| I would sit down with the two guys and ask them the following questions - Who is our target market? Who are we building the chat app for? - How do we get traction in this market? - Who are our competitors? What is our differentiator / unfair advantage over them? - What are the monetization plans? - What is the end goal? Being acquired by a big company, IPO, lifestyle business etc - What are the responsibilities for each of the three founders? How would each of them add value to the business? - How would we know if we are on the right path? e.g. x% per month increase in number of users/messages/revenue etc At the end of this, you will either be sold on the idea or you will not. I'd advise you to join only if the two guys are able to convince you of the idea. |
I had a meeting with them yesterday to discuss in more detail. I asked them questions like "What's supposed to separate you from all of the other chat apps out there?" I understood their idea, but I don't see it as very unique. I asked them about how they'd monetize, and they told me -- a lot of it depends on star power (big people using the app in order to entice potential users). I wouldn't consider myself business savvy by any means, but that plan doesn't seem like something solid.
They told me they can make one or two calls to get funding, but that they just need an app. In my minor experience, the funding part of the operation isn't even half the battle. So, even if it is true that they can get funding just like that, it doesn't mean that this idea is strong enough to make a sustainable, considerable profit (then again, what is?).
One of the founders brings connections, but I'm focused on the idea and how it's solving a problem. I asked if there's a problem being solved, and their answer wasn't very strong.