Berkeley CSUA MOTD:Entry 48021
Berkeley CSUA MOTD
2022/08/07 [General] UID:1000 Activity:popular

2007/9/11-13 [Industry/Startup] UID:48021 Activity:nil
9/11    I think I have a nifty idea for a software project, but since
        I am not independently wealthy AND I don't feel like having it
        ripped off so that I wind up with nothing, I was wondering if
        the MOTD could advise me on how I could wisely go about getting
        funding for this project, and protect myself.  If I should only
        stick with close friends and relatives, then I will do so.
        Thank you.
        \_ The most important thing is that TOTALLY COMPLETELY NOVEL and
           KICK ASS ideas that will make billions of dollars... are dime
           a dozen in Silicon Valley. Look at it from the VC perspective:
           "I'm a VC and every single day I get bombarded by 100 enthusiastic
           smart people from #1 schools who think they're the next Bill
           Gates or the next Google." If you accept this fact and understand
           why people don't want to pay attention to your GREAT IDEA, then
           you're ready for the next step.
           \_  Thanks for the reality check.
        \_ First advice is get some legal advice from a real lawyer.
           If you need venture capital, there are venture capital meetups
           that you can go to. There's one that's called STIRR (
           where they bring people together in a more social setting.  But
           if you don't need a whole lot of capital, you can also just take
           out a business loan. That way, if your idea succeeds, you can
           still own all rights to it instead of giving the VC a share.
           \_ 2nd time I've heard this nugget.  Thank you.
        \_ You should talk to some people who have been through the whole
           start-up thing before. Eventually, you will have to share your
           ideas to get funding (obviously) but you will need to do a bunch
           of things first. You can email me if you like, since I have
           worked at a bunch of startups, but never on the business side
           of things. -ausman
        \_ IMO, ausman's advice is good.  The best suggestion I have is to
           get a working implementation as quickly as possible and be prepared
           to iterate quickly.  Having a working prototype or later stage
           product significantly increases your ability to obtain funding,
           increases your valuation (i.e. you hand over less of your company
           for your funding), and offers some protection.  Generally speaking,
           VC's don't sign NDA's.  You're welcome to email me too,
           as I've worked at a bunch of startups (working for one now) and
           have worked on the business/funding side of things in the past.
2022/08/07 [General] UID:1000 Activity:popular

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