Don’t have the coding skills to build it myself. Had a soft pitch convo with some VCs and they said “sounds fantastic. How much do you think you need to get it off the ground?” I was like “uhhhh I didn’t think I’d make it this far I thought I’d get torn apart on questions.” They were like “nah actually don’t have any that was pretty thorough.”
I have hand sketches and a mental roadmap of exactly what I want to do but to be clear there’s a fuck ton of data to compile and enter on top of the coding to build out the mobile / desktop apps + website.
Should I just start with a full 30+ page business plan? Prototype it somehow? Hire a freelancer to build the MVP? I need front end, back end, database, researchers to gather info to put into the database, there’s a lot of work and I don’t know where to start.
- Google bupkis2Sounds like the first step is to find a business partner who knows how to bootstrap a project from scratch. Ideas are a dime a dozen. Execution is everything.
- Samsung bcdn07Be goal oriented...first major goal should be to earn that 1st $ of revenue. So working backwards from that
1. Need a paying customer
2. Need to convince customer of value of product
3. Need a MVP that demonstrates sufficient value prop
4. Need to build MVP
5. Need to spec MVP
- Part of the conversation with the VCs was whether I needed VC funding vs angel investing. They said generally, 99% of people seeking VC funding actually only need an Angel investor. VC funding is for when you don’t expect to make money for the first year or two or three or five as you grow. Which is what I expect. User base and experience will be the primary initial focus along with culling a shitload of data.Nov 25, 20180
- New CiOI38I've never known a VC to say "no questions, that's thorough". Their job is to be very skeptical - poke holes (for them to learn AND for you to learn). Unless we're talking "VC == angel investor" and in the low $100k's from a distributed fund.
But to your point - prototype. If you(r team) can't build it, nothing else matters. Prototype without code, or with as little code as possible.
- Cisco / ProjectJuan TutriI’d imagine if this had been a full pitch meeting they’d have had a lot more questions. This was more of a pre-pitch “hey am I even on the right track with this” conversation. That being said, I covered the short term and long term goals and possibilities, target market, current competitors, similar products, multiple monetization options, and a few other things.Jan 290
- Amazon / EngDaaamDooodmorePartially agree. What matters more for raising funds seems to be active users and the growth rate, but this is true only very very early on in the game.
To survive beyond say 2 years, without any revenue and without any plans for revenue, you’d need to be massively popular (think Twitter). It’s a far more saner approach to start with revenue as your mindset.