": 0.44447562098503113}, {"id": 50, "seek": 22120, "start": 225.04, "end": 230.2, "text": " When we contemplate on certain matters for a long time, we gain deep insights into the", "tokens": [50555, 1649, 356, 39248, 319, 1728, 6067, 329, 257, 890, 640, 11, 356, 4461, 2769, 17218, 656, 262, 50813], "temperature": 0.0, "avg_logprob": -0.13420957264147307, "compression_ratio": 1.646808510638298, "no_speech_prob": 0.44447562098503113}, {"id": 51, "seek": 22120, "start": 230.2, "end": 235.39999999999998, "text": " subject or the problem, and that is how we build depth of thought.", "tokens": [50813, 2426, 393, 262, 1917, 11, 290, 326, 318, 703, 356, 1382, 6795, 286, 1807, 13, 51073], "temperature": 0.0, "avg_logprob": -0.13420957264147307, "compression_ratio": 1.646808510638298, "no_speech_prob": 0.44447562098503113}, {"id": 52, "seek": 22120, "start": 235.39999999999998, "end": 241.0, "text": " That is how we increase the magnitude of our potential.", "tokens": [51073, 1320, 318, 703, 356, 2620, 262, 14735, 286, 674, 2785, 13, 51353], "temperature": 0.0, "avg_logprob": -0.13420957264147307, "compression_ratio": 1.646808510638298, "no_speech_prob": 0.44447562098503113}, {"id": 53, "seek": 22120, "start": 241.0, "end": 243.44, "text": " The opposite of this is shallowness of thought.", "tokens": [51353, 383, 6697, 286, 428, 318, 2236, 593, 408, 286, 1807, 13, 51475], "temperature": 0.0, "avg_logprob": -0.13420957264147307, "compression_ratio": 1.646808510638298, "no_speech_prob": 0.44447562098503113}, {"id": 54, "seek": 22120, "start": 243.44, "end": 248.0, "text": " If you haven't really thought about it deeply, your understanding of the issue at hand or", "tokens": [51475, 1002, 345, 4398, 470, 1107, 1807, 546, 340, 7744, 11, 534, 4547, 286, 262, 2071, 379, 1021, 393, 51703], "temperature": 0.0, "avg_logprob": -0.13420957264147307, "compression_ratio": 1.646808510638298, "no_speech_prob": 0.44447562098503113}, {"id": 55, "seek": 24800, "start": 248.0, "end": 251.56, "text": " the problem would be superficial.", "tokens": [50363, 262, 1917, 561, 307, 31194, 13, 50541], "temperature": 0.0, "avg_logprob": -0.12632707708022173, "compression_ratio": 1.6504424778761062, "no_speech_prob": 0.05366212874650955}, {"id": 56, "seek": 24800, "start": 251.56, "end": 255.04, "text": " It isn't just the intelligence that helps you.", "tokens": [50541, 632, 2125, 470, 655, 262, 4430, 326, 5419, 345, 13, 50715], "temperature": 0.0, "avg_logprob": -0.12632707708022173, "compression_ratio": 1.6504424778761062, "no_speech_prob": 0.05366212874650955}, {"id": 57, "seek": 24800, "start": 255.04, "end": 260.52, "text": " Given two people with the same level of average intelligence, the one who contemplates will", "tokens": [50715, 11259, 734, 661, 351, 262, 976, 1241, 286, 2811, 4430, 11, 262, 530, 508, 7887, 17041, 481, 50989], "temperature": 0.0, "avg_logprob": -0.12632707708022173, "compression_ratio": 1.6504424778761062, "no_speech_prob": 0.05366212874650955}, {"id": 58, "seek": 24800, "start": 260.52, "end": 267.8, "text": " always find insights, hidden patterns, not so obvious connections that can only be found", "tokens": [50989, 1464, 1064, 17218, 11, 7104, 7572, 11, 407, 523, 3489, 8787, 326, 460, 691, 307, 1043, 51353], "temperature": 0.0, "avg_logprob": -0.12632707708022173, "compression_ratio": 1.6504424778761062, "no_speech_prob": 0.05366212874650955}, {"id": 59, "seek": 24800, "start": 267.8, "end": 270.96, "text": " in a state of deep thought.", "tokens": [51353, 287, 257, 1181, 286, 2769, 1807, 13, 51511], "temperature": 0.0, "avg_logprob": -0.12632707708022173, "compression_ratio": 1.6504424778761062, "no_speech_prob": 0.05366212874650955}, {"id": 60, "seek": 24800, "start": 270.96, "end": 277.56, "text": " It is contemplation and not just intelligence that creates a Newton or an Einstein.", "tokens": [51511, 632, 318, 50152, 290, 407, 655, 4430, 326, 8075, 257, 17321, 393, 281, 24572, 13, 51841], "temperature": 0.0, "avg_logprob": -0.12632707708022173, "compression_ratio": 1.6504424778761062, "no_speech_prob": 0.05366212874650955}, {"id": 61, "seek": 27756, "start": 277.56, "end": 284.56, "text": " And in many instances, average intelligence plus deep contemplation far surpasses superior", "tokens": [50363, 843, 287, 867, 10245, 11, 2811, 4430, 5556, 2769, 50152, 1290, 17341, 274, 9098, 50713], "temperature": 0.0, "avg_logprob": -0.16807116924876897, "compression_ratio": 1.763157894736842, "no_speech_prob": 0.01604495942592621}, {"id": 62, "seek": 27756, "start": 284.56, "end": 288.56, "text": " intelligence with little contemplation.", "tokens": [50713, 4430, 351, 1310, 50152, 13, 50913], "temperature": 0.0, "avg_logprob": -0.16807116924876897, "compression_ratio": 1.763157894736842, "no_speech_prob": 0.01604495942592621}, {"id": 63, "seek": 27756, "start": 288.56, "end": 291.28000000000003, "text": " Contemplation is the mother of clarity.", "tokens": [50913, 2345, 18856, 341, 318, 262, 2802, 286, 16287, 13, 51049], "temperature": 0.0, "avg_logprob": -0.16807116924876897, "compression_ratio": 1.763157894736842, "no_speech_prob": 0.01604495942592621}, {"id": 64, "seek": 27756, "start": 291.28000000000003, "end": 296.8, "text": " Silence and contemplation is the technology stack of the future.", "tokens": [51049, 26354, 290, 50152, 318, 262, 3037, 8931, 286, 262, 2003, 13, 51325], "temperature": 0.0, "avg_logprob": -0.16807116924876897, "compression_ratio": 1.763157894736842, "no_speech_prob": 0.01604495942592621}, {"id": 65, "seek": 27756, "start": 296.8, "end": 301.1, "text": " This is the technology you need to master if you are serious about doing something truly", "tokens": [51325, 770, 318, 262, 3037, 345, 761, 284, 4958, 611, 345, 389, 2726, 546, 1804, 1223, 4988, 51540], "temperature": 0.0, "avg_logprob": -0.16807116924876897, "compression_ratio": 1.763157894736842, "no_speech_prob": 0.01604495942592621}, {"id": 66, "seek": 27756, "start": 301.1, "end": 303.4, "text": " inspiring.", "tokens": [51540, 20886, 13, 51655], "temperature": 0.0, "avg_logprob": -0.16807116924876897, "compression_ratio": 1.763157894736842, "no_speech_prob": 0.01604495942592621}, {"id": 67, "seek": 30340, "start": 303.4, "end": 309.96, "text": " And anything that comes in the way of your contemplation is bad for you, bad for your", "tokens": [50363, 843, 1997, 326, 2058, 287, 262, 835, 286, 534, 50152, 318, 2089, 329, 345, 11, 2089, 329, 534, 50691], "temperature": 0.0, "avg_logprob": -0.17839250991593547, "compression_ratio": 1.6491228070175439, "no_speech_prob": 0.2448003888130188}, {"id": 68, "seek": 30340, "start": 309.96, "end": 314.56, "text": " potential and hence bad for your startup.", "tokens": [50691, 2785, 290, 12891, 2089, 329, 534, 13693, 13, 50921], "temperature": 0.0, "avg_logprob": -0.17839250991593547, "compression_ratio": 1.6491228070175439, "no_speech_prob": 0.2448003888130188}, {"id": 69, "seek": 30340, "start": 314.56, "end": 320.28, "text": " So remember this big picture and draw a chart for yourself in your journal.", "tokens": [50921, 1406, 3505, 428, 1263, 4286, 290, 3197, 257, 8262, 329, 3511, 287, 534, 3989, 13, 51207], "temperature": 0.0, "avg_logprob": -0.17839250991593547, "compression_ratio": 1.6491228070175439, "no_speech_prob": 0.2448003888130188}, {"id": 70, "seek": 30340, "start": 320.28, "end": 328.26, "text": " A startup has two purposes, to maximize your potential and your peace of mind.", "tokens": [51207, 317, 13693, 468, 734, 4959, 11, 284, 20487, 534, 2785, 290, 534, 4167, 286, 2000, 13, 51606], "temperature": 0.0, "avg_logprob": -0.17839250991593547, "compression_ratio": 1.6491228070175439, "no_speech_prob": 0.2448003888130188}, {"id": 71, "seek": 32826, "start": 328.26, "end": 332.53999999999996, "text": " Contemplation has two parts, magnitude and direction.", "tokens": [50363, 2345, 18856, 341, 468, 734, 3354, 11, 14735, 290, 4571, 13, 50577], "temperature": 0.0, "avg_logprob": -0.17617508127719542, "compression_ratio": 1.899441340782123, "no_speech_prob": 0.22548674046993256}, {"id": 72, "seek": 32826, "start": 332.53999999999996, "end": 337.9, "text": " To maximize the magnitude of your potential, you contemplate on your vision.", "tokens": [50577, 1675, 20487, 262, 14735, 286, 534, 2785, 11, 345, 39248, 319, 534, 5761, 13, 50845], "temperature": 0.0, "avg_logprob": -0.17617508127719542, "compression_ratio": 1.899441340782123, "no_speech_prob": 0.22548674046993256}, {"id": 73, "seek": 32826, "start": 337.9, "end": 343.18, "text": " To ensure you move in the right direction, you contemplate on the right values.", "tokens": [50845, 1675, 4155, 345, 1445, 287, 262, 826, 4571, 11, 345, 39248, 319, 262, 826, 3815, 13, 51109], "temperature": 0.0, "avg_logprob": -0.17617508127719542, "compression_ratio": 1.899441340782123, "no_speech_prob": 0.22548674046993256}, {"id": 74, "seek": 32826, "start": 343.18, "end": 346.86, "text": " And you do this silently.", "tokens": [51109, 843, 345, 466, 428, 24595, 13, 51293], "temperature": 0.0, "avg_logprob": -0.17617508127719542, "compression_ratio": 1.899441340782123, "no_speech_prob": 0.22548674046993256}, {"id": 75, "seek": 32826, "start": 346.86, "end": 352.65999999999997, "text": " This contemplation on the vision and the right values provides depth of thought and clarity", "tokens": [51293, 770, 50152, 319, 262, 5761, 290, 262, 826, 3815, 3769, 6795, 286, 1807, 290, 16287, 51583], "temperature": 0.0, "avg_logprob": -0.17617508127719542, "compression_ratio": 1.899441340782123, "no_speech_prob": 0.22548674046993256}, {"id": 76, "seek": 32826, "start": 352.65999999999997, "end": 354.78, "text": " of thought.", "tokens": [51583, 286, 1807, 13, 51689], "temperature": 0.0, "avg_logprob": -0.17617508127719542, "compression_ratio": 1.899441340782123, "no_speech_prob": 0.22548674046993256}, {"id": 77, "seek": 35478, "start": 354.78, "end": 359.21999999999997, "text": " Depth of thought provides new insights about your work.", "tokens": [50363, 36350, 286, 1807, 3769, 649, 17218, 546, 534, 670, 13, 50585], "temperature": 0.0, "avg_logprob": -0.14748070790217474, "compression_ratio": 1.634703196347032, "no_speech_prob": 0.21300891041755676}, {"id": 78, "seek": 35478, "start": 359.21999999999997, "end": 