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 (stirr.net)
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.
-dans |