I will put it straight.
We started as 3.
We met at a hackathon and hatched the idea.
We strongly believed in the idea.
We made a mvp prototype on one platform.
Two dropped out ( couldn't give full time and other ambitions in life).
I fine tuned the idea, organized the whole app process flow and started looking out for funds.
Been approached by few capital/funding firms. Will be presenting in front of them soon.
I tried hiring but the people i want to hire wouldn't join for nothing.
And the setup cost for systems for the developers is huge too (4macs, 3ipods, ipads).
i cant hire without funding and i wonder will anybody fund me without a team ?
thank you Sudhakar for replying. mailing you the details asap
Tough luck. I am in the same boat buddy. Most investors won't. It is a matter of de-risking the business' dependence on one person.
On the other hand, since you have an MVP, getting collaborators (not investors) should be a possibility.
This is what I am doing. I am spending few hours each day learning to code my self, put out the product, get some initial motion and then attract talent. Though I am stronger in business and marketing, I figured that it will be easy for me to find a co founder with business skills than technical skills. So I decided to become my own tech co founder and will then partner with business skills to manage other things. To me spending time to validate and push the first version myself is a better bet than spending time trying to find a partner (though you don't ever pass on opportunity to meet smart potentials).
Anyway, it is an alternate solution. Bite the bullet if you can. Too much time spent on raising money than actually making some is a tough course.
to take care of the development part, i have decided to "bite the bullet", since i am a technical guy. then may try outsourcing design and get some friend help me out with marketing.
But the thought of compromising on one step like design and marketing is upsetting me.
I came across this question while becoming investor ready, it goes like this: "What is your dream vision ? that is what if i gave you a bottomless pit of money-what would you do ?"
i think i should ideally tread that path, work should be done on that level without compromising. After all its your baby startup !
Quite tough ! Unless you have a lot of luck on your side along with a Brilliant product all sorted as a plan.
The VC will be a tough nut to crack.
The Indian Angels are who genuinely want to invest in projects are crippled by govt. policies !!
Sorry to be the carrier of not a very " optimistic " news but such is the reality of doing business here.
Sugandha no need to be sorry, thats the truth, as entrepreneurs we need to gulp down the bitter hard facts and move on. like many others i will prevail or get to know something new, isnt it.
I am all for encouraging the entrepreneurs in India.
Hopefully one day if I have the kind of resources where I get an opportunity to encourage I will.
I am so clear on what i shared as I have been on the road for a while, and though its not easy to sum it all up but you need to have a steely resolve. To keep the fire burning this is the best group in the country to draw inspiration as well as learn !
this group sure is. also a couple of others whom i owe a lot in t
Collborate collaborate collaborate with people in the same boat....look for small amount and small investors, take loan with family and friends. If you find 5 people interested in your post try to arrange for a meeting and have a joint forum and pool money...the investment only comes when you have working functional product and potential exist.
Also remember the small products are only successful if they are solving some client problem..Is it?
yes it is solving a particular problem.
collaborating doesnt content me as i think we need to give a lot of time to it for the next couple of months. Also geography sets us apart and i already tried working with geographically apart members, it consumed a lot of time and seemed ineffective to me.
i was wondering to hire interns from college. the place i am, i am confident interns would work for very less capital, they are impact motivated, but they will be restricted to limited time and wont continue as a "team" for long. Pondering upon it now
My advise is to not wait for VCs / Angels, they wont come in coz
Just get one of the above fixed first, and in my opinion Point 1 and 3, If you dont have a product which a customer is willing to spend money, then we are smoking high n dry !!
Dont think that VC money will let me buy everything I wanted for my startup, coz this is dangerous money, it wont let you decide anything other then the revenues :)
Do not think about vc at this moment just go ahead if possible invest and start with what you have,thats what we call a start up :)
Reach a point where with x amount of money you can generate y amount of profit, VC do not see the value x only see how much proportionate is y to x