363.53999999999996, "text": " Clarity of thought ensures that you make the right decisions.", "tokens": [50585, 1012, 6806, 286, 1807, 19047, 326, 345, 787, 262, 826, 5370, 13, 50801], "temperature": 0.0, "avg_logprob": -0.14748070790217474, "compression_ratio": 1.634703196347032, "no_speech_prob": 0.21300891041755676}, {"id": 79, "seek": 35478, "start": 363.53999999999996, "end": 370.97999999999996, "text": " Making the right decisions leads to peace of mind and financial success is a byproduct.", "tokens": [50801, 16427, 262, 826, 5370, 5983, 284, 4167, 286, 2000, 290, 3176, 1943, 318, 257, 416, 11167, 13, 51173], "temperature": 0.0, "avg_logprob": -0.14748070790217474, "compression_ratio": 1.634703196347032, "no_speech_prob": 0.21300891041755676}, {"id": 80, "seek": 35478, "start": 370.97999999999996, "end": 376.58, "text": " And in the process, you would most likely have created something truly inspiring for", "tokens": [51173, 843, 287, 262, 1429, 11, 345, 561, 749, 1884, 423, 2727, 1223, 4988, 20886, 329, 51453], "temperature": 0.0, "avg_logprob": -0.14748070790217474, "compression_ratio": 1.634703196347032, "no_speech_prob": 0.21300891041755676}, {"id": 81, "seek": 35478, "start": 376.58, "end": 382.58, "text": " others to learn from and not just a financially successful company.", "tokens": [51453, 1854, 284, 2193, 422, 290, 407, 655, 257, 18786, 4388, 1664, 13, 51753], "temperature": 0.0, "avg_logprob": -0.14748070790217474, "compression_ratio": 1.634703196347032, "no_speech_prob": 0.21300891041755676}, {"id": 82, "seek": 38258, "start": 382.58, "end": 388.62, "text": " So if you really want your stock options to work for you, change the narrative, change", "tokens": [50363, 1406, 611, 345, 1107, 765, 534, 4283, 3689, 284, 670, 329, 345, 11, 1487, 262, 8689, 11, 1487, 50665], "temperature": 0.0, "avg_logprob": -0.16114023753574916, "compression_ratio": 1.7073170731707317, "no_speech_prob": 0.0720217302441597}, {"id": 83, "seek": 38258, "start": 388.62, "end": 391.18, "text": " the conversation.", "tokens": [50665, 262, 5273, 13, 50793], "temperature": 0.0, "avg_logprob": -0.16114023753574916, "compression_ratio": 1.7073170731707317, "no_speech_prob": 0.0720217302441597}, {"id": 84, "seek": 38258, "start": 391.18, "end": 397.02, "text": " Values and vision is the conversation you need to have with your team members.", "tokens": [50793, 27068, 290, 5761, 318, 262, 5273, 345, 761, 284, 423, 351, 534, 1074, 1866, 13, 51085], "temperature": 0.0, "avg_logprob": -0.16114023753574916, "compression_ratio": 1.7073170731707317, "no_speech_prob": 0.0720217302441597}, {"id": 85, "seek": 38258, "start": 397.02, "end": 400.78, "text": " Valuation is not the right conversation to have.", "tokens": [51085, 3254, 2288, 318, 407, 262, 826, 5273, 284, 423, 13, 51273], "temperature": 0.0, "avg_logprob": -0.16114023753574916, "compression_ratio": 1.7073170731707317, "no_speech_prob": 0.0720217302441597}, {"id": 86, "seek": 38258, "start": 400.78, "end": 403.34, "text": " Here is the sequence.", "tokens": [51273, 3423, 318, 262, 8379, 13, 51401], "temperature": 0.0, "avg_logprob": -0.16114023753574916, "compression_ratio": 1.7073170731707317, "no_speech_prob": 0.0720217302441597}, {"id": 87, "seek": 38258, "start": 403.34, "end": 408.41999999999996, "text": " Start with going silent and looking inward instead of outward.", "tokens": [51401, 7253, 351, 1016, 10574, 290, 2045, 29879, 2427, 286, 23537, 13, 51655], "temperature": 0.0, "avg_logprob": -0.16114023753574916, "compression_ratio": 1.7073170731707317, "no_speech_prob": 0.0720217302441597}, {"id": 88, "seek": 38258, "start": 408.41999999999996, "end": 411.38, "text": " Focus on your individual values.", "tokens": [51655, 17061, 319, 534, 1981, 3815, 13, 51803], "temperature": 0.0, "avg_logprob": -0.16114023753574916, "compression_ratio": 1.7073170731707317, "no_speech_prob": 0.0720217302441597}, {"id": 89, "seek": 41138, "start": 411.38, "end": 415.18, "text": " Set your vision out of those values.", "tokens": [50363, 5345, 534, 5761, 503, 286, 883, 3815, 13, 50553], "temperature": 0.0, "avg_logprob": -0.15388489713763245, "compression_ratio": 1.7522522522522523, "no_speech_prob": 0.5789646506309509}, {"id": 90, "seek": 41138, "start": 415.18, "end": 419.02, "text": " Look for people who share those values and vision.", "tokens": [50553, 6803, 329, 661, 508, 2648, 883, 3815, 290, 5761, 13, 50745], "temperature": 0.0, "avg_logprob": -0.15388489713763245, "compression_ratio": 1.7522522522522523, "no_speech_prob": 0.5789646506309509}, {"id": 91, "seek": 41138, "start": 419.02, "end": 423.62, "text": " And then the conversation with them is, we all are enthusiastic about this vision.", "tokens": [50745, 843, 788, 262, 5273, 351, 606, 318, 11, 356, 477, 389, 21848, 546, 428, 5761, 13, 50975], "temperature": 0.0, "avg_logprob": -0.15388489713763245, "compression_ratio": 1.7522522522522523, "no_speech_prob": 0.5789646506309509}, {"id": 92, "seek": 41138, "start": 423.62, "end": 425.46, "text": " So let us make it happen.", "tokens": [50975, 1406, 1309, 514, 787, 340, 1645, 13, 51067], "temperature": 0.0, "avg_logprob": -0.15388489713763245, "compression_ratio": 1.7522522522522523, "no_speech_prob": 0.5789646506309509}, {"id": 93, "seek": 41138, "start": 425.46, "end": 431.26, "text": " And yes, by the way, should we win the day, here are stock options for you.", "tokens": [51067, 843, 3763, 11, 416, 262, 835, 11, 815, 356, 1592, 262, 1110, 11, 994, 389, 4283, 3689, 329, 345, 13, 51357], "temperature": 0.0, "avg_logprob": -0.15388489713763245, "compression_ratio": 1.7522522522522523, "no_speech_prob": 0.5789646506309509}, {"id": 94, "seek": 41138, "start": 431.26, "end": 437.78, "text": " So you also share the financial value we all create while we achieve our vision.", "tokens": [51357, 1406, 345, 635, 2648, 262, 3176, 1988, 356, 477, 2251, 981, 356, 4620, 674, 5761, 13, 51683], "temperature": 0.0, "avg_logprob": -0.15388489713763245, "compression_ratio": 1.7522522522522523, "no_speech_prob": 0.5789646506309509}, {"id": 95, "seek": 41138, "start": 437.78, "end": 439.78, "text": " Values and vision is the way to go.", "tokens": [51683, 27068, 290, 5761, 318, 262, 835, 284, 467, 13, 51783], "temperature": 0.0, "avg_logprob": -0.15388489713763245, "compression_ratio": 1.7522522522522523, "no_speech_prob": 0.5789646506309509}], "language": "en"}

transcripts/6-What-is-Adios.txt

@@ -0,0 +1,96 @@
+Now, what is our objective?
+Our objective is to maximize the magnitude of our potential, ensure that it is used in
+the right direction, and maximize our peace of mind.
+How do we do that?
+This is how the cycle works.
+If we are able to maximize the magnitude of our potential and ensure that it is applied
+in the right direction.
+We maximize our potential, and that automatically leads to peace of mind, as far as our work
+is concerned.
+In this case, you are working at your highest ability and depth, and in the right direction.
+So for a positive, healthy purpose, you will be peaceful about what you do, even though
+you face challenges as you go along.
+But how do you achieve that depth and the right direction?
+For that, you need clarity of thought, the ability to think clearly, and in the right
+manner.
+How do you achieve clarity of thought?
+Through contemplation on the right values.
+So here is the cycle again.
+Contemplation on your work leads to depth of thought, because you think about a matter
+very deeply, so gain insights about it.
+Contemplation on the right values leads to clarity of thought, which ensures that you
+move in the right direction.
+Once you are able to think clearly and in the right direction, you maximize your potential,
+and in turn, your peace of mind.
+What is the Adios framework?
+Adios stands for a dialogue in objective silence.
+Adios is about contemplation.
+Contemplation on the right values and on matters that matter.
+It is a dialogue between you and yourself, so you get to know yourself better.
+It is an objective or an unbiased dialogue with yourself, so you can make the right
+decisions, even if a part of you feels it is difficult to make them or pulls you towards
+thinking about things such as valuation rather than values and vision.
+And it is silence that helps you focus and go deep within, so you can make those decisions
+that are right for you.
+Silence includes physical and technological silence.
+You set yourself away from all external noise and things that might distract you, so you
+can focus.
+So Adios is a method you use to have an objective dialogue with yourself silently on an ongoing
+basis, so you achieve clarity of thought and through that, maximize your potential and
+peace of mind.
+How do you use Adios for this purpose?
+We will work with its core tool, contemplation.
+But what exactly is contemplation?
+How do we define it for the purpose of Adios?
+While thinking can be thought of as a process that occurs quickly, contemplation on the
+other hand can be defined as a process of thinking deeply about a matter and analyzing
+it in great detail.
+Contemplation helps us see things we otherwise are unable to see.
+It helps us see things much more clearly.
+Contemplation is the mother of clarity.
+When we contemplate on certain matters for a long time, we gain deep insights into the
+subject or the problem, and that is how we build depth of thought.
+That is how we increase the magnitude of our potential.
+The opposite of this is shallowness of thought.
+If you haven't really thought about it deeply, your understanding of the issue at hand or
+the problem would be superficial.
+It isn't just the intelligence that helps you.
+Given two people with the same level of average intelligence, the one who contemplates will
+always find insights, hidden patterns, not so obvious connections that can only be found
+in a state of deep thought.
+It is contemplation and not just intelligence that creates a Newton or an Einstein.
+And in many instances, average intelligence plus deep contemplation far surpasses superior
+intelligence with little contemplation.
+Contemplation is the mother of clarity.
+Silence and contemplation is the technology stack of the future.
