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Did they really need a Startup CTO or Developer or both? Did they have a Weak DevelopmentTeam ? Understand where they were in terms of being able to pay or was this equity-only (sweat equity only). He needed some kind of CTO and as well Developers. There are cases where I will do equity-only deals.
Even with these, you will have paper-tested your MVP, but the reality is that customers will not be able to assess the value to them until they actually use it. If you are on the lower complexity end, the key is defining small chunks of work that can be done quickly by a developer. Review the code being built.
Many of the founders of these companies are surprised to learn that I'm willing to review what they are doing (maybe an hour) and get on the phone for an hour with them and provide free advice. Maybe you are wondering if you have a Weak DevelopmentTeam ? Do you have a Startup Founder Developer Gap ?
Many of the founders of these companies are surprised to learn that I'm willing to review what they are doing (maybe an hour) and get on the phone for an hour with them and provide free advice. Maybe you are wondering if you have a Weak DevelopmentTeam ? Do you have a Startup Founder Developer Gap ?
As a rule, you need to review your burn rate every month, and manage it every day. The cost of giving up more equity early is often more than offset by the increased flexibility to recover from mistakes. Pay people with equity or future revenue. The components are simple - expenses and income. Great strategy.
As a rule, you need to review your burn rate every month, and manage it every day. The cost of giving up more equity early is often more than offset by the increased flexibility to recover from mistakes. Pay people with equity or future revenue. Investors assume it will only go up with more funding. Great strategy.
Way back in the early eighties, I was privileged to be part of the original IBM PC developmentteam, led by Don Estridge. The burn rate was extremely high, with no one working for equity or deferred compensation. Internal legal reviews and required new processes were slow to finalize.
As a rule, you need to review your burn rate every month, and manage it every day. The cost of giving up more equity early is often more than offset by the increased flexibility to recover from mistakes. Pay people with equity or future revenue. Investors assume it will only go up with more funding. Great strategy.
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