Startups Tuesday Operational Roundtable - A Forum to Ask About Legal, Accounting, Project Management, or How to Get Started |
- Tuesday Operational Roundtable - A Forum to Ask About Legal, Accounting, Project Management, or How to Get Started
- I just found out an app exists that is 90% similar to the idea I’ve been working on for months
- A startup story from hell
- I'm contemplating quitting my job to start my own company, what's the worst case scenario?
- I’ve raised $20m+ from VCs. I made this step-by-step infographic to help founders determine if they should raise capital for their business or not
- Is there any way to avoid paying a 30% fee on app stores?
- TrackMyBacklink.com - Track Your Existing Links
- I am in the middle of outlining roles + responsibilities for myself and my co-founder. How detailed should I be?
- *HELP!* Problem creating a Business Bank Account as a new 18 year old.
- How much of a bottleneck are the health regulations and clinical tests in a biotech company?
- If $350,000 fell into your lap, what would you do with it to make it grow?
- Where and what kind of licence do I need to use fonts for my app?
- Early employee salary post series A
- How do real estate startups start? (WeWork / GreenDesk)
- Is White-Label business a valid option for a first time entrepreneur?
- Choosing location
- How do you charge and collect payment for a mobile app business? Is it Stripe? Is it Google/Apple Pay? Or both? How does it work?
- How to find a lawyer to review an Options Agreement?
- What's in an address? (Physical address/mailing question)
- How to be more strict with employees?
- Ideas for a startup revenue model
| Posted: 08 Sep 2020 06:05 AM PDT Welcome to this week's Operational Roundtable Thread. Ask about anything related to legal, accounting, project management, or how to get started. Don't be shy. The purpose of this is to learn and share ideas and methodologies with one another. Any question is a good question! If you are answering questions, remember to be kind and supportive. Many are just starting out and have no idea what they are doing. That's okay! We all knew nothing before we knew something. You can also find more support using instant chat on the /r/startups discord. [link] [comments]  |
| I just found out an app exists that is 90% similar to the idea I’ve been working on for months Posted: 08 Sep 2020 02:31 PM PDT So I've had an idea for a couple years that I recently decided to actually pursue. I've built a brand, website and have put a lot of time and some money into it. To my knowledge, there was no service or app for what I had in mind and it's an industry I am very passionate about so naturally I was very excited. Today I discovered an app that was launched in Feb of this year that does pretty much what I was planning on doing, just a little more basic and a few less features than I had in mind. The app is something I'd probably try to use myself if I wasn't trying to pursue my own. I felt crushed. Of course I thought of just scrapping it and moving into the next one, but this is what I want to do with my life and I genuinely care about it; wether I make money or not. I think I've convinced myself to keep going and just be better/different than them but it's still bothering me. Does anyone have any similar stories to tell? What did you do? How did you deal? Do you move on? I'd love to hear some experiences that might help me gather myself back together. [link] [comments]  |
| Posted: 08 Sep 2020 06:13 PM PDT Startup-life can be really, really crazy at times. The story below happened to me recently. What's your thoughts on this, what would you do? It's a long read, but here is a TLDR; TLDR; Joined startup as co-founder, worked 6 months for equity only, fired for no cause, threatened with promises of violence if I didn't sign termination contract. Also had my reputation damaged when the CEO sent emails to my network stating I was a scammer and thief, in order to pressure me to sign the contract. February I was contacted by the CEO of a software startup, and asked to join the company as a Project/Product Manager and co-founder. The company was at this time without technical employees, and the development process had been at a standstill for several months since a contract with an agency had expired. My task was to restart the development process by hiring new developers and managing the development team. I joined because the product was really nice. A beautiful app I definitely would use myself. I also liked the drive of the founder. He had a strong CV as well. I joined the startup on an "Independent Contractors Agreement", where I was told this was to test how our collaboration would work out. If I would be fired or quit in this period, I would have a right to compensation according to the hourly fee stated in the contract and the hours worked. April I join the startup officially as a co-founder with 12.5% equity and sign the Founders Agreement. Another