A side gig app I was building for "fun" after work and weekends got attention of a notable VC. After answering some questions, I just received the news that they want to invest mid-high 6 figures into it for 10%. I don't want to quit my day job since I'm not 100% passionate about my app, nor is the funding enough to support a FTE for me to manage. What do I do with the money the VC is sending me? It's significantly more than what the cloud bill is. Edit: To add, I have zero experience in any sort of business. Just a 24 y/o male that was L4 SWE at Google, currently LinkedIn. I just found a gap in an industry, built a simple solution for it to kill time productively.
sell the company
Stupid question. How does one just sell the company? Do I just reach out to other VCs and see if any are interested in acquiring the company based on this valuation I got from this VC?
I just have zero business sense, and didn't think much of it while building the app
unrelated to the question, but I’m just curious as to how it got noticed.
Updated post. I built an app for a large industry with a commonly reported issue by customers that is widely known. I didn't think much of it, uploaded into app store. It's functional but the UI looks like garbage and had less than 100 downloads when the VC first reached out
OP, hire me I'll work on the app for 3% + negotiable salary
Genuine question: how would anyone on Blind know what the right thing to do here is? I doubt this is a common experience
I'd think Blind has the most active users with tech startup experience. At least from seeing so many startup offer evaluation posts
Double down, bring in folks who will make it a business. I am in the same boat, albeit unfunded but trying to get people involved.
I'm unsure if the funding I'll receive is even enough to hire a small team to turn this into a proper business/startup, and I honestly wouldn't even know what roles to hire for lol. I only know SWE, product manager, and an SDM. Those are all I've worked with in my 3 yr professional experience
That’s all you need for the most unless you have strategic partnerships that are required to make it big. Mid 6 figures is enough to last 1 year with decent salaries and cost to run the company. Happy to talk more if this helps and can help you build a business plan, not looking to gain anything, just offering help.
keep building it yourself without the funding and scale it if you get $3m+ in funding i think that’s when it’s worth it to quit your job
If you really can’t afford to quit your job, tell the VC if they can pay you $500k separate from the funding, telling them you need for financial security in order to work on this idea Before you dismiss this as ridiculous, the founder of buffer.com did exactly this years ago. They took $5M in funding or so and the founder took $1M as a payday as part of the deal Source: https://buffer.com/resources/raising-3-5m-funding-valuation-term-sheet/amp/ “One of the ways we came across to help us “go long” is for us as founders to take some liquidity. In this funding round, $2m of the $3.5m will be put aside for the two of us.”
This is really win-win if you can pull this off
What is you app ? Only if you want to put it out.
I wish I could work for you OP. Been at current role just trying to bring products to market with peanut salary and continues down-kill from management.
I am a PM with engineering background, I will work for you for free if this is interesting enough of a side gig.
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Does your job have policies against moonlighting? I’m guessing the VC would expect you to quit either way if you take the money.
I'm not sure what moonlighting means, but guessing it's got to do with having two jobs? I'm at LinkedIn and some of my colleagues, including manager, work on side projects for fun.