+This is the technology you need to master if you are serious about doing something truly
+inspiring.
+And anything that comes in the way of your contemplation is bad for you, bad for your
+potential and hence bad for your startup.
+So remember this big picture and draw a chart for yourself in your journal.
+A startup has two purposes, to maximize your potential and your peace of mind.
+Contemplation has two parts, magnitude and direction.
+To maximize the magnitude of your potential, you contemplate on your vision.
+To ensure you move in the right direction, you contemplate on the right values.
+And you do this silently.
+This contemplation on the vision and the right values provides depth of thought and clarity
+of thought.
+Depth of thought provides new insights about your work.
+Clarity of thought ensures that you make the right decisions.
+Making the right decisions leads to peace of mind and financial success is a byproduct.
+And in the process, you would most likely have created something truly inspiring for
+others to learn from and not just a financially successful company.
+So if you really want your stock options to work for you, change the narrative, change
+the conversation.
+Values and vision is the conversation you need to have with your team members.
+Valuation is not the right conversation to have.
+Here is the sequence.
+Start with going silent and looking inward instead of outward.
+Focus on your individual values.
+Set your vision out of those values.
+Look for people who share those values and vision.
+And then the conversation with them is, we all are enthusiastic about this vision.
+So let us make it happen.
+And yes, by the way, should we win the day, here are stock options for you.
+So you also share the financial value we all create while we achieve our vision.
+Values and vision is the way to go.

transcripts/6-What-is-Adios.vtt

@@ -0,0 +1,290 @@
+WEBVTT
+
+00:00.000 --> 00:04.920
+Now, what is our objective?
+
+00:04.920 --> 00:10.440
+Our objective is to maximize the magnitude of our potential, ensure that it is used in
+
+00:10.440 --> 00:15.320
+the right direction, and maximize our peace of mind.
+
+00:15.320 --> 00:18.200
+How do we do that?
+
+00:18.200 --> 00:21.480
+This is how the cycle works.
+
+00:21.480 --> 00:27.040
+If we are able to maximize the magnitude of our potential and ensure that it is applied
+
+00:27.040 --> 00:29.280
+in the right direction.
+
+00:29.280 --> 00:35.800
+We maximize our potential, and that automatically leads to peace of mind, as far as our work
+
+00:35.800 --> 00:37.080
+is concerned.
+
+00:37.080 --> 00:43.520
+In this case, you are working at your highest ability and depth, and in the right direction.
+
+00:43.520 --> 00:49.480
+So for a positive, healthy purpose, you will be peaceful about what you do, even though
+
+00:49.480 --> 00:53.160
+you face challenges as you go along.
+
+00:53.160 --> 00:57.600
+But how do you achieve that depth and the right direction?
+
+00:57.600 --> 01:04.240
+For that, you need clarity of thought, the ability to think clearly, and in the right
+
+01:04.240 --> 01:06.560
+manner.
+
+01:06.560 --> 01:09.440
+How do you achieve clarity of thought?
+
+01:09.440 --> 01:13.560
+Through contemplation on the right values.
+
+01:13.560 --> 01:16.640
+So here is the cycle again.
+
+01:16.640 --> 01:21.480
+Contemplation on your work leads to depth of thought, because you think about a matter
+
+01:21.480 --> 01:26.480
+very deeply, so gain insights about it.
+
+01:26.480 --> 01:31.320
+Contemplation on the right values leads to clarity of thought, which ensures that you
+
+01:31.320 --> 01:34.160
+move in the right direction.
+
+01:34.160 --> 01:40.720
+Once you are able to think clearly and in the right direction, you maximize your potential,
+
+01:40.720 --> 01:44.720
+and in turn, your peace of mind.
+
+01:44.720 --> 01:47.440
+What is the Adios framework?
+
+01:47.440 --> 01:53.040
+Adios stands for a dialogue in objective silence.
+
+01:53.040 --> 01:56.160
+Adios is about contemplation.
+
+01:56.160 --> 02:01.640
+Contemplation on the right values and on matters that matter.
+
+02:01.640 --> 02:08.040
+It is a dialogue between you and yourself, so you get to know yourself better.
+
+02:08.040 --> 02:13.940
+It is an objective or an unbiased dialogue with yourself, so you can make the right
+
+02:13.940 --> 02:20.440
+decisions, even if a part of you feels it is difficult to make them or pulls you towards
+
+02:20.440 --> 02:25.960
+thinking about things such as valuation rather than values and vision.
+
+02:25.960 --> 02:31.160
+And it is silence that helps you focus and go deep within, so you can make those decisions
+
+02:31.160 --> 02:34.640
+that are right for you.
+
+02:34.640 --> 02:38.540
+Silence includes physical and technological silence.
+
+02:38.540 --> 02:44.480
+You set yourself away from all external noise and things that might distract you, so you
+
+02:44.480 --> 02:46.920
+can focus.
+
+02:46.920 --> 02:54.840
+So Adios is a method you use to have an objective dialogue with yourself silently on an ongoing
+
+02:54.840 --> 03:02.240
+basis, so you achieve clarity of thought and through that, maximize your potential and
+
+03:02.240 --> 03:05.160
+peace of mind.
+
+03:05.160 --> 03:07.720
+How do you use Adios for this purpose?
+
+03:07.720 --> 03:11.920
+We will work with its core tool, contemplation.
+
+03:11.920 --> 03:13.760
+But what exactly is contemplation?
+
+03:13.760 --> 03:17.680
+How do we define it for the purpose of Adios?
+
+03:17.680 --> 03:23.720
+While thinking can be thought of as a process that occurs quickly, contemplation on the
+
+03:23.720 --> 03:29.720
+other hand can be defined as a process of thinking deeply about a matter and analyzing
+
+03:29.720 --> 03:33.040
+it in great detail.
+
+03:33.040 --> 03:36.520
+Contemplation helps us see things we otherwise are unable to see.
+
+03:36.520 --> 03:41.200
+It helps us see things much more clearly.
+
+03:41.200 --> 03:45.040
+Contemplation is the mother of clarity.
+
+03:45.040 --> 03:50.200
+When we contemplate on certain matters for a long time, we gain deep insights into the
+
+03:50.200 --> 03:55.400
+subject or the problem, and that is how we build depth of thought.
+
+03:55.400 --> 04:01.000
+That is how we increase the magnitude of our potential.
+
+04:01.000 --> 04:03.440
+The opposite of this is shallowness of thought.
+
+04:03.440 --> 04:08.000
+If you haven't really thought about it deeply, your understanding of the issue at hand or
+
+04:08.000 --> 04:11.560
+the problem would be superficial.
+
+04:11.560 --> 04:15.040
+It isn't just the intelligence that helps you.
+
+04:15.040 --> 04:20.520
+Given two people with the same level of average intelligence, the one who contemplates will
+
+04:20.520 --> 04:27.800
+always find insights, hidden patterns, not so obvious connections that can only be found
+
+04:27.800 --> 04:30.960
+in a state of deep thought.
+
+04:30.960 --> 04:37.560
+It is contemplation and not just intelligence that creates a Newton or an Einstein.
+
+04:37.560 --> 04:44.560
+And in many instances, average intelligence plus deep contemplation far surpasses superior
+
+04:44.560 --> 04:48.560
+intelligence with little contemplation.
+
+04:48.560 --> 04:51.280
+Contemplation is the mother of clarity.
+
+04:51.280 --> 04:56.800
+Silence and contemplation is the technology stack of the future.
+
+04:56.800 --> 05:01.100
+This is the technology you need to master if you are serious about doing something truly
+
+05:01.100 --> 05:03.400
+inspiring.
+
+05:03.400 --> 05:09.960
+And anything that comes in the way of your contemplation is bad for you, bad for your
+
+05:09.960 --> 05:14.560
+potential and hence bad for your startup.
+
+05:14.560 --> 05:20.280
+So remember this big picture and draw a chart for yourself in your journal.
+
+05:20.280 --> 05:28.260
+A startup has two purposes, to maximize your potential and your peace of mind.
+
+05:28.260 --> 05:32.540
+Contemplation has two parts, magnitude and direction.
+
+05:32.540 --> 05:37.900
+To maximize the magnitude of your potential, you contemplate on your vision.
+
+05:37.900 --> 05:43.180
+To ensure you move in the right direction, you contemplate on the right values.
+
+05:43.180 --> 05:46.860
+And you do this silently.
+
+05:46.860 --> 05:52.660
+This contemplation on the vision and the right values provides depth of thought and clarity
+
+05:52.660 --> 05:54.780
+of thought.
+
+05:54.780 --> 05:59.220
+Depth of thought provides new insights about your work.
+
+05:59.220 --> 06:03.540
+Clarity of thought ensures that you make the right decisions.
+
+06:03.540 --> 06:10.980
+Making the right decisions leads to peace of mind and financial success is a byproduct.
+
+06:10.980 --> 06:16.580
+And in the process, you would most likely have created something truly inspiring for
+
+06:16.580 --> 06:22.580
+others to learn from and not just a financially successful company.
+
+06:22.580 --> 06:28.620
+So if you really want your stock options to work for you, change the narrative, change
+
+06:28.620 --> 06:31.180
+the conversation.
+
+06:31.180 --> 06:37.020
+Values and vision is the conversation you need to have with your team members.
+
+06:37.020 --> 06:40.780
+Valuation is not the right conversation to have.
+
+06:40.780 --> 06:43.340
+Here is the sequence.
+
+06:43.340 --> 06:48.420
+Start with going silent and looking inward instead of outward.
+
+06:48.420 --> 06:51.380
+Focus on your individual values.
+
+06:51.380 --> 06:55.180
+Set your vision out of those values.
+
+06:55.180 --> 06:59.020
+Look for people who share those values and vision.
+
+06:59.020 --> 07:03.620
+And then the conversation with them is, we all are enthusiastic about this vision.
+
+07:03.620 --> 07:05.460
+So let us make it happen.
+
+07:05.460 --> 07:11.260
+And yes, by the way, should we win the day, here are stock options for you.
+
+07:11.260 --> 07:17.780
+So you also share the financial value we all create while we achieve our vision.
+
+07:17.780 --> 07:19.780
+Values and vision is the way to go.
