So I met this guy (through a trusted connection) who has an interesting idea of an app in a domain that I know really well. The guy is non technical, knows market well and has great connections in the early adopter market. He's currently got quite a bit of cash and is playing angel investor, not working at the moment. I know the technology really well and know how to apply it to the problem. I'm also good at making things happen when it comes to shipping, launching, setting up partnerships, getting marketing materials, etc. This can grow into $1m/y business within 3 years, with investment of $100k or so (can probably start seeing revenue after $20k). Not great, but not terrible. I'm currently working FTE and have no intention (ability) to quit. Also, I don't have a lot of my own money to invest in this (barely have any). This isn't something that I will quit my job over, but can be bringing in nice income eventually, if not too diluted. Can't decide how to approach it. At this point he needs engineers to build the thing basically, and validate it w users. I can bring in my expertise to help find engineers that can get mvp done, write some code myself, set up all the cloud accounts/ml pipelines, etc. Should I ask for partnership and go 60/40 assuming that the guy brings in cash/investors? Shall I just treat this as consultancy and ask for hourly fee (how much?) Are there any other options? TC 220k
how can I invest? I like your enthusiasm! I’m entrepreneurial dev w full stack exp also not planning to quit my job w TC 260k but have flexibility. what are we building?
IOS app with cloud backend and an ML service. But devs I'd use will charge $30/hour and will be happy with it :)
mmhmm hiring in bangladesh?
Go for equity.
How to frame it properly? Should we incorporate on day 1 and write down shares? Seems a bit too fast. What do people do typically?
Yes, basically that. But don't think you have to wait to file some government template documents. Literally just write "Company is a partnership owned 50/50 by the undersigned" and then both sign two copies in front a notary public. One for each of you. Done. The rest can be worked out later by your respective lawyers. (Don't have the same lawyer as your partner.)
How do you have barely any money at 220K TC? Not trying to be mean but genuinely curious
Have you ever read a book called Slicing Pie? It gives you some tips on how to do this. Seems like a good use case, he has money, you have time, decide your hourly rate and track your time to create an equal investment.
One by Mike Moyer? Nope, thanks
slicing pie is too much mental overhead, partner 50/50 on vesting schedule or gfto
Consulting would make you unhappy and will hold you back in the long run....
How normally ceos come from consulting
lol. $400K TC and always growing, 10YOE, consultant, 12 weeks of vacation a year, and zero commute since I work from home. Consulting is the best thing I've ever done. Not for sheep though. You have to be your own boss.
What kind of gross margins do you expect on that $1M of revenue?
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Get down on one knee in a romantic setting and just say what’s in your heart.
He's married and has kids, that train has left the station 😭
Be a side chick then