Startups Someone at my company said I must report all my ideas and want 60% of it |
- Someone at my company said I must report all my ideas and want 60% of it
- Salary advance
- Is there a risk for tech startups using social logins?
- About 1/3 done with my MVP, should I quit my job?
- I need career advice. What is your opinion on my CV, entrepreneurs of r/startups?
- What happens to founders Convertible Notes if we achieve the dream and successfully bootstrap?
| Someone at my company said I must report all my ideas and want 60% of it Posted: 07 Dec 2018 04:13 PM PST I recently spoke with someone at my company where I work to ask about resources for innovation stuffs. I vaguely mentioned my startup idea and he said the corporate policy is that all ideas comes out of knowledge in my field while I am still an employee are considered their Intellectual property. I am little bit confused because 1/ there isn't any IP nor proprietary data, It's just an application of AWS 2/ I work on my own time and I made it clear I worked on weekends 3/ can't clearly define knowledge from work because my role isn't related to this at all. What interesting is that they would help me to do everything from starting a business to develop out the tech, and file for a patent (which there is none). But they will take 60% of the profit (does that mean they also own 60% of the company?). I didn't submit anything since then. Afterwards he wrote me a congratulations email on "creating a prototype" Ccing a few people. I reply "It's just an idea I am toying with but maybe useful" I don't really have anything to lose (literally). It's just an idea and zero proprietary process. If they wana do it they can just hire a developer and do it tomorrow. I need some suggestion whether what I should keep in mind moving forward (I will quit my job as some point). [link] [comments]  |
| Posted: 07 Dec 2018 04:49 PM PST Hey guys, I'm a co-founder of an LLC and over the summer, to preserve some runway, I stopped taking a salary for a few months and subsequently accumulated quite a bit of debt onto my credit card. Fast forward to this week and we secured a new round of funding (!!) which will give us the ability to - among other things - pay me and my confounder a proper salary. One thing that I'd like to immediately do is draw out a "chunk" of my new salary in one lump sum - to pay off my debts - and subtract that from my new salary. Just wanted to check and make sure that's fine and that I'm thinking things through properly? Just to be clear, it's an owners draw, and I'm not paying myself back from lost income but rather taking an advance. Thanks! [link] [comments]  |
| Is there a risk for tech startups using social logins? Posted: 07 Dec 2018 06:31 PM PST If a tech startup launches a website or app, and it only offers the ability for users to join the site through their existing social accounts using social login (e.g. Facebook, LinkedIn, and Twitter) is there a risk that one of those major companies could deem the tech startup a competitor and threat to their own business, then block their users from being able to access / log in to the tech startup's website? I wouldn't want to launch a website, have it start growing, then one of the major social companies blocks access and tries to undermine the website they feel is a potential competitor. Should the tech startup only offer normal registration through the website (using email and password)? [link] [comments]  |
| About 1/3 done with my MVP, should I quit my job? Posted: 07 Dec 2018 03:01 AM PST So I've been coding my MVP (actually more like Beta version) for a while. Long story short, my day job has been stressful (politics, among other things), and I really want to just buckle down and focus on my startup/MVP. My day job is currently paying my rent and allowing me to stack maybe half a month's expenses on average every month. I have 4 months' runway now. Pros of job:
Cons of job:
My MVP isn't making money yet obviously, but I'm quite confident I can make it work if I have just 2 months uninterrupted. It's a B2B SaaS web app for a niche/vertical. Right now, the coding is moving at a snail's pace, and I feel like I can work a lot faster without a day job in the way. I could always start looking for another job if it seems like it wasn't going to work out. Thoughts? Edit: I must state that the only reason I have this thought is that, for my first startup, I finished my MVP during summer in college, took a leave of absence immediately after that, and then got to ramen profitability within three months just coding alone. I know every market is different, but I don't mean to sound like I have no basis for believing that it's doable. For now, it seems like I'm keeping the day job. [link] [comments]  |
| I need career advice. What is your opinion on my CV, entrepreneurs of r/startups? Posted: 07 Dec 2018 10:34 AM PST Currently I am thinking a lot about careers, since I will be unemployed in a few months from now. I would like to hear your objective opinions on what I have done so far and what I should do with my life or where you could see myself in the next years :) I hope your opinions will broaden my view a little help me make the right decisions. What I have done so far: I (27 years old) am from Germany and worked a year in the Silicon Valley after I graduated from high school. There I started a screen printing company and fashion label with a few friends. A year later I left the US and went back to Germany. I studied business administration and started a company with a fellow classmate and two more partners. We had an idea for an app, found an investor and started coding. Unfortunately we underestimated effort and expenditures and resorted to agency business (basically UI/UX Design and App Development) on the side, in order to finance our company. But it worked out, even though the times were not easy. A VC was interested in our app and we concluded two financing rounds with them and were able to employ 12 people. After it got going I resigned from the operative business of our company on amicable terms - still keeping my shares though. Reasons were diverging opinions concerning the strategic direction - but as I said, I left on good terms, there is no bad blood, we are all still good friends. I got my degree in business administration and was offered a job as a research associate for entrepreneurship and startup counselor at my university. Since I wanted to also get a masters degree, I accepted, since it was easily reconciled with each other: Right now I work 30 hours a week for the university and have time to continue my studies. My masters degree focuses on finance, law, taxation and public auditing. I started this degree since I always felt more like a CFO and not like a CEO. There were a number of instances where I was happy to have my company partners make decisions instead of me. Also I liked building a reliable business organisation and administration. I also found the financing rounds extremely exciting. I was working days and nights to put the financials together and it felt very gratifying when everything worked out and the financing rounds were concluded to everyones satisfaction. I am also more an introverted type of personality I think, rather than an extroverted CEO-type of personality. My current job will end in a few months, but I still need about another year to finish my studies and get my degree. So next year I will apply for part time jobs, since I probably won't start another company during my studies - also: I do not have a good business idea that excites me so much to take the risk again. But I love the startup life and entrepreneurship. I thought I should start my career in the field of VCs, but I am not sure if this is the career I really want and those I know will probably not hire part time. Currently I code a lot in my freetime, especially DeepLearning algorithms in Python and WebApps with Flask and Django. Even though I have a business background, I think I have good understanding of digital products although I might not be as good as a "real" developer. If you continued reading until here: What is your advice for me? As I said I thought about applying at VC's, but I am also thinking about applying in project management or as a product owner in some sort of consulting firm. I could see myself also working at a startup or consultant, but I am not sure I someone will hire me part time while still not having my masters degree. Do you have any suggestions? Any companies that you could see myself in? What do you advise me to do? I don't take decisions like that lightly, so I am very grateful for your suggestions and value your opinions a lot. Thanks in advance! [link] [comments]  |
| What happens to founders Convertible Notes if we achieve the dream and successfully bootstrap? Posted: 07 Dec 2018 09:55 AM PST hi, I found a similar thread about SAFEs, but not sure about CNs. Basically, my business partner and I are bootstrapping our Delaware C-Corp for now. Let's say we both put in 25k each into the business via Convertible Notes. Depending on how prototyping and testing goes, there is a possibility we would soft launch without taking any outside funding. If we achieved the dream and gained traction, we may not even need outside funding at all. What happens now to our 50k? What scenario have you seen or experienced for yourself as being "common"? Would we just pay back the debt as cash with interest? If not, how do we determine the fair valuation of the business to have the note convert to equity? My partner and I are not 50/50 equity holders (60/40) if that makes any difference. Thank you! [link] [comments]  |
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