+

transcripts/8-What-is-an-employee-stock-option.json

@@ -0,0 +1 @@
+{"text": " An option is a derivative instrument. It is not an equity share, not yet. It is a right to buy an equity share. So let's unpack that phrase, employee stock option. Option, it is an option meaning a choice or a right to do something. It is not an obligation, you don't have to do it. Stock, it is a right to buy stock, which means an equity share of the company. Employee, it is a right given to an employee to buy an equity share of the company. So an employee stock option provides an employee the option or a right to buy the shares of the company at a price which is fixed today. A stock option has four stages, grant, vesting, exercise and sale. Grant occurs when the option is given to an employee in the form of a letter and other valid legal documents. A grant is a promise made to an employee to allow them to purchase the company shares subject to certain conditions. The next stage is vesting. Vesting is earning the right to buy those shares. The options may vest equally every year. For instance, if 100 options are granted and they vest equally every year after one year, 25 options would have vested. That means the employee has earned the right to buy 25 shares of the company. You use the concept of vesting to ensure that you give out the options to an employee as they contribute to the company over the next few years rather than giving them all out at once. That way, if the employee were to leave early, you wouldn't lose all the equity. The next stage is exercise. Exercise is actually paying the exercise price to the company and buying the equity shares from the company. The employee can buy these shares by paying an exercise price that was declared at the time of grant. The exercise price is sometimes also called the grant price or the strike price. Once determined at the time of grant, the exercise price almost always remains fixed for the duration of those options. The advantage of a stock option is that it is granted at a price that is fixed today, but the employee needs to pay it only in the future. When the company does well, the value of equity shares goes up, but at the time of exercise, the employee still pays the exercise price that was fixed at the time of grant, which is usually much lower and not the current market value of the equity share that exists on the date of exercise. If the equity share value drops below the exercise price for some reason, the employee simply does not exercise the option. It is an option, not an obligation. Here, an equity investor would have lost real wealth due to the price drop, for they would have put in real cash at a higher price, which has now decreased. But the employee only loses a potential profit and not any real invested money since no money has been paid by the employee yet. But yes, he has lost the time. Sometimes, additional conditions such as the happening of a liquidity event might be specified for the exercise of options in addition to the investing conditions. In such a case, even after the options are vested, the employee may not be able to exercise them. It depends on the terms defined in your plan. So, grant, waste and exercise. The final stage is the sale of shares, where the shares purchased from the company after exercising the options are sold to a buyer. This can happen if the company gets listed on a stock exchange or if it enters into a private sale agreement with a buyer to purchase its shares. So, four stages. Grant, where you give out the letter and other documents which hold out the promise. Waste, where the employee earns the right to buy the shares. Exercise, the actual buying of the shares by paying the exercise price and sale, the sale of those shares.", "segments": [{"id": 0, "seek": 0, "start": 0.0, "end": 5.0, "text": " An option is a derivative instrument.", "tokens": [50363, 1052, 3038, 318, 257, 27255, 8875, 13, 50613], "temperature": 0.0, "avg_logprob": -0.13367448104055304, "compression_ratio": 1.770949720670391, "no_speech_prob": 0.3400228023529053}, {"id": 1, "seek": 0, "start": 5.0, "end": 8.0, "text": " It is not an equity share, not yet.", "tokens": [50613, 632, 318, 407, 281, 13598, 2648, 11, 407, 1865, 13, 50763], "temperature": 0.0, "avg_logprob": -0.13367448104055304, "compression_ratio": 1.770949720670391, "no_speech_prob": 0.3400228023529053}, {"id": 2, "seek": 0, "start": 8.0, "end": 12.0, "text": " It is a right to buy an equity share.", "tokens": [50763, 632, 318, 257, 826, 284, 2822, 281, 13598, 2648, 13, 50963], "temperature": 0.0, "avg_logprob": -0.13367448104055304, "compression_ratio": 1.770949720670391, "no_speech_prob": 0.3400228023529053}, {"id": 3, "seek": 0, "start": 12.0, "end": 17.0, "text": " So let's unpack that phrase, employee stock option.", "tokens": [50963, 1406, 1309, 338, 555, 8002, 326, 9546, 11, 6538, 4283, 3038, 13, 51213], "temperature": 0.0, "avg_logprob": -0.13367448104055304, "compression_ratio": 1.770949720670391, "no_speech_prob": 0.3400228023529053}, {"id": 4, "seek": 0, "start": 17.0, "end": 22.0, "text": " Option, it is an option meaning a choice or a right to do something.", "tokens": [51213, 16018, 11, 340, 318, 281, 3038, 3616, 257, 3572, 393, 257, 826, 284, 466, 1223, 13, 51463], "temperature": 0.0, "avg_logprob": -0.13367448104055304, "compression_ratio": 1.770949720670391, "no_speech_prob": 0.3400228023529053}, {"id": 5, "seek": 0, "start": 22.0, "end": 26.0, "text": " It is not an obligation, you don't have to do it.", "tokens": [51463, 632, 318, 407, 281, 12990, 11, 345, 836, 470, 423, 284, 466, 340, 13, 51663], "temperature": 0.0, "avg_logprob": -0.13367448104055304, "compression_ratio": 1.770949720670391, "no_speech_prob": 0.3400228023529053}, {"id": 6, "seek": 0, "start": 26.0, "end": 29.0, "text": " Stock, it is a right to buy stock,", "tokens": [51663, 10500, 11, 340, 318, 257, 826, 284, 2822, 4283, 11, 51813], "temperature": 0.0, "avg_logprob": -0.13367448104055304, "compression_ratio": 1.770949720670391, "no_speech_prob": 0.3400228023529053}, {"id": 7, "seek": 2900, "start": 29.0, "end": 33.0, "text": " which means an equity share of the company.", "tokens": [50363, 543, 1724, 281, 13598, 2648, 286, 262, 1664, 13, 50563], "temperature": 0.0, "avg_logprob": -0.07325849388584946, "compression_ratio": 1.8333333333333333, "no_speech_prob": 0.00458443583920598}, {"id": 8, "seek": 2900, "start": 33.0, "end": 40.0, "text": " Employee, it is a right given to an employee to buy an equity share of the company.", "tokens": [50563, 36824, 11, 340, 318, 257, 826, 1813, 284, 281, 6538, 284, 2822, 281, 13598, 2648, 286, 262, 1664, 13, 50913], "temperature": 0.0, "avg_logprob": -0.07325849388584946, "compression_ratio": 1.8333333333333333, "no_speech_prob": 0.00458443583920598}, {"id": 9, "seek": 2900, "start": 40.0, "end": 47.0, "text": " So an employee stock option provides an employee the option or a right to buy the shares of the company", "tokens": [50913, 1406, 281, 6538, 4283, 3038, 3769, 281, 6538, 262, 3038, 393, 257, 826, 284, 2822, 262, 7303, 286, 262, 1664, 51263], "temperature": 0.0, "avg_logprob": -0.07325849388584946, "compression_ratio": 1.8333333333333333, "no_speech_prob": 0.00458443583920598}, {"id": 10, "seek": 2900, "start": 47.0, "end": 51.0, "text": " at a price which is fixed today.", "tokens": [51263, 379, 257, 2756, 543, 318, 5969, 1909, 13, 51463], "temperature": 0.0, "avg_logprob": -0.07325849388584946, "compression_ratio": 1.8333333333333333, "no_speech_prob": 0.00458443583920598}, {"id": 11, "seek": 5100, "start": 51.0, "end": 55.0, "text": " A stock option has four stages, grant,", "tokens": [50363, 317, 4283, 3038, 468, 1440, 9539, 11, 7264, 11, 50563], "temperature": 0.0, "avg_logprob": -0.12907391560228565, "compression_ratio": 1.592039800995025, "no_speech_prob": 0.07478281110525131}, {"id": 12, "seek": 5100, "start": 55.0, "end": 59.0, "text": " vesting, exercise and sale.", "tokens": [50563, 19750, 278, 11, 5517, 290, 5466, 13, 50763], "temperature": 0.0, "avg_logprob": -0.12907391560228565, "compression_ratio": 1.592039800995025, "no_speech_prob": 0.07478281110525131}, {"id": 13, "seek": 5100, "start": 59.0, "end": 67.0, "text": " Grant occurs when the option is given to an employee in the form of a letter and other valid legal documents.", "tokens": [50763, 12181, 8833, 618, 262, 3038, 318, 1813, 284, 281, 6538, 287, 262, 1296, 286, 257, 3850, 290, 584, 4938, 2742, 4963, 13, 51163], "temperature": 0.0, "avg_logprob": -0.12907391560228565, "compression_ratio": 1.592039800995025, "no_speech_prob": 0.07478281110525131}, {"id": 14, "seek": 5100, "start": 67.0, "end": 76.0, "text": " A grant is a promise made to an employee to allow them to purchase the company shares subject to certain conditions.", "tokens": [51163, 317, 7264, 318, 257, 6991, 925, 284, 281, 6538, 284, 1249, 606, 284, 5001, 262, 1664, 7303, 2426, 284, 1728, 3403, 13, 51613], "temperature": 0.0, "avg_logprob": -0.12907391560228565, "compression_ratio": 1.592039800995025, "no_speech_prob": 0.07478281110525131}, {"id": 15, "seek": 5100, "start": 76.0, "end": 79.0, "text": " The next stage is vesting.", "tokens": [51613, 383, 1306, 3800, 318, 19750, 278, 13, 51763], "temperature": 0.0, "avg_logprob": -0.12907391560228565, "compression_ratio": 1.592039800995025, "no_speech_prob": 0.07478281110525131}, {"id": 16, "seek": 7900, "start": 79.0, "end": 83.0, "text": " Vesting is earning the right to buy those shares.", "tokens": [50363, 569, 37761, 318, 13748, 262, 826, 284, 2822, 883, 7303, 13, 50563], "temperature": 0.0, "avg_logprob": -0.1326869419642857, "compression_ratio": 1.6647398843930636, "no_speech_prob": 0.014385746791958809}, {"id": 17, "seek": 7900, "start": 83.0, "end": 87.0, "text": " The options may vest equally every year.", "tokens": [50563, 383, 3689, 743, 19750, 8603, 790, 614, 13, 50763], "temperature": 0.0, "avg_logprob": -0.1326869419642857, "compression_ratio": 1.6647398843930636, "no_speech_prob": 0.014385746791958809}, {"id": 18, "seek": 7900, "start": 87.0, "end": 95.0, "text": " For instance, if 100 options are granted and they vest equally every year after one year, 25 options would have vested.", "tokens": [50763, 1114, 4554, 11, 611, 1802, 3689, 389, 7520, 290, 484, 19750, 8603, 790, 614, 706, 530, 614, 11, 1679, 3689, 561, 423, 19750, 276, 13, 51163], "temperature": 