co-founder also joined at this time. 1 year cliff, 48 months vesting. June The 3rd co-founder is fired since he didn't have time to work without pay, and I am sent a contract where I agree to that the 3rd co-founder leaves the company. There is also a point in this contract where I agree to let go of any financial claims related to the "Independent Contractors Agreement". In retrospect, it seems very strange that this point was added in connection with the firing of the 3rd co-founder. But I was cool with it at that point because we had an oral agreement from when I joined in February, where we agreed to forget about the independent contractors agreement and rather shorten my vesting schedule with a few months. So, the vesting was also changed at this point, reduced by 3 months. A week later After 60+ rigourous interviews, I hire 2 developers I am thrilled to work with. I know the CEO would never be able to find these people himself, he doesn't have both the technical nor the social skills to do that. Recruiting is hard in the first place, and it is even harder to recruit senior developers for equity only during Covid-19. So this was a major achievement, in my opinion. Turns out this achievement was the beginning of the end for me. We have planned to start a 2-week sprint starting in the afternoon. Beforehand, I have been asked by the CEO to list the planned tickets in a form with time estimates from the developers. I told him several times this didn't make much sense, but that I would do it. I asked the developers to give me an estimate and have it ready by the start of the workday (they live in 2 different continents, so they start working in the afternoon local time). The reason I think it didn't make much sense is that the developers couldn't possibly give time estimates this early. They just joined and are not familiar with the codebase. We need to have a thorough discussion about the tickets before we start the sprint. In any case, this shouldn't be the CEOs business, I am the one managing the developers. But he is extremely micromanaging and distrusting in general, so this was common behaviour. Around 14:00 the CEO asks me why the form with the time estimates is not yet updated, and I reply that the developers have not responded to me yet, but that he is not to worry, as the workday hasn't started yet, and we in any case will have to discuss the tickets with the developers when the meeting starts at 16:00. The CEO does not agree with me, and fires me on the spot, by saying "This is not working out, I will find another project manager" I immediately understand I will be leaving this company no matter what, as we can't continue from here. He is obviously a complete douchebag, and is basically firing me without good cause. I am supposed to get a 30-day warning in these cases according to our contract. So I respond quickly, and tell him I am leaving, while also mentioning how I think his leadership style is severely lacking, and other things I feel is dysfunctional in the company. I am polite though, and end it with saying I am sorry it had to end this way. The only response I get back is "thanks". Following this, all the other employees in the company (3 of them who I recently recruited, in addition to the CTO), contacts me and say they are very surprised about the news, and share their sympathies with me. My access to all accounts (Slack, email, Jira, etc) is revoked within 30-60 minutes after my chat with the CEO. Slack was also where we had our last chat, so I didn't even have time to save our chatlog. If I hadn't been working remotely, I am sure I would have been escorted out by security guards. I felt very disrespected. It also felt like this was planned ahead. I did my job, solved a problem, worked for free for 6 months, and got kicked out right after I recruited a backend dev who got the same amount of equity as me. So in essence the guy I recruited will get my equity. Mid July I am sent an termination contract, where it is claimed that I am terminated due to bad performance, and that I am therefore a "Bad leaver", meaning I have no rights to equity or compensation. I did not sign the contract, as I knew this was a lie. I respond to the sent contract, that I am going to have a lawyer look at at it and that it may take some time. I was strongly considering taking legal action, but was on the fence due to not knowing how good a case I had. Also was exhausted after spending 6 months of my time on this for nothing, and wanted to enjoy my summer holiday. So I let him wait, as I think it's my right to get some time to think about this. August The CEO contacts me a few times and asks about the status on the contract, I give the same reply, that he will have to wait. We agree on him coming by my apartment to pick up a phone the company bought me. He never shows up, despite having made 2 appointments with him. I think he doesn't have the guts to face me. Late August I am contacted again and asked