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How do I know that an idea is worth entertaining as a technical cofounder?

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Re: How do I know that an idea is worth entertaining as a technical cofounder?

#21

Post by gregthompsonjr »

alain94040 wrote: post #16

I'll give you the same advice I give everyone else in the same situation: don't rush to judgement. Plan on working with them casually over the next month and iterate on the mockup. By then, you'll have a much better understanding of what value (if any) they bring. How you work and get along together. Focus on refining the mockup, brainstorming ideas, etc. This shouldn't take too much of your time. As everyone else po…

Considering the other comments, I'm not sure it'll be worth spending the month with them, although, that's definitely a cool suggestion. I'm just going to pass and work really hard on the projects I'm going to launch this year. If their app idea happens to work and change the world, I missed out -- it happens (aggooonnnnnyyy -- hahaha).

Re: How do I know that an idea is worth entertaining as a technical cofounder?

#22

Post by gregthompsonjr »

HenryTheHorse wrote: post #20
gregthompsonjr wrote: post #18

Earlier quoted context omitted.

One works in film, the other is an electrical engineer who doesn't know how to write code.

Entrepreneurship isn't "We're going to defy ALL odds". You only pick the odds you can take on with your capital, time, effort and talent. If you win, you get to pick the next set of odds and so on. Right now, it sounds like your team will have to learn entrepreneurship, product management (which is not the same as software development), software marketing, finance, sales, raising capital, alliances etc etc. That's a…

Just thinking about all I have to learn alone causes an anxiety attack.

Re: How do I know that an idea is worth entertaining as a technical cofounder?

#23

Post by gregthompsonjr »

brudgers wrote: post #14

Forget about the idea. What matters is the people. In priority order: 1. Do you trust them in the "If I died they would make sure that my family was taken care of" way? 2. Are the executing right now even without technical talent? 3. Do they have a track record in the industry they are about to try to enter? That's it. Now the red flags: Do you really want to work with *two* idea guys? Do you really want to work with…

So far, they showed me video mockups of what they want built (they paid a graphic designer).

One of the big yellow flags to me was that they would be idea guys. They told me that they're willing to learn how to code, but considering they don't have super technical backgrounds (one is an electrical engineer, so he'd have the best chance at learning), they probably wouldn't be of aid in the interim.

Re: How do I know that an idea is worth entertaining as a technical cofounder?

#24

Post by brudgers »

gregthompsonjr wrote: post #23
brudgers wrote: post #14

Forget about the idea. What matters is the people. In priority order: 1. Do you trust them in the "If I died they would make sure that my family was taken care of" way? 2. Are the executing right now even without technical talent? 3. Do they have a track record in the industry they are about to try to enter? That's it. Now the red flags: Do you really want to work with *two* idea guys? Do you really want to work with…

So far, they showed me video mockups of what they want built (they paid a graphic designer). One of the big yellow flags to me was that they would be idea guys. They told me that they're willing to learn how to code, but considering they don't have super technical backgrounds (one is an electrical engineer, so he'd have the best chance at learning), they probably wouldn't be of aid in the interim.

1. Have you verified that the graphic designer was paid?

2. IMO, when it comes to going into business:

   Yellow = Red
3. What did they show you in regard to market validation, funding efforts, user acquisition, business plans, etc?

4. What does the buy-sell agreement look like?

5. What has the electrical engineer been doing that has prohibited them from developing a technical background?

Re: How do I know that an idea is worth entertaining as a technical cofounder?

#25

Post by mesozoic »

gregthompsonjr wrote: post #3
webstartupper wrote: post #2

I would sit down with the two guys and ask them the following questions - Who is our target market? Who are we building the chat app for? - How do we get traction in this market? - Who are our competitors? What is our differentiator / unfair advantage over them? - What are the monetization plans? - What is the end goal? Being acquired by a big company, IPO, lifestyle business etc - What are the responsibilities for e…

I think you're so right about these questions and how it relates to potentially convincing me. I had a meeting with them yesterday to discuss in more detail. I asked them questions like "What's supposed to separate you from all of the other chat apps out there?" I understood their idea, but I don't see it as very unique. I asked them about how they'd monetize, and they told me -- a lot of it depends on star power (bi…

If they can't convince you it's a good idea do you think they could convince customers or even investors?

Re: How do I know that an idea is worth entertaining as a technical cofounder?

#26

Post by gregthompsonjr »

brudgers wrote: post #24
gregthompsonjr wrote: post #23

Earlier quoted context omitted.