0.0, "avg_logprob": -0.1326869419642857, "compression_ratio": 1.6647398843930636, "no_speech_prob": 0.014385746791958809}, {"id": 19, "seek": 7900, "start": 95.0, "end": 101.0, "text": " That means the employee has earned the right to buy 25 shares of the company.", "tokens": [51163, 1320, 1724, 262, 6538, 468, 7366, 262, 826, 284, 2822, 1679, 7303, 286, 262, 1664, 13, 51463], "temperature": 0.0, "avg_logprob": -0.1326869419642857, "compression_ratio": 1.6647398843930636, "no_speech_prob": 0.014385746791958809}, {"id": 20, "seek": 10100, "start": 102.0, "end": 110.0, "text": " You use the concept of vesting to ensure that you give out the options to an employee as they contribute to the company", "tokens": [50413, 921, 779, 262, 3721, 286, 19750, 278, 284, 4155, 326, 345, 1577, 503, 262, 3689, 284, 281, 6538, 355, 484, 8676, 284, 262, 1664, 50813], "temperature": 0.0, "avg_logprob": -0.06509422929319617, "compression_ratio": 1.6010928961748634, "no_speech_prob": 0.04663209244608879}, {"id": 21, "seek": 10100, "start": 110.0, "end": 115.0, "text": " over the next few years rather than giving them all out at once.", "tokens": [50813, 625, 262, 1306, 1178, 812, 2138, 621, 3501, 606, 477, 503, 379, 1752, 13, 51063], "temperature": 0.0, "avg_logprob": -0.06509422929319617, "compression_ratio": 1.6010928961748634, "no_speech_prob": 0.04663209244608879}, {"id": 22, "seek": 10100, "start": 115.0, "end": 121.0, "text": " That way, if the employee were to leave early, you wouldn't lose all the equity.", "tokens": [51063, 1320, 835, 11, 611, 262, 6538, 547, 284, 2666, 1903, 11, 345, 3636, 470, 4425, 477, 262, 13598, 13, 51363], "temperature": 0.0, "avg_logprob": -0.06509422929319617, "compression_ratio": 1.6010928961748634, "no_speech_prob": 0.04663209244608879}, {"id": 23, "seek": 10100, "start": 121.0, "end": 125.0, "text": " The next stage is exercise.", "tokens": [51363, 383, 1306, 3800, 318, 5517, 13, 51563], "temperature": 0.0, "avg_logprob": -0.06509422929319617, "compression_ratio": 1.6010928961748634, "no_speech_prob": 0.04663209244608879}, {"id": 24, "seek": 12500, "start": 125.0, "end": 133.0, "text": " Exercise is actually paying the exercise price to the company and buying the equity shares from the company.", "tokens": [50363, 32900, 318, 1682, 5989, 262, 5517, 2756, 284, 262, 1664, 290, 7067, 262, 13598, 7303, 422, 262, 1664, 13, 50763], "temperature": 0.0, "avg_logprob": -0.035635179088961695, "compression_ratio": 1.81875, "no_speech_prob": 0.015670837834477425}, {"id": 25, "seek": 12500, "start": 133.0, "end": 140.0, "text": " The employee can buy these shares by paying an exercise price that was declared at the time of grant.", "tokens": [50763, 383, 6538, 460, 2822, 777, 7303, 416, 5989, 281, 5517, 2756, 326, 373, 6875, 379, 262, 640, 286, 7264, 13, 51113], "temperature": 0.0, "avg_logprob": -0.035635179088961695, "compression_ratio": 1.81875, "no_speech_prob": 0.015670837834477425}, {"id": 26, "seek": 12500, "start": 140.0, "end": 146.0, "text": " The exercise price is sometimes also called the grant price or the strike price.", "tokens": [51113, 383, 5517, 2756, 318, 3360, 635, 1444, 262, 7264, 2756, 393, 262, 5587, 2756, 13, 51413], "temperature": 0.0, "avg_logprob": -0.035635179088961695, "compression_ratio": 1.81875, "no_speech_prob": 0.015670837834477425}, {"id": 27, "seek": 14600, "start": 146.0, "end": 155.0, "text": " Once determined at the time of grant, the exercise price almost always remains fixed for the duration of those options.", "tokens": [50363, 4874, 5295, 379, 262, 640, 286, 7264, 11, 262, 5517, 2756, 2048, 1464, 3793, 5969, 329, 262, 9478, 286, 883, 3689, 13, 50813], "temperature": 0.0, "avg_logprob": -0.050885345158952, "compression_ratio": 1.8073394495412844, "no_speech_prob": 0.019252287223935127}, {"id": 28, "seek": 14600, "start": 155.0, "end": 165.0, "text": " The advantage of a stock option is that it is granted at a price that is fixed today, but the employee needs to pay it only in the future.", "tokens": [50813, 383, 4621, 286, 257, 4283, 3038, 318, 326, 340, 318, 7520, 379, 257, 2756, 326, 318, 5969, 1909, 11, 475, 262, 6538, 2476, 284, 1414, 340, 691, 287, 262, 2003, 13, 51313], "temperature": 0.0, "avg_logprob": -0.050885345158952, "compression_ratio": 1.8073394495412844, "no_speech_prob": 0.019252287223935127}, {"id": 29, "seek": 14600, "start": 165.0, "end": 175.0, "text": " When the company does well, the value of equity shares goes up, but at the time of exercise, the employee still pays the exercise price", "tokens": [51313, 1649, 262, 1664, 857, 880, 11, 262, 1988, 286, 13598, 7303, 2925, 510, 11, 475, 379, 262, 640, 286, 5517, 11, 262, 6538, 991, 13831, 262, 5517, 2756, 51813], "temperature": 0.0, "avg_logprob": -0.050885345158952, "compression_ratio": 1.8073394495412844, "no_speech_prob": 0.019252287223935127}, {"id": 30, "seek": 17500, "start": 175.0, "end": 187.0, "text": " that was fixed at the time of grant, which is usually much lower and not the current market value of the equity share that exists on the date of exercise.", "tokens": [50363, 326, 373, 5969, 379, 262, 640, 286, 7264, 11, 543, 318, 3221, 881, 2793, 290, 407, 262, 1459, 1910, 1988, 286, 262, 13598, 2648, 326, 7160, 319, 262, 3128, 286, 5517, 13, 50963], "temperature": 0.0, "avg_logprob": -0.04884906609853109, "compression_ratio": 1.6972972972972973, "no_speech_prob": 0.002171394880861044}, {"id": 31, "seek": 17500, "start": 187.0, "end": 195.0, "text": " If the equity share value drops below the exercise price for some reason, the employee simply does not exercise the option.", "tokens": [50963, 1002, 262, 13598, 2648, 1988, 10532, 2174, 262, 5517, 2756, 329, 617, 1738, 11, 262, 6538, 2391, 857, 407, 5517, 262, 3038, 13, 51363], "temperature": 0.0, "avg_logprob": -0.04884906609853109, "compression_ratio": 1.6972972972972973, "no_speech_prob": 0.002171394880861044}, {"id": 32, "seek": 17500, "start": 195.0, "end": 198.0, "text": " It is an option, not an obligation.", "tokens": [51363, 632, 318, 281, 3038, 11, 407, 281, 12990, 13, 51513], "temperature": 0.0, "avg_logprob": -0.04884906609853109, "compression_ratio": 1.6972972972972973, "no_speech_prob": 0.002171394880861044}, {"id": 33, "seek": 19800, "start": 198.0, "end": 209.0, "text": " Here, an equity investor would have lost real wealth due to the price drop, for they would have put in real cash at a higher price, which has now decreased.", "tokens": [50363, 3423, 11, 281, 13598, 15811, 561, 423, 2626, 1103, 5129, 2233, 284, 262, 2756, 4268, 11, 329, 484, 561, 423, 1234, 287, 1103, 5003, 379, 257, 2440, 2756, 11, 543, 468, 783, 11832, 13, 50913], "temperature": 0.0, "avg_logprob": -0.05787270947506553, "compression_ratio": 1.6373056994818653, "no_speech_prob": 0.056544721126556396}, {"id": 34, "seek": 19800, "start": 209.0, "end": 219.0, "text": " But the employee only loses a potential profit and not any real invested money since no money has been paid by the employee yet.", "tokens": [50913, 887, 262, 6538, 691, 14754, 257, 2785, 7630, 290, 407, 597, 1103, 13356, 1637, 1201, 645, 1637, 468, 587, 3432, 416, 262, 6538, 1865, 13, 51413], "temperature": 0.0, "avg_logprob": -0.05787270947506553, "compression_ratio": 1.6373056994818653, "no_speech_prob": 0.056544721126556396}, {"id": 35, "seek": 19800, "start": 219.0, "end": 223.0, "text": " But yes, he has lost the time.", "tokens": [51413, 887, 3763, 11, 339, 468, 2626, 262, 640, 13, 51613], "temperature": 0.0, "avg_logprob": -0.05787270947506553, "compression_ratio": 1.6373056994818653, "no_speech_prob": 0.056544721126556396}, {"id": 36, "seek": 22300, "start": 223.0, "end": 234.0, "text": " Sometimes, additional conditions such as the happening of a liquidity event might be specified for the exercise of options in addition to the investing conditions.", "tokens": [50363, 8975, 11, 3224, 3403, 884, 355, 262, 5836, 286, 257, 31061, 1785, 1244, 307, 7368, 329, 262, 5517, 286, 3689, 287, 3090, 284, 262, 14771, 3403, 13, 50913], "temperature": 0.0, "avg_logprob": -0.08004014883468401, "compression_ratio": 1.6594594594594594, "no_speech_prob": 0.02546500600874424}, {"id": 37, "seek": 22300, "start": 234.0, "end": 240.0, "text": " In such a case, even after the options are vested, the employee may not be able to exercise them.", "tokens": [50913, 554, 884, 257, 1339, 11, 772, 706, 262, 3689, 389, 32789, 11, 262, 6538, 743, 407, 307, 1498, 284, 5517, 606, 13, 51213], "temperature": 0.0, "avg_logprob": -0.08004014883468401, "compression_ratio": 1.6594594594594594, "no_speech_prob": 0.02546500600874424}, {"id": 38, "seek": 22300, "start": 240.0, "end": 245.0, "text": " It depends on the terms defined in your plan.", "tokens": [51213, 632, 8338, 319, 262, 2846, 5447, 287, 534, 1410, 13, 51463], "temperature": 0.0, "avg_logprob": -0.08004014883468401, "compression_ratio": 1.6594594594594594, "no_speech_prob": 0.02546500600874424}, {"id": 39, "seek": 24500, "start": 245.0, "end": 249.0, "text": " So, grant, waste and exercise.", "tokens": [50363, 1406, 11, 7264, 11, 7030, 290, 5517, 13, 50563], "temperature": 0.0, "avg_logprob": -0.07229901703310684, "compression_ratio": 1.6612903225806452, "no_speech_prob": 0.09881792962551117}, {"id": 40, "seek": 24500, "start": 249.0, "end": 258.0, "text": " The final stage is the sale of shares, where the shares purchased from the company after exercising the options are sold to a buyer.", "tokens": [50563, 383, 2457, 3800, 318, 262, 5466, 286, 7303, 11, 810, 262, 7303, 8155, 422, 262, 1664, 706, 25352, 262, 3689, 389, 2702, 284, 257, 17872, 13, 51013], "temperature": 0.0, "avg_logprob": -0.07229901703310684, "compression_ratio": 1.6612903225806452, "no_speech_prob": 0.09881792962551117}, {"id": 41, "seek": 24500, "start": 258.0, "end": 268.0, "text": " This can happen if the company gets listed on a stock exchange or if it enters into a private sale agreement with a buyer to purchase its shares.", "tokens": [51013, 770, 460, 1645, 611, 262, 1664, 3011, 5610, 319, 257, 4283, 5163, 393, 611, 340, 14170, 656, 257, 2839, 5466, 4381, 351, 257, 17872, 284, 5001, 663, 7303, 13, 51513], "temperature": 0.0, "avg_logprob": -0.07229901703310684, "compression_ratio": 1.6612903225806452, "no_speech_prob": 0.09881792962551117}, {"id": 42, "seek": 26800, "start": 269.0, "end": 271.0, "text": " So, four stages.", "tokens": [50413, 1406, 11, 1440, 9539, 13, 50513], "temperature": 0.0, "avg_logprob": -0.10066845922759085, "compression_ratio": 1.6402439024390243, "no_speech_prob": 0.11715707182884216}, {"id": 43, "seek": 26800, "start": 271.0, "end": 276.0, "text": " Grant, where you give out the letter and other documents which hold out the promise.", "tokens": [50513, 12181, 11, 810, 345, 1577, 503, 262, 3850, 290, 584, 4963, 543, 1745, 503, 262, 6991, 13, 50763], "temperature": 0.0, "avg_logprob": -0.10066845922759085, "compression_ratio": 1.6402439024390243, "no_speech_prob": 0.11715707182884216}, {"id": 44, "seek": 26800, "start": 276.0, "end": 281.0, "text": " Waste, where the employee earns the right to buy the shares.", "tokens": [50763, 35304, 11, 810, 262, 6538, 29339, 262, 826, 284, 2822, 262, 7303, 13, 51013], "temperature": 0.0, "avg_logprob": -0.10066845922759085, "compression_ratio": 1.6402439024390243, "no_speech_prob": 0.11715707182884216}, {"id": 45, "seek": 26800, "start": 281.0, "end": 290.0, "text": " Exercise, the actual buying of the shares by paying the exercise price and sale, the sale of those shares.", "tokens": [51013, 32900, 11, 262, 4036, 7067, 286, 262, 7303, 416, 5989, 262, 5517, 2756, 290, 5466, 11, 262, 5466, 286, 883, 7303, 13, 51463], "temperature": 0.0, "avg_logprob": -0.10066845922759085, "compression_ratio": 1.6402439024390243, "no_speech_prob": 0.11715707182884216}], "language": "en"}