about the contract. This time I told him I can't sign the contract as it stands. I gave him the option to send me another contract where it says I quit. I decided it was not worth more trouble, I am just going to close this chapter and move on with my life. A lawsuit would be time consuming and expensive. By this time I am also well involved with another startup, both receiving equity and salary, so I don't want more distractions. KABOOM! The CEO explodes in a raging fit and sends me threatening audio messages. I am told he and several others with "Russian connections" will come to my apartment to pick me up if I don't sign the contract, and "anything can happen, who knows". He even claims the angel investor is the one with Russian ties, and is the one I should fear. I can hardly believe my ears, this guy is batshit crazy. My wife got very upset by this, the rest of my family as well. (Note: I am in a Western European country) He also threatened to send emails to people in my professional network. Which he ended up doing shortly after: Later that day, I am contacted by people in my network, saying they have received messages from the CEO stating that I am not responding to emails and that they are looking for me - and that I have an iPhone that belongs to the company. I am, effectively, labeled as a thief and scammer. I seize communication with the CEO at this point, as it is getting way too weird for me. He's clearly out of control. He later sends me screenshots of some conversations with people in my professional network, where he is telling them I have this phone and is not responding. I am then contacted by the (interim) CTO/tech advisor in the company who apologizes profusely for this behaviour, and asks how we can proceed from here to solve the problem. He offers to mediate. I accept and tell him I want an apology and retractment sent to everyone who has received messages about me, as well as documentation of this. I also again request a contract that states I quit of my own free will. Even though I am clearly quitting due to force and threats, I don't want to have anything to do with the company, it is mentally exhausting. I have to say though, the CTO is a nice guy, I have nothing against anyone in the company except the CEO. Last update: September: I still haven't received any documentation of the requested apologies and retractions sent to my professional network. I don't think it's going to happen due to his massive ego, therefore I have decided to file an injunction order against him, which will force him to send apologies/retractions to my network, as well as hindering him in sending further emails about me to people. I am also considering reporting him to the police for the threats, but not sure. [link] [comments]  |
| I'm contemplating quitting my job to start my own company, what's the worst case scenario? Posted: 08 Sep 2020 11:39 PM PDT I'm 26, single, with $200k in savings, and I am also a caretaker for my disabled brother. I've been contemplating quitting my full time web dev job or going part time to pursue entrepreneurial endeavors. The thing is, i dont have that much experience. I only have 1 year of web dev experience. But I've been spending much of my free time building an app that uses crypto microtransactions, and its the only thing that excites me nowadays. If I were to quit my job, and go full time entrepreneur mode. Would I still be able to re-enter the workforce if I fail miserably? I make only $45k per year right now. I feel underpaid, and I feel like my growth has stagnated at work, and I want to take risks while I'm still young. [link] [comments]  |
| Posted: 09 Sep 2020 03:10 AM PDT The question I'm most often asked recently is "should I raise (equity) capital?" Probably due to the frothy capital market right now. I figured I'd write the answer down in case it might be useful to folks on here. Only, when I wrote it it came out as an infographic. So, if you're asking yourself whether or not you should raise capital, please refer to this infographic for my perspective, after 10 years and $21m experience, on your answer. http://ryanhvaughn.com/wp-content/uploads/2020/08/Should-I-Raise-Equity-Capital1-1.pdf ——- Also, if this is useful, I may try to answer the logical follow up question next: "How do I raise capital." Let me know if you'd be interested in seeing that. [link] [comments]  |
| Is there any way to avoid paying a 30% fee on app stores? Posted: 08 Sep 2020 09:40 PM PDT We're building a product that will primarily be used as a web app. Subscription based with a monthly/annual fee. Some users have requested a mobile app, and we're happy to build one and move towards it being on the apple/google stores, but we are hesitant to be paying 30% in fees on our app. It's a pretty big disincentive to make and push the app, from our perspective (recognizing that it does provide a lot of value for some apps). If users are subscribing to our services on our own site, and then downloading the app to access the service/product, are we still in a situation where we need to give 30% of our sales to Apple? Has anyone done any detailed research on this? Note that we're not trying to 'skirt' the rules. We're just not totally clear on what the rules are; it looks like a lot of companies have apps that don't process payments on them, and maybe that's one way of avoiding payment. [link] [comments]  |