So far, they showed me video mockups of what they want built (they paid a graphic designer). One of the big yellow flags to me was that they would be idea guys. They told me that they're willing to learn how to code, but considering they don't have super technical backgrounds (one is an electrical engineer, so he'd have the best chance at learning), they probably wouldn't be of aid in the interim.

1. Have you verified that the graphic designer was paid? 2. IMO, when it comes to going into business: Yellow = Red 3. What did they show you in regard to market validation, funding efforts, user acquisition, business plans, etc? 4. What does the buy-sell agreement look like? 5. What has the electrical engineer been doing that has prohibited them from developing a technical background?

I never verified that they paid the graphic designer, but they told me they did (I took their word for it).

They didn't show me anything as far as validating the idea; nothing shown towards funding efforts (just, "I have people in my phone I can call right now for funds."), nothing towards user acquisition (I asked about their plan; one involved marketing against a hit movie's release).

No buy-sell agreement.

Not exactly sure what the electrical engineer is afraid of in terms of learning how to write code on his own in order to develop at least the alpha of this. He just told me, "It's not my thing." The other guy said something similar. Both said they're willing to learn but that it'd take them a really long time and that, essentially, because I already know how to do it, they called on me.

Re: How do I know that an idea is worth entertaining as a technical cofounder?

#27

Post by brudgers »

gregthompsonjr wrote: post #26
brudgers wrote: post #24

Earlier quoted context omitted.

1. Have you verified that the graphic designer was paid? 2. IMO, when it comes to going into business: Yellow = Red 3. What did they show you in regard to market validation, funding efforts, user acquisition, business plans, etc? 4. What does the buy-sell agreement look like? 5. What has the electrical engineer been doing that has prohibited them from developing a technical background?

I never verified that they paid the graphic designer, but they told me they did (I took their word for it). They didn't show me anything as far as validating the idea; nothing shown towards funding efforts (just, "I have people in my phone I can call right now for funds."), nothing towards user acquisition (I asked about their plan; one involved marketing against a hit movie's release). No buy-sell agreement. Not exa…

[disclaimer: this is just my take from far away and over the internet without a lot of direct context]

1. Calling the graphic designer yourself to find out about payment is basic due diligence. No one in business should take offense at it, in case you're worried. If someone does, that's not good.

2. If they're bringing you in as an equal equity holder, vagueness about funding isn't really a good basis for a partnership.

3. Tying into a movie release isn't a solid marketing plan for a startup. Sure it's nice to get a boost from lucky timing, but there needs to be a Plan A.

4. No buy sell agreement combined with pressure to commit is absurd: commit to what?

5. If the software is the critical bit of their business, not being into the software is not being into the critical bits of their business. Work with people who will take out the garbage and jump up and down on top of the dumpster if it won't fit when that's what needs to be done.

Questions:

Do they have a track record that you're not mentioning?

What are they doing day in and out to add value?

How will they be adding value if you come on board during the time you are working on the code?

Why no buy-sell agreement?

Why no business and marketing plan as formal documents?

What do you think will happen if you decline their offer?

Re: How do I know that an idea is worth entertaining as a technical cofounder?

#29

Post by nicholas73 »

brudgers wrote: post #14

Forget about the idea. What matters is the people. In priority order: 1. Do you trust them in the "If I died they would make sure that my family was taken care of" way? 2. Are the executing right now even without technical talent? 3. Do they have a track record in the industry they are about to try to enter? That's it. Now the red flags: Do you really want to work with *two* idea guys? Do you really want to work with…

Wish there was a follow button after these solid pieces of advice.

Re: How do I know that an idea is worth entertaining as a technical cofounder?

#30

Post by gregthompsonjr »

I politely declined their offer based on a lot of thought and a lot of consideration of your answers -- thank you all.

They texted me, asking for a decision. I texted back, letting them know that I'll pass but that I'll meet with them once a week for a little while to help them refine their MVP so they can communicate it to a developer. I figured it was a friendly offering of my expertise. I told them to feel free to utilize me in that regard if they'd like.

Instead of identifying the friendliness, one replied telling me that I'm either fully in or I'm out, implying that my offer was too half-assed for them. I was clear in saying that I passed on their offer to be one of their founders, so I didn't really understand what he wasn't clear on -- I plainly offered to help them refine their MVP strictly so they can execute as seamlessly as they could once in contact with another developer. I told them that when I received his response.

The other still hasn't said anything. And the one who initially responded hasn't replied to my last message. I'm assuming they're mad, although, that's not a very friendly way to reply, even after being rejected.

Now, I'm really glad I decided not to take on the role.

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