transcripts/9-Designing-a-stock-options-strategy.json

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+{"text": " Don't design a stock options plan. Design a stock options strategy. The phrase stock options plan sometimes can have a legal flavor to it. It might sound like a legal template you need to find somewhere and fill it up. Designing a stock options strategy in its essence is not a legal exercise. It is a people's strategy exercise. That is how you must think about it. Its purpose is to align the mental energies of the team members towards a common set of values and vision. You need to think like that. How do I use stock options as a strategic tool to align my team? And not just something that needs to be granted because it is expected of startups to do so. And thinking here means setting everything else away and thinking about it. How do I use this as a tool? If you don't find yourself leaving everything else aside and specifically contemplating only on this for long periods of time, alone and silently, then you are not doing it right. And just leaving it to chance. So don't design a stock options plan. Craft a stock options strategy. You can follow these steps to do it. 1. Deeply think about your individual core values and let the vision of the enterprise flow out of those values. 2. Let your people's strategy and culture flow out of those values and vision. This will help you decide the kind of people you would like to hire and hence perhaps the kind of traits you should actively look for. This may also tell you something about the kind of people you do not want to hire. 3. When you meet prospective team members, have the values and vision conversation again and again and again. That is what will inspire you. That is what will inspire them and that is what you want. Find the ones who naturally resonate with what you are saying. You will know the ones who do. Now you may not always find someone resonating strongly with your vision. Your goal is to ensure you have a team where a large majority are aligned and passionate about your values and vision. A small minority may be hired because they are very good at what they do and do not have an attitude that goes against the kind of culture you are trying to build. But the majority of the people should be the ones who resonate well. The attitude of the majority will define what your company smells like. If the majority is disinterested in the vision and are only interested in money, that is how it will smell. 4. Design the terms of your stock options using the Atom 6D Stock Options framework. The Atom 60 framework provides detailed guidelines about how you think through various elements of your stock options strategy. Use those guidelines to customize your stock options strategy. 5. Present stock options as an add-on to the values and vision conversation. Because you see, if they are interested only in your salary and options, then they will always be someone else offering them more and they will always be looking outside. The color of money is the same everywhere, but the color of values and vision differs with each founder. Use your own color as a differentiator. Use your values and vision to inspire and hold them together. Money is a much weaker binding agent. When you follow these five steps, you will realize that you don't really design a stock option strategy for your startup. You discover it. As you go through the process and spend a lot of time thinking about it. Stock options have two key perspectives, emotional and financial. You address the emotional perspective by granting them to people who resonate with your values and vision so they feel a sense of ownership as well. However, you also need to ensure that your stock options provide appropriate financial benefit to the employees. We will use the Atom 6D stock options framework to do that. Let us next understand what that framework is in detail. If you haven't already thought through your values and vision at length, that's alright. You should begin to do so now simultaneously. Let both the roads run in parallel and at the right time you will find a way to merge them.", "segments": [{"id": 0, "seek": 0, "start": 0.0, "end": 6.6000000000000005, "text": " Don't design a stock options plan.", "tokens": [50363, 2094, 470, 1486, 257, 4283, 3689, 1410, 13, 50693], "temperature": 0.0, "avg_logprob": -0.1436261898133813, "compression_ratio": 1.8587570621468927, "no_speech_prob": 0.10341066122055054}, {"id": 1, "seek": 0, "start": 6.6000000000000005, "end": 9.56, "text": " Design a stock options strategy.", "tokens": [50693, 8495, 257, 4283, 3689, 4811, 13, 50841], "temperature": 0.0, "avg_logprob": -0.1436261898133813, "compression_ratio": 1.8587570621468927, "no_speech_prob": 0.10341066122055054}, {"id": 2, "seek": 0, "start": 9.56, "end": 15.280000000000001, "text": " The phrase stock options plan sometimes can have a legal flavor to it.", "tokens": [50841, 383, 9546, 4283, 3689, 1410, 3360, 460, 423, 257, 2742, 9565, 284, 340, 13, 51127], "temperature": 0.0, "avg_logprob": -0.1436261898133813, "compression_ratio": 1.8587570621468927, "no_speech_prob": 0.10341066122055054}, {"id": 3, "seek": 0, "start": 15.280000000000001, "end": 20.8, "text": " It might sound like a legal template you need to find somewhere and fill it up.", "tokens": [51127, 632, 1244, 2128, 588, 257, 2742, 11055, 345, 761, 284, 1064, 7382, 290, 6070, 340, 510, 13, 51403], "temperature": 0.0, "avg_logprob": -0.1436261898133813, "compression_ratio": 1.8587570621468927, "no_speech_prob": 0.10341066122055054}, {"id": 4, "seek": 0, "start": 20.8, "end": 26.32, "text": " Designing a stock options strategy in its essence is not a legal exercise.", "tokens": [51403, 8495, 278, 257, 4283, 3689, 4811, 287, 663, 12799, 318, 407, 257, 2742, 5517, 13, 51679], "temperature": 0.0, "avg_logprob": -0.1436261898133813, "compression_ratio": 1.8587570621468927, "no_speech_prob": 0.10341066122055054}, {"id": 5, "seek": 0, "start": 26.32, "end": 28.96, "text": " It is a people's strategy exercise.", "tokens": [51679, 632, 318, 257, 661, 338, 4811, 5517, 13, 51811], "temperature": 0.0, "avg_logprob": -0.1436261898133813, "compression_ratio": 1.8587570621468927, "no_speech_prob": 0.10341066122055054}, {"id": 6, "seek": 2896, "start": 28.96, "end": 31.68, "text": " That is how you must think about it.", "tokens": [50363, 1320, 318, 703, 345, 1276, 892, 546, 340, 13, 50499], "temperature": 0.0, "avg_logprob": -0.1150598955584002, "compression_ratio": 1.7193675889328064, "no_speech_prob": 0.21670351922512054}, {"id": 7, "seek": 2896, "start": 31.68, "end": 37.16, "text": " Its purpose is to align the mental energies of the team members towards a common set", "tokens": [50499, 6363, 4007, 318, 284, 10548, 262, 5110, 27598, 286, 262, 1074, 1866, 3371, 257, 2219, 900, 50773], "temperature": 0.0, "avg_logprob": -0.1150598955584002, "compression_ratio": 1.7193675889328064, "no_speech_prob": 0.21670351922512054}, {"id": 8, "seek": 2896, "start": 37.16, "end": 38.56, "text": " of values and vision.", "tokens": [50773, 286, 3815, 290, 5761, 13, 50843], "temperature": 0.0, "avg_logprob": -0.1150598955584002, "compression_ratio": 1.7193675889328064, "no_speech_prob": 0.21670351922512054}, {"id": 9, "seek": 2896, "start": 38.56, "end": 40.6, "text": " You need to think like that.", "tokens": [50843, 921, 761, 284, 892, 588, 326, 13, 50945], "temperature": 0.0, "avg_logprob": -0.1150598955584002, "compression_ratio": 1.7193675889328064, "no_speech_prob": 0.21670351922512054}, {"id": 10, "seek": 2896, "start": 40.6, "end": 45.28, "text": " How do I use stock options as a strategic tool to align my team?", "tokens": [50945, 1374, 466, 314, 779, 4283, 3689, 355, 257, 10039, 2891, 284, 10548, 616, 1074, 30, 51179], "temperature": 0.0, "avg_logprob": -0.1150598955584002, "compression_ratio": 1.7193675889328064, "no_speech_prob": 0.21670351922512054}, {"id": 11, "seek": 2896, "start": 45.28, "end": 51.64, "text": " And not just something that needs to be granted because it is expected of startups to do so.", "tokens": [51179, 843, 407, 655, 1223, 326, 2476, 284, 307, 7520, 780, 340, 318, 2938, 286, 21685, 284, 466, 523, 13, 51497], "temperature": 0.0, "avg_logprob": -0.1150598955584002, "compression_ratio": 1.7193675889328064, "no_speech_prob": 0.21670351922512054}, {"id": 12, "seek": 2896, "start": 51.64, "end": 56.64, "text": " And thinking here means setting everything else away and thinking about it.", "tokens": [51497, 843, 3612, 994, 1724, 4634, 2279, 2073, 1497, 290, 3612, 546, 340, 13, 51747], "temperature": 0.0, "avg_logprob": -0.1150598955584002, "compression_ratio": 1.7193675889328064, "no_speech_prob": 0.21670351922512054}, {"id": 13, "seek": 2896, "start": 56.64, "end": 58.760000000000005, "text": " How do I use this as a tool?", "tokens": [51747, 1374, 466, 314, 779, 428, 355, 257, 2891, 30, 51853], "temperature": 0.0, "avg_logprob": -0.1150598955584002, "compression_ratio": 