| TrackMyBacklink.com - Track Your Existing Links Posted: 09 Sep 2020 01:02 AM PDT This backlink tracker can help you in maintaining record of link exchange of multiple website. You just have to provide URLs of linking websites and it will crawl whether link exists or not placed/removed by linking website. TrackMyBacklink will also show the anchor text and check whether link is dofollow or nofollow. Would like to get some suggestions & feedback :) [link] [comments]  |
| Posted: 09 Sep 2020 12:22 AM PDT I am the CEO and he will be CTO, we're looking to outline our roles and responsibilities. I'm wondering whether it should be 'whitelabel', e.g. 'CEO should map out the product vision and get everyone excited for the next 6 months with clear goals and milestones' or should it be more closely linked to the company specifics 'CEO should liaise with brands to onboard them to the platform'. I have used the last example because we're right at the beginning. Or both? So far I have googled some templates and examples but wanted to see what this community has to offer. Thank you! [link] [comments]  |
| *HELP!* Problem creating a Business Bank Account as a new 18 year old. Posted: 08 Sep 2020 08:21 PM PDT Hello All In a bit of a situation here that's been getting me really worked up. I recently just turned 18 a few days ago and filed for my first LLC, obtained EIN, submitted to IRS, etc, etc. I finalized my LLC but here comes the very frustrating part. When I was applied for a Business Bank Account, I input all my information and my SSN (Social Security Number) obviously. I wait a couple of days for it to be approved, but I got denied saying I "Mistyped" my SSN or couldn't be found/identified. I know my SSN is 100% correct and even showed proof of my SSN Card to the Bank but it was still denied. I heard rumors that it could take up a few months for a new 18 year old to their identity (SSN) become fully identifiable, but I can't really afford waiting a few months. Is there anything I can do in my power to fix this? Any Recommendations? Help would be MUCH appreciated. Thanks. [link] [comments]  |
| How much of a bottleneck are the health regulations and clinical tests in a biotech company? Posted: 08 Sep 2020 10:17 PM PDT Does anyone have any insight on biotech? I know every company will be doing different things and regulations will differ so I'm more so just looking for any insight you can share on companies that you personally know of or have been a part of. What was the process like to get the company started in terms of regulations and conditions that pure software companies wouldn't have to deal with? How long did the process take? [link] [comments]  |
| If $350,000 fell into your lap, what would you do with it to make it grow? Posted: 08 Sep 2020 09:50 PM PDT What business/industry would you set-up? You don't have to spend all $350k in one venture. Be as specific or as general as you would like. Just thought $350k was a good middle-ground starting capital, somewhere around "too big for anything small" and "too small for anything big". [link] [comments]  |
| Where and what kind of licence do I need to use fonts for my app? Posted: 08 Sep 2020 08:14 AM PDT I am currently developing an app like Canva that helps you make posters. From what I understand, I need an Editable embedding license to be able to allow users of my app to use the fonts. I saw some fonts I liked on Adobe Fonts but they apparently don't allow resourcing fonts. Someone please help me out with this. [link] [comments]  |
| Early employee salary post series A Posted: 08 Sep 2020 05:22 PM PDT The startup I work for just raised a $6M series A. They're bumping salaries, which is great. It's a 10% increase from prior salaries, but still around 75% of market with no equity change. Does that make sense or should salaries come closer to market? Is there other data I need to understand the math? I've found relatively little online on this subject, but sorry if this is a heavily repeated question! [link] [comments]  |
| How do real estate startups start? (WeWork / GreenDesk) Posted: 08 Sep 2020 05:19 PM PDT Hey everyone, I can't seem to find anything online, but I would love to know how Adam Neumann and his co-founder started GreenDesk, and eventually WeWork. Did they get any investments? Did they have cash themselves? It just seems like an incredibly costly startup, and I was wondering how in the world anyone starts a real estate startup. There's quite a few more, but those were the main examples. Thanks! [link] [comments]  |
