| Finding a technical co-founder has been surprisingly difficult as I've worked through my network of college buddies. The project is risky and I think my buddies who are also trying to establish their careers are more tentative than I thought they would be about this. The people who like this project the most are the industry contacts I've pitched to. Essentially I've got three believers in my product: the IP lawyer I consulted with in fall of '09 when this whole thing started, the former coworker who is also a "guerrilla-style" marketer/graphic designer/photographer, and my current coder who I've contracted to do $2K of work to build the alpha prototype. As far as investors go, I think the recession of '08 shook people's perceptions of Wall St. and made it easier for startups to argue for funding from individuals. I make the case of, "Hey, you lost how much in your mutual fund? This product is a high risk to be sure but the potential return for a small amount of cash is astronomical." I never say those words exactly of course but that's a theme of my financial argument to investors. Its very very cheap to start a web company and I'm trying to run it that way. As far as my status of being a nontech guy without money, that's true to a certain extent because I have no formal training. I have been working a lot on developing the marketing and product design end of things. Graphic design has been a hobby of mine for a long time so I've been doing all the initial UI design. I guess that's my "sweat" contribution to the thing so far. There's always talk of "value" with startups. I would argue my "value" to my startup is in the fundraising, conceptual development, and UI design end of things. I communicate well with investors, I'm comfortable speaking to people because of my teaching experience, I know the difference between selling and educating (thanks to two failed attempts in sales) but I can do both if necessary. I also have talent in graphic design and can create meaningful mockups to guide coding development. People pay for those two functions in the industry. A lot of R&D money goes into developing ideas (Google Wave anyone?) so the conceptual work I've been doing is also not without value. The only difference is that I don't have formal training so it takes me longer to develop these things to industry standard formats because I don't know what developers need to create a quality product. I'm learning though. |
If some business guy without money approaches me and claims he knows how to raise money, well, maybe he does and maybe he doesn't. How would I know? but if the same guy approaches me and can prove that he's already raised $bignum dollars from various investors, then I at least know he's good at raising money. I mean, that's not the whole of the business guy job, but it's certainly an important part.