1.7193675889328064, "no_speech_prob": 0.21670351922512054}, {"id": 14, "seek": 5876, "start": 58.76, "end": 64.36, "text": " If you don't find yourself leaving everything else aside and specifically contemplating", "tokens": [50363, 1002, 345, 836, 470, 1064, 3511, 4305, 2279, 2073, 7263, 290, 5734, 38048, 50643], "temperature": 0.0, "avg_logprob": -0.18694295762460442, "compression_ratio": 1.561576354679803, "no_speech_prob": 0.03325038030743599}, {"id": 15, "seek": 5876, "start": 64.36, "end": 72.32, "text": " only on this for long periods of time, alone and silently, then you are not doing it right.", "tokens": [50643, 691, 319, 428, 329, 890, 9574, 286, 640, 11, 3436, 290, 24595, 11, 788, 345, 389, 407, 1804, 340, 826, 13, 51041], "temperature": 0.0, "avg_logprob": -0.18694295762460442, "compression_ratio": 1.561576354679803, "no_speech_prob": 0.03325038030743599}, {"id": 16, "seek": 5876, "start": 72.32, "end": 75.08, "text": " And just leaving it to chance.", "tokens": [51041, 843, 655, 4305, 340, 284, 2863, 13, 51179], "temperature": 0.0, "avg_logprob": -0.18694295762460442, "compression_ratio": 1.561576354679803, "no_speech_prob": 0.03325038030743599}, {"id": 17, "seek": 5876, "start": 75.08, "end": 78.36, "text": " So don't design a stock options plan.", "tokens": [51179, 1406, 836, 470, 1486, 257, 4283, 3689, 1410, 13, 51343], "temperature": 0.0, "avg_logprob": -0.18694295762460442, "compression_ratio": 1.561576354679803, "no_speech_prob": 0.03325038030743599}, {"id": 18, "seek": 5876, "start": 78.36, "end": 82.03999999999999, "text": " Craft a stock options strategy.", "tokens": [51343, 15745, 257, 4283, 3689, 4811, 13, 51527], "temperature": 0.0, "avg_logprob": -0.18694295762460442, "compression_ratio": 1.561576354679803, "no_speech_prob": 0.03325038030743599}, {"id": 19, "seek": 5876, "start": 82.03999999999999, "end": 84.92, "text": " You can follow these steps to do it.", "tokens": [51527, 921, 460, 1061, 777, 4831, 284, 466, 340, 13, 51671], "temperature": 0.0, "avg_logprob": -0.18694295762460442, "compression_ratio": 1.561576354679803, "no_speech_prob": 0.03325038030743599}, {"id": 20, "seek": 8492, "start": 84.92, "end": 86.48, "text": " 1.", "tokens": [50363, 352, 13, 50441], "temperature": 0.0, "avg_logprob": -0.15482989851250706, "compression_ratio": 1.6804123711340206, "no_speech_prob": 0.5631980299949646}, {"id": 21, "seek": 8492, "start": 86.48, "end": 91.8, "text": " Deeply think about your individual core values and let the vision of the enterprise flow", "tokens": [50441, 10766, 306, 892, 546, 534, 1981, 4755, 3815, 290, 1309, 262, 5761, 286, 262, 13953, 5202, 50707], "temperature": 0.0, "avg_logprob": -0.15482989851250706, "compression_ratio": 1.6804123711340206, "no_speech_prob": 0.5631980299949646}, {"id": 22, "seek": 8492, "start": 91.8, "end": 94.4, "text": " out of those values.", "tokens": [50707, 503, 286, 883, 3815, 13, 50837], "temperature": 0.0, "avg_logprob": -0.15482989851250706, "compression_ratio": 1.6804123711340206, "no_speech_prob": 0.5631980299949646}, {"id": 23, "seek": 8492, "start": 94.4, "end": 96.44, "text": " 2.", "tokens": [50837, 362, 13, 50939], "temperature": 0.0, "avg_logprob": -0.15482989851250706, "compression_ratio": 1.6804123711340206, "no_speech_prob": 0.5631980299949646}, {"id": 24, "seek": 8492, "start": 96.44, "end": 101.76, "text": " Let your people's strategy and culture flow out of those values and vision.", "tokens": [50939, 3914, 534, 661, 338, 4811, 290, 3968, 5202, 503, 286, 883, 3815, 290, 5761, 13, 51205], "temperature": 0.0, "avg_logprob": -0.15482989851250706, "compression_ratio": 1.6804123711340206, "no_speech_prob": 0.5631980299949646}, {"id": 25, "seek": 8492, "start": 101.76, "end": 106.6, "text": " This will help you decide the kind of people you would like to hire and hence perhaps the", "tokens": [51205, 770, 481, 1037, 345, 5409, 262, 1611, 286, 661, 345, 561, 588, 284, 11078, 290, 12891, 3737, 262, 51447], "temperature": 0.0, "avg_logprob": -0.15482989851250706, "compression_ratio": 1.6804123711340206, "no_speech_prob": 0.5631980299949646}, {"id": 26, "seek": 8492, "start": 106.6, "end": 110.32000000000001, "text": " kind of traits you should actively look for.", "tokens": [51447, 1611, 286, 12796, 345, 815, 10630, 804, 329, 13, 51633], "temperature": 0.0, "avg_logprob": -0.15482989851250706, "compression_ratio": 1.6804123711340206, "no_speech_prob": 0.5631980299949646}, {"id": 27, "seek": 11032, "start": 110.32, "end": 115.44, "text": " This may also tell you something about the kind of people you do not want to hire.", "tokens": [50363, 770, 743, 635, 1560, 345, 1223, 546, 262, 1611, 286, 661, 345, 466, 407, 765, 284, 11078, 13, 50619], "temperature": 0.0, "avg_logprob": -0.14429037598357802, "compression_ratio": 1.728643216080402, "no_speech_prob": 0.20163775980472565}, {"id": 28, "seek": 11032, "start": 115.44, "end": 117.36, "text": " 3.", "tokens": [50619, 513, 13, 50715], "temperature": 0.0, "avg_logprob": -0.14429037598357802, "compression_ratio": 1.728643216080402, "no_speech_prob": 0.20163775980472565}, {"id": 29, "seek": 11032, "start": 117.36, "end": 124.28, "text": " When you meet prospective team members, have the values and vision conversation again and", "tokens": [50715, 1649, 345, 1826, 17530, 1074, 1866, 11, 423, 262, 3815, 290, 5761, 5273, 757, 290, 51061], "temperature": 0.0, "avg_logprob": -0.14429037598357802, "compression_ratio": 1.728643216080402, "no_speech_prob": 0.20163775980472565}, {"id": 30, "seek": 11032, "start": 124.28, "end": 127.24, "text": " again and again.", "tokens": [51061, 757, 290, 757, 13, 51209], "temperature": 0.0, "avg_logprob": -0.14429037598357802, "compression_ratio": 1.728643216080402, "no_speech_prob": 0.20163775980472565}, {"id": 31, "seek": 11032, "start": 127.24, "end": 129.6, "text": " That is what will inspire you.", "tokens": [51209, 1320, 318, 644, 481, 18330, 345, 13, 51327], "temperature": 0.0, "avg_logprob": -0.14429037598357802, "compression_ratio": 1.728643216080402, "no_speech_prob": 0.20163775980472565}, {"id": 32, "seek": 11032, "start": 129.6, "end": 134.07999999999998, "text": " That is what will inspire them and that is what you want.", "tokens": [51327, 1320, 318, 644, 481, 18330, 606, 290, 326, 318, 644, 345, 765, 13, 51551], "temperature": 0.0, "avg_logprob": -0.14429037598357802, "compression_ratio": 1.728643216080402, "no_speech_prob": 0.20163775980472565}, {"id": 33, "seek": 11032, "start": 134.07999999999998, "end": 138.16, "text": " Find the ones who naturally resonate with what you are saying.", "tokens": [51551, 9938, 262, 3392, 508, 8752, 41523, 351, 644, 345, 389, 2282, 13, 51755], "temperature": 0.0, "avg_logprob": -0.14429037598357802, "compression_ratio": 1.728643216080402, "no_speech_prob": 0.20163775980472565}, {"id": 34, "seek": 13816, "start": 138.16, "end": 141.0, "text": " You will know the ones who do.", "tokens": [50363, 921, 481, 760, 262, 3392, 508, 466, 13, 50505], "temperature": 0.0, "avg_logprob": -0.10945247322000483, "compression_ratio": 1.646808510638298, "no_speech_prob": 0.14936912059783936}, {"id": 35, "seek": 13816, "start": 141.0, "end": 145.52, "text": " Now you may not always find someone resonating strongly with your vision.", "tokens": [50505, 2735, 345, 743, 407, 1464, 1064, 2130, 14309, 803, 7634, 351, 534, 5761, 13, 50731], "temperature": 0.0, "avg_logprob": -0.10945247322000483, "compression_ratio": 1.646808510638298, "no_speech_prob": 0.14936912059783936}, {"id": 36, "seek": 13816, "start": 145.52, "end": 152.44, "text": " Your goal is to ensure you have a team where a large majority are aligned and passionate", "tokens": [50731, 3406, 3061, 318, 284, 4155, 345, 423, 257, 1074, 810, 257, 1588, 3741, 389, 19874, 290, 15347, 51077], "temperature": 0.0, "avg_logprob": -0.10945247322000483, "compression_ratio": 1.646808510638298, "no_speech_prob": 0.14936912059783936}, {"id": 37, "seek": 13816, "start": 152.44, "end": 154.92, "text": " about your values and vision.", "tokens": [51077, 546, 534, 3815, 290, 5761, 13, 51201], "temperature": 0.0, "avg_logprob": -0.10945247322000483, "compression_ratio": 1.646808510638298, "no_speech_prob": 0.14936912059783936}, {"id": 38, "seek": 13816, "start": 154.92, "end": 160.2, "text": " A small minority may be hired because they are very good at what they do and do not have", "tokens": [51201, 317, 1402, 9137, 743, 307, 9657, 780, 484, 389, 845, 922, 379, 644, 484, 466, 290, 466, 407, 423, 51465], "temperature": 0.0, "avg_logprob": -0.10945247322000483, "compression_ratio": 1.646808510638298, "no_speech_prob": 0.14936912059783936}, {"id": 39, "seek": 13816, "start": 160.2, "end": 164.76, "text": " an attitude that goes against the kind of culture you are trying to build.", "tokens": [51465, 281, 9408, 326, 2925, 1028, 262, 1611, 286, 3968, 345, 389, 2111, 284, 1382, 13, 51693], "temperature": 0.0, "avg_logprob": -0.10945247322000483, "compression_ratio": 1.646808510638298, "no_speech_prob": 0.14936912059783936}, {"id": 40, "seek": 16476, "start": 164.76, "end": 169.28, "text": " But the majority of the people should be the ones who resonate well.", "tokens": [50363, 887, 262, 3741, 286, 262, 661, 815, 307, 262, 3392, 508, 41523, 880, 13, 50589], "temperature": 0.0, "avg_logprob": -0.15666603460544493, "compression_ratio": 1.6243902439024391, "no_speech_prob": 0.16455131769180298}, {"id": 41, "seek": 16476, "start": 169.28, "end": 176.79999999999998, "text": " The attitude of the majority will define what your company smells like.", "tokens": [50589, 383, 9408, 286, 262, 3741, 481, 8160, 644, 534, 1664, 25760, 588, 13, 50965], "temperature": 0.0, "avg_logprob": -0.15666603460544493, "compression_ratio": 1.6243902439024391, "no_speech_prob": 0.16455131769180298}, {"id": 42, "seek": 16476, "start": 176.79999999999998, "end": 182.12, "text": " If the majority is disinterested in the vision and are only interested in money, that is", "tokens": [50965, 1002, 262, 3741, 318, 595, 34339, 287, 262, 5761, 290, 389, 691, 4609, 287, 1637, 11, 326, 318, 51231], "temperature": 0.0, "avg_logprob": -0.15666603460544493, "compression_ratio": 1.6243902439024391, "no_speech_prob": 0.16455131769180298}, {"id": 43, "seek": 16476, "start": 182.12, "end": 184.16, "text": " how it will smell.", "tokens": [51231, 703, 340, 481, 8508, 13, 51333], "temperature": 0.0, "avg_logprob": -0.15666603460544493, "compression_ratio": 