Hello all,
I am in the process of setting a start-up. So far I have:
- I had filed for a Provisional Patent in US and successfully got approval
- I have samples created
- I have spoken to manufacturers and suppliers and have created a cost sheet to understand my revenue.
- Created a website that could accept pre-orders: www.tomkeypillows.com
- Currently working on creating buzz via social media
Being a new entrepreneur, I am a little lost and need some guidance and have few questions that I hope can be answered:
- Company registration? Do I need to register my company right now or I could once I raise money?
- LLC or INC?
- To raise funds at this point in time: should I run a crowdfunding campaign or start contacting venture capitalists?
Am I forgetting something obvious?
Thank you!
Rishi
Hi Arushi! Couldn’t find much on webpage. If this is really about pillows, crowd-funding might be a good place to start.
asha chaudhry
hey arushi,
i agree with rishi!
nowadays a lot of people have done reasonably well by going the crowdfunding route. use the search engine here and you will get a lot of info on crowdfunding –
https://www.therodinhoods.com/forum/topics/my-experience-with-crowd-funding
write to me asha@rodinhood.com if you need to help in sorting out the e-com part. i can connect with the zepo gang or sellmojo (they power facebook stores) – rockstar rodinhooders who will help you!
also, the co-founder of thehotstart – rajat das is a rodinhooder.
Veer Mishra
Hey Aarushi, So i am guessing that since you have filled a patent in US, you many want to register your startup in US itself, i will suggest you that you should read this post on how to do that easily https://nikunjagrawal.tumblr.com/post/73082617094/incorporating-a-us-company-as-a-foreign-national
Answering you 1st question: Its always better to have your startup incorporated if you are looking for a VC funding (because you will have to do that once any investor agree to fund you, so do it anyways)
2nd: Above blog post will answer your question on which type of company incorporation you should choose. But i will prefer you incorporate in the state of Delaware as a S-Corp. But do talk to a Lawyer first there (Hire a lawyer to do that, Ryan Roberts is the best option, lemme know if you want to connect to him, i can write an email).
3rd: About funds: If you have few pre-orders, i can suggest you to go for an angel investor with their feedback and see what shapes up. Or if you want to create a wave around your product, do a Crowd funding in partnering with some Digital agency who can help you spread it. [OR the best is always a mixture of both, build a prototype which you already have, get an angel on board and then do crowd funding to get pre-orders]
This is what i would have done 🙂
Aarushi Goel
Thank you Asha for the links.
I will need to figure out the e-commerce piece soon and will e-mail you.
Aarushi Goel
Thank you so much for Veer for such a detailed response. The link was extremely useful.
1. I am a US citizen who has recently moved to India but I was thinking of registering my company with the state of Delaware. If you could connect me with Ryan Roberts that would be great as I have bunch of questions.
2. About funds: I don’t have pre-orders yet. How do digital agencies work – do they ask a fixed fee or commission based? Any recommendations for digital agencies I can contact?
Thanks!
Veer Mishra
Anytime Aarushi. Sure so Ryan is a good friend and i will connect you to him. Can you share you email with me? I will do the intro. About Digital agencies, there are few in India itself who help startup at every stages. I also know a few who can be of great help to you, l do a email intro with them aslo 🙂
Just share your email.
Aarushi Goel
I have sent you a friend request and shared my email address
asha chaudhry
aarushi – if you take a quick look at our digital section – you will come across a lot of rodinhooders who run digital agencies.
use the search to look for abhik prasad, deep malhotra, pawan deokule, abey john and lots more!!
Abhik Prasad
Hey, Thanks Asha 🙂
Aarushi, This looks interesting, especially considering the fact that we had a baby 6 weeks ago…Could you share some pics of the prototype if possible.
If you are based in Gurgaon (or delhi) give me a call at +91 9999 334 995 or abhik@experiamedia.com
Cheers
Aarushi Goel
Thanks Abhik for sharing your contact info.
I based in Saket, New Delhi. I do have a prototype ready – would e-mail you few images by Monday.
Aarushi Goel
Thanks Asha!
Veer Mishra
Hey Aarushi, Do check as Ryan has replied to the email intro i did. Take it forward.
Aarushi Goel
Thanks Veer. I already did and he responded! LLC it is