Startups Share your startup - March 2019 |
- Share your startup - March 2019
- Taking a $115K job or going full time with my startup
- Palms are sweaty, knees weak...
- Deal terms for CEO joining early stage startup
- Is it legal to copy your previous company's product after more than a year?
- can you correct my confusions - how do options, incentives, and strike prices work?
- Running a Second Startup as a 25yo CEO?
- Post-Pitch VC feedback
| Share your startup - March 2019 Posted: 01 Mar 2019 03:08 AM PST Tell us about your startup! /r/startups wants to hear what you're working on! Contest mode is on, so remember to select 'Show All' to see all the replies. If you don't see your post, you probably need to load more comments at the bottom. Also, all posts are sorted randomly, so the sort function doesn't seem to work.
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| Taking a $115K job or going full time with my startup Posted: 01 Mar 2019 11:47 AM PST I just want to caveat that I feel very privileged to be in this situation. I previously worked for a large corporation and decided to work on a startup idea which has gotten a lot of traction plus an overwhelming support from the community I am in. We have an MVP, pitching to angel and moving fast. However as you guys know execution is everything, and the chance to fail is high. I was recently offered a gig that another startup without equity and is very well paid with awesome growth path. I'm in my mid twenties and I worked my ass off everyday to get here. I wonder if any of you have similar experience - how did you make your decision, which path did you chose, and how did it work out for you? [link] [comments]  |
| Palms are sweaty, knees weak... Posted: 02 Mar 2019 12:20 AM PST Hey guys, for the past couple of days I've been spending time on this subreddit, wondering if I should even type this down. So I'm an international student currently pursuing my masters. I always was drawn towards being entrepreneurial but, situations had always never given me the chance to make great leaps. I'm the product of a flawed educational system, with archaic theories, having spent the first six months in uni, updating myself, just to catch up with my peers. Anyways, I decided that the only way to stop dreaming is to wake up and decided to implement an idea that my mate (MS Computer Science student) and I could develop in time for our universities startup challenge. I have a finance background, with no knowledge of how startups work. I'm 22, an international student with nothing to show for the last six months except for high grades and, a crippling substance addiction due to a shitty mental state. I'm clean, got my shit together with the new year, equipped with a "komorebi" view on life and got my self an internship in the same accelerator I hope to pitch my idea and product. The elevator pitch is, we want to build a full stack application that delivers fresh food, competitively priced and with a daily rotational menu with fast delivery. And how we manage to give you gourmet food for a great price? Because we control the supply chain, which means that the food comes to you from our kitchens via our delivery drivers. My principle goal is to try to give back to this country, by providing a platform for trained chefs to make their menu with beautiful local produce. Maybe, a program for culinary graduates or something... We have already purchased a domain, and I've created a logo. Currently, my partner has decided to get done with the website first and, then get to work on the application. I plan on getting the prototype down, with some research validating my idea and pitching it to the accelerator I intern at. Guys, any advice would be appreciated. Thank you for taking the time to read this. Have a good one! [link] [comments]  |
| Deal terms for CEO joining early stage startup Posted: 01 Mar 2019 09:12 AM PST Three well-respected professors (from Ivy league) started a data analytics company about 2 years ago. They have experienced some traction, but they lack the marketing/sales component and do not have the time or the desire to do the "grunt" work that is necessary in a startup. They are all older and have had incredibly successful careers before entering the world of academia. They have deep connections to some of the largest companies in the world (that would potentially become the biggest customers of this data analytics company). The company is still very early-stage. They have not raised any venture funding. It's been 100% bootstrapped by the professors (they all have sufficient capital). The team of professors is looking to hire a business operations person, i.e., a "CEO." The vision of the professors is to hire an "operations" person that will run the company, build a team, etc., and the professors will then transition into more of an advisory role (serve as Board Members). The professors are funding the venture. The CEO is not required to contribute any capital (at least right now). The professors also make up an all-star board that will make it 100x easier to raise money down the road from high quality VC's. What is a fair (or normal) deal structure for this "CEO"? Should the team offer this person a standard 4-year vesting agreement with a 1-year cliff? Pay the person a salary first and then offer potential equity (least desired by the professors)? In essence, this would be like the first employee... although this employee is going to be running the business and responsible for scaling the company. [link] [comments]  |
| Is it legal to copy your previous company's product after more than a year? Posted: 02 Mar 2019 01:09 AM PST Basically what it says in the title, and throw away account. my ex company has a thriving business model and product that I wish to copy because I think it's a great idea and I want to build it myself. I know working from this previous company, you know the ins and outs and what it takes to recreate it. From what it took to grow it through analytics, marketing techniques, same business model and application experience. just having a different brand and possibly a slight differentiation. I know it's totally okay since all ideas can be recreated but I used to work for this company. Is this legal? If no, to what extent can it be legal? [link] [comments]  |
| can you correct my confusions - how do options, incentives, and strike prices work? Posted: 01 Mar 2019 09:48 AM PST I am obviously confused, so you may want to start by introducing concepts you think I probably do know. This is the scenario I am thinking of: I have a company that is valued at $10M. Idea Guy comes up to me and says, "I have this idea worth $10 billion to your company. even if you execute it poorly, you will end up being worth $100M. If you execute it well you can become one of the greatest of the greatest." I can't judge their idea but I want to have a $1 billion company. So I would like to motivate him this way: "Look if you're so right about this why don't you work for free for options with a strike price at $50M -- five times our current valuation -- and if the company becomes worth $100M as a result of your idea those options will become very valuable. " Now what happens if idea guy is right and the company becomes very valuable, such as going public and reaching a valuatino of $1 billion? Options are only a "right" to buy. It's not like he gets free stock once our price reaches $50M. So can you clear up my confusion and talk about how options with a different strike price could be used as special kinds of incentive? the "problem" I'm trying to solve is asymmettry of knowledge and vision, when an idea person is bringing a new idea to a company that they say is very valuable, and where the company wants to motivate them on a wholly contingent basis - if it really is that valuable. And doesn't want to pay anything at all for normal increases in the company valuation. so as you can see I have a lot of confusion wrapped up in my question. Feel free to ask me about any followup questions, about why I'm asking this, my assumptions, what the goal of my question is, etc etc etc. I do feel that I likely have some wrong basic assumptions. [link] [comments]  |
| Running a Second Startup as a 25yo CEO? Posted: 01 Mar 2019 07:25 PM PST I have a great idea, the beginning of a team that are all so far willing to work for equity at least initially, good contacts, 80% of a business plan/road map for 3 years, great leads for potential investors and advisors. But I'm a 25 year old CEO of a biotech startup, 3 years experience, and I don't want to spook my investors/cofounder/network, or in any other way harm my first company. How typical is it that someone would run a second start up? When should I share this with investors/team in the first start up, and when should I make it public? Anything else to be aware of? There is nothing legal stopping me. [link] [comments]  |
| Posted: 01 Mar 2019 05:27 PM PST Our school had our startup pitch competition today and my team didn't make it past prelims. However, I gained a lot of feedback from peers. After the announcement of finalists, I went over to my room's judges to ask for advice and feedback. I gained a huge insight into our pitch's flaws and I was thoroughly impressed by the amount of value behind what they had to say. In the real life, is it normal practice for startups who go into pitch their ideas to VC be rejected and go back and ask for feedback? Or is that not a common practice? Also, I'm aware that many real life startup pitches don't use the format Shark Tank uses. How do startups propose their valuation and their funding amount? [link] [comments]  |
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