1.6243902439024391, "no_speech_prob": 0.16455131769180298}, {"id": 44, "seek": 16476, "start": 184.16, "end": 186.48, "text": " 4.", "tokens": [51333, 604, 13, 51449], "temperature": 0.0, "avg_logprob": -0.15666603460544493, "compression_ratio": 1.6243902439024391, "no_speech_prob": 0.16455131769180298}, {"id": 45, "seek": 16476, "start": 186.48, "end": 193.07999999999998, "text": " Design the terms of your stock options using the Atom 6D Stock Options framework.", "tokens": [51449, 8495, 262, 2846, 286, 534, 4283, 3689, 1262, 262, 33102, 718, 35, 10500, 18634, 9355, 13, 51779], "temperature": 0.0, "avg_logprob": -0.15666603460544493, "compression_ratio": 1.6243902439024391, "no_speech_prob": 0.16455131769180298}, {"id": 46, "seek": 19308, "start": 193.08, "end": 199.36, "text": " The Atom 60 framework provides detailed guidelines about how you think through various", "tokens": [50363, 383, 33102, 3126, 9355, 3769, 6496, 9949, 546, 703, 345, 892, 832, 2972, 50677], "temperature": 0.0, "avg_logprob": -0.1650313848181616, "compression_ratio": 1.6511627906976745, "no_speech_prob": 0.06509372591972351}, {"id": 47, "seek": 19308, "start": 199.36, "end": 202.60000000000002, "text": " elements of your stock options strategy.", "tokens": [50677, 4847, 286, 534, 4283, 3689, 4811, 13, 50839], "temperature": 0.0, "avg_logprob": -0.1650313848181616, "compression_ratio": 1.6511627906976745, "no_speech_prob": 0.06509372591972351}, {"id": 48, "seek": 19308, "start": 202.60000000000002, "end": 207.20000000000002, "text": " Use those guidelines to customize your stock options strategy.", "tokens": [50839, 5765, 883, 9949, 284, 24184, 534, 4283, 3689, 4811, 13, 51069], "temperature": 0.0, "avg_logprob": -0.1650313848181616, "compression_ratio": 1.6511627906976745, "no_speech_prob": 0.06509372591972351}, {"id": 49, "seek": 19308, "start": 207.20000000000002, "end": 209.28, "text": " 5.", "tokens": [51069, 642, 13, 51173], "temperature": 0.0, "avg_logprob": -0.1650313848181616, "compression_ratio": 1.6511627906976745, "no_speech_prob": 0.06509372591972351}, {"id": 50, "seek": 19308, "start": 209.28, "end": 214.96, "text": " Present stock options as an add-on to the values and vision conversation.", "tokens": [51173, 21662, 4283, 3689, 355, 281, 751, 12, 261, 284, 262, 3815, 290, 5761, 5273, 13, 51457], "temperature": 0.0, "avg_logprob": -0.1650313848181616, "compression_ratio": 1.6511627906976745, "no_speech_prob": 0.06509372591972351}, {"id": 51, "seek": 19308, "start": 214.96, "end": 220.60000000000002, "text": " Because you see, if they are interested only in your salary and options, then they will", "tokens": [51457, 4362, 345, 766, 11, 611, 484, 389, 4609, 691, 287, 534, 9588, 290, 3689, 11, 788, 484, 481, 51739], "temperature": 0.0, "avg_logprob": -0.1650313848181616, "compression_ratio": 1.6511627906976745, "no_speech_prob": 0.06509372591972351}, {"id": 52, "seek": 22060, "start": 220.6, "end": 227.4, "text": " always be someone else offering them more and they will always be looking outside.", "tokens": [50363, 1464, 307, 2130, 2073, 6011, 606, 517, 290, 484, 481, 1464, 307, 2045, 2354, 13, 50703], "temperature": 0.0, "avg_logprob": -0.12570798849757714, "compression_ratio": 1.694300518134715, "no_speech_prob": 0.050073593854904175}, {"id": 53, "seek": 22060, "start": 227.4, "end": 234.84, "text": " The color of money is the same everywhere, but the color of values and vision differs", "tokens": [50703, 383, 3124, 286, 1637, 318, 262, 976, 8347, 11, 475, 262, 3124, 286, 3815, 290, 5761, 24242, 51075], "temperature": 0.0, "avg_logprob": -0.12570798849757714, "compression_ratio": 1.694300518134715, "no_speech_prob": 0.050073593854904175}, {"id": 54, "seek": 22060, "start": 234.84, "end": 237.64, "text": " with each founder.", "tokens": [51075, 351, 1123, 9119, 13, 51215], "temperature": 0.0, "avg_logprob": -0.12570798849757714, "compression_ratio": 1.694300518134715, "no_speech_prob": 0.050073593854904175}, {"id": 55, "seek": 22060, "start": 237.64, "end": 241.16, "text": " Use your own color as a differentiator.", "tokens": [51215, 5765, 534, 898, 3124, 355, 257, 1180, 38585, 13, 51391], "temperature": 0.0, "avg_logprob": -0.12570798849757714, "compression_ratio": 1.694300518134715, "no_speech_prob": 0.050073593854904175}, {"id": 56, "seek": 22060, "start": 241.16, "end": 245.16, "text": " Use your values and vision to inspire and hold them together.", "tokens": [51391, 5765, 534, 3815, 290, 5761, 284, 18330, 290, 1745, 606, 1978, 13, 51591], "temperature": 0.0, "avg_logprob": -0.12570798849757714, "compression_ratio": 1.694300518134715, "no_speech_prob": 0.050073593854904175}, {"id": 57, "seek": 22060, "start": 245.16, "end": 249.95999999999998, "text": " Money is a much weaker binding agent.", "tokens": [51591, 12911, 318, 257, 881, 17642, 12765, 5797, 13, 51831], "temperature": 0.0, "avg_logprob": -0.12570798849757714, "compression_ratio": 1.694300518134715, "no_speech_prob": 0.050073593854904175}, {"id": 58, "seek": 24996, "start": 249.96, "end": 255.76000000000002, "text": " When you follow these five steps, you will realize that you don't really design a stock", "tokens": [50363, 1649, 345, 1061, 777, 1936, 4831, 11, 345, 481, 6537, 326, 345, 836, 470, 1107, 1486, 257, 4283, 50653], "temperature": 0.0, "avg_logprob": -0.13885210809253512, "compression_ratio": 1.6103896103896105, "no_speech_prob": 0.08636803179979324}, {"id": 59, "seek": 24996, "start": 255.76000000000002, "end": 258.36, "text": " option strategy for your startup.", "tokens": [50653, 3038, 4811, 329, 534, 13693, 13, 50783], "temperature": 0.0, "avg_logprob": -0.13885210809253512, "compression_ratio": 1.6103896103896105, "no_speech_prob": 0.08636803179979324}, {"id": 60, "seek": 24996, "start": 258.36, "end": 260.44, "text": " You discover it.", "tokens": [50783, 921, 7073, 340, 13, 50887], "temperature": 0.0, "avg_logprob": -0.13885210809253512, "compression_ratio": 1.6103896103896105, "no_speech_prob": 0.08636803179979324}, {"id": 61, "seek": 24996, "start": 260.44, "end": 266.72, "text": " As you go through the process and spend a lot of time thinking about it.", "tokens": [50887, 1081, 345, 467, 832, 262, 1429, 290, 4341, 257, 1256, 286, 640, 3612, 546, 340, 13, 51201], "temperature": 0.0, "avg_logprob": -0.13885210809253512, "compression_ratio": 1.6103896103896105, "no_speech_prob": 0.08636803179979324}, {"id": 62, "seek": 24996, "start": 266.72, "end": 273.0, "text": " Stock options have two key perspectives, emotional and financial.", "tokens": [51201, 10500, 3689, 423, 734, 1994, 22582, 11, 7016, 290, 3176, 13, 51515], "temperature": 0.0, "avg_logprob": -0.13885210809253512, "compression_ratio": 1.6103896103896105, "no_speech_prob": 0.08636803179979324}, {"id": 63, "seek": 24996, "start": 273.0, "end": 278.36, "text": " You address the emotional perspective by granting them to people who resonate with your values", "tokens": [51515, 921, 2209, 262, 7016, 6650, 416, 21787, 606, 284, 661, 508, 41523, 351, 534, 3815, 51783], "temperature": 0.0, "avg_logprob": -0.13885210809253512, "compression_ratio": 1.6103896103896105, "no_speech_prob": 0.08636803179979324}, {"id": 64, "seek": 27836, "start": 278.36, "end": 282.44, "text": " and vision so they feel a sense of ownership as well.", "tokens": [50363, 290, 5761, 523, 484, 1254, 257, 2565, 286, 9238, 355, 880, 13, 50567], "temperature": 0.0, "avg_logprob": -0.1708520000631159, "compression_ratio": 1.5897435897435896, "no_speech_prob": 0.05540643632411957}, {"id": 65, "seek": 27836, "start": 282.44, "end": 287.72, "text": " However, you also need to ensure that your stock options provide appropriate financial", "tokens": [50567, 2102, 11, 345, 635, 761, 284, 4155, 326, 534, 4283, 3689, 2148, 5035, 3176, 50831], "temperature": 0.0, "avg_logprob": -0.1708520000631159, "compression_ratio": 1.5897435897435896, "no_speech_prob": 0.05540643632411957}, {"id": 66, "seek": 27836, "start": 287.72, "end": 290.40000000000003, "text": " benefit to the employees.", "tokens": [50831, 4414, 284, 262, 4409, 13, 50965], "temperature": 0.0, "avg_logprob": -0.1708520000631159, "compression_ratio": 1.5897435897435896, "no_speech_prob": 0.05540643632411957}, {"id": 67, "seek": 27836, "start": 290.40000000000003, "end": 295.88, "text": " We will use the Atom 6D stock options framework to do that.", "tokens": [50965, 775, 481, 779, 262, 33102, 718, 35, 4283, 3689, 9355, 284, 466, 326, 13, 51239], "temperature": 0.0, "avg_logprob": -0.1708520000631159, "compression_ratio": 1.5897435897435896, "no_speech_prob": 0.05540643632411957}, {"id": 68, "seek": 27836, "start": 295.88, "end": 300.04, "text": " Let us next understand what that framework is in detail.", "tokens": [51239, 3914, 514, 1306, 1833, 644, 326, 9355, 318, 287, 3703, 13, 51447], "temperature": 0.0, "avg_logprob": -0.1708520000631159, "compression_ratio": 1.5897435897435896, "no_speech_prob": 0.05540643632411957}, {"id": 69, "seek": 27836, "start": 300.04, "end": 304.96000000000004, "text": " If you haven't already thought through your values and vision at length, that's alright.", "tokens": [51447, 1002, 345, 4398, 470, 1541, 1807, 832, 534, 3815, 290, 5761, 379, 4129, 11, 326, 338, 23036, 13, 51693], "temperature": 0.0, "avg_logprob": -0.1708520000631159, "compression_ratio": 1.5897435897435896, "no_speech_prob": 0.05540643632411957}, {"id": 70, "seek": 30496, "start": 304.96, "end": 308.84, "text": " You should begin to do so now simultaneously.", "tokens": [50363, 921, 815, 2221, 284, 466, 523, 783, 11640, 13, 50557], "temperature": 0.0, "avg_logprob": -0.2714468208519188, "compression_ratio": 1.2685185185185186, "no_speech_prob": 0.3580250144004822}, {"id": 71, "seek": 30496, "start": 308.84, "end": 314.2, "text": " Let both the roads run in parallel and at the right time you will find a way to merge", "tokens": [50557, 3914, 1111, 262, 9725, 1057, 287, 10730, 290, 379, 262, 826, 640, 345, 481, 1064, 257, 835, 284, 20121, 50825], "temperature": 0.0, "avg_logprob": -0.2714468208519188, "compression_ratio": 1.2685185185185186, "no_speech_prob": 0.3580250144004822}, {"id": 72, "seek": 30496, "start": 314.2, "end": 314.47999999999996, "text": " them.", "tokens": [50825, 606, 13, 50839], "temperature": 0.0, "avg_logprob": -0.2714468208519188, "compression_ratio": 1.2685185185185186, "no_speech_prob": 0.3580250144004822}], "language": "en"}