| Is White-Label business a valid option for a first time entrepreneur? Posted: 08 Sep 2020 01:15 PM PDT I found a software idea I would like to sell to online shops and as I dont have any coding skills I was thinking about outsourcing the production or re selling via white label a the third party software. Searching on internet I noticed that these partnerships with the vendors always ask for company data or how many employees my company would have, but are these business options available also for first time entrepreneurs? Do I have any chance? [link] [comments]  |
| Posted: 08 Sep 2020 04:56 PM PDT Hi everyone. I think I may be in the right place. Basically what I'm looking for is how/ where I can research various towns, cities, counties and even the state about the pros and cons of starting my business there versus elsewhere. For example: "How does this specific city, county, etc differ in how it taxes certain businesses versus the one next door?". "Are there benefits offered to smaller businesses?". For reference, I'd like to own a coffee roastery that sells roasted beans to local cafe's around town for several months, develop a recognized brand and branch out nationally after a predetermined amount of time. [link] [comments]  |
| Posted: 08 Sep 2020 01:09 PM PDT Are there any entrepreneurs here that actually generates revenue from a mobile app business? I'm developing a dating app and I'm wondering how to monetization protocol works. A year ago, someone told me to use Stripe; that they charge a small flat rate plus around 3% of the transaction; that they make deposits into your bank account every few days. But recently seeing Apple try to push Word Press to monetize their app, it seems like Google/Apple Pay are in play now. I tested paying on a popular dating app and it was paid through Google Pay. So, how does this work? Do you not need Stripe for app revenue? Or do they work together? Who do you pay, what are the fees and how does it work? How does one set it up? Thanks. [link] [comments]  |
| How to find a lawyer to review an Options Agreement? Posted: 08 Sep 2020 11:30 AM PDT I'm the CTO of a small startup. Our startup is getting close to selling and I've just been sent my options agreement that lays out all of my equity and their value. I'd like to get a lawyer experienced in the tech acquisition space to review my agreement to make sure its airtight etc. Can anyone recommend resources for how to find such a lawyer? For context I'm located in NYC. Thanks! [link] [comments]  |
| What's in an address? (Physical address/mailing question) Posted: 08 Sep 2020 11:19 AM PDT I've never been clear about this- I have a company that is a Delaware LLC. We operate out of, let's say, Boston. So we pay taxes each year relative to MA, etc. I guess we're considered a Delaware entity doing business in MA (?) I will be moving soon, let's say to AZ. I want to change the address where we receive physical mail, either to AZ (a UPS address, most likely) or to OR to take advantage of Earth Class Mail. I have no idea how this all works viz a viz the IRS, what we're considered, all of that. Company is a DE LLC, two American founders working in MA but one soon moving AZ (me, the one who handles the mail). No American employees, only contractors and foreign contractors. Help? :) Thanks so much all! [link] [comments]  |
| How to be more strict with employees? Posted: 08 Sep 2020 06:54 AM PDT The problem is that I am a considerate person by nature, and even though I don't let anyone walk all over me, I am too considerate with employees which could be perceived as a weakness. I know bosses or even some of the bosses I've head over the years, don't hesitate to push their boundaries and are more demanding and don't much concern themselves with being considerate. Any advice? [link] [comments]  |
| Ideas for a startup revenue model Posted: 08 Sep 2020 09:17 AM PDT Hi, fellow Redditors, I recently started a website that I envision as "The Tripadvisor for Investment Fintechs". Basically a platform where users can find all investment platforms available in each country, filtered by category (online brokers, robo-advisors, crowdfunding, impact investing, etc), learn how these work and get unbiased reviews from both other investors and us (company). The current online recommendations/comparison industry is saturated and has some conflicts of interest – there is an incentive to recommend the platforms that pay more. This result is not so good platform recommendations for investors, and very little education, since platforms comparison and recommendations are what generates more money, leading to bad investments. I want to be 100% aligned with clients – investors -, so that I can help them achieve their main objective – make profit. Any ideas for other revenue models for a business like this that doesn't such a conflict of interest? Thanks in advance [link] [comments]  |
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