Startups Feedback Fridays - A Friendly Feedback Exchange For Ideas and Products |
- Feedback Fridays - A Friendly Feedback Exchange For Ideas and Products
- 25 hours/week of work expected, no pay offered
- Is presentation really everything?
- The Golden Equation: Your Break Even Analysis
- Grandad looking into a McDonald’s franchise?
- Accredited Investor Check
- 16 year old that wants to learn the skills necessary
- What if I can build a Search Engine for business! No data will be lost! Refer back to all information at any time whenever you want. No more asking different departments for your answers. Imagine Google for your enterprise.
- Need help on how to raise money for a business idea
- What if I can save 30% of my daily work time, if I can automate my meetings notes! What if I had an AI-BOT that will do all the hard work and take the meeting notes for me!!
- Is incorporating your startup extra-provincially necessary in Canada?
- What are the best ressources that helped you to do market research ?
- How do you find co-founders or people to join your team who take you seriously?
- Flutter for iOS and andoid apps?
- Experienced Technical Founder Looking for a Problem
- Is it wise?
- Startups in Filmmaking
- Can I use my personal saving account for my very early age startup.
- Cost of Hosting video vs pics
- How would you market your early stage startup without...
- How should I divide my company between me and my two co-founders?
- Effective tips to deal with late payments on overdue invoices?
- Are organic Youtube and Blog reviews dead?
- Quick pre-mvp sign up form provider
| Feedback Fridays - A Friendly Feedback Exchange For Ideas and Products Posted: 02 Oct 2020 06:07 AM PDT Welcome to this week's Feedback Thread. This is the place to request feedback on your ideas and products. Be sure to give feedback if you are requesting feedback. Equivalent exchange goes a long way towards reaching your own goals and it makes for a stronger community. Please use the following format:URL: Purpose of Startup: Technologies Used: Feedback Requested: Additional Comments: Post your site along with your stack and technologies used and receive feedback from the community. Please refrain from just posting a link and instead give us a bit of a background about your creation. Feel free to request general feedback or specific feedback in a certain area like user experience, usability, design, or code review. You can also find more support using instant chat on the /r/startups discord. [link] [comments]  |
| 25 hours/week of work expected, no pay offered Posted: 02 Oct 2020 02:44 PM PDT Update 1: Yikes, ok, these comments are worrying. I will go read over my contract again and see what I signed. I believe that the stocks are a 1 year cliff and 2 years fully vested but I need to double check. I am also not aware of the funding sources of the company- I joined about 1.5 years into their founding, right as they were beta testing the product. There are several levels of management-- I think only the founders/cofounders are getting salaries, and perhaps those of us below them are only getting stocks. And then the student interns are not getting anything. But they very clearly state that there is no pay in the job posting, but the full terms of stock compensation were not outlined until the job offer. I thought this could be a project I worked on for a few months, not 2 years. I do set a boundaries and usually ask for extensions on deadlines. They are not paying me therefore they are not my priority. Also, I have 0% knowledge of startup lingo so if you could also explain terms and abbreviations in your comments that would be much appreciated! The story: So I am unfamiliar with start-up culture and work-life expectations for these business. I recently joined one a few months ago with the expectation that I would work up to 10 hours/week. I work full time and expressed my limited availability in the interview, which was not a concern for them. I was also offered stocks in lieu of pay, which was fine for me as well. A few months in and the projects they give me definitely take longer than 10 hours a week. The work involves reviewing databases with thousands of items--it's just not possible to have the quick turn around times they want without working on the projects around the clock, which is not possible working full time. I later asked one of the managers how many hours per week are expected for my management level role, and she said that their (unpaid) student interns often put in 25+ hours, implying that I should expect the same. The stock equity doesn't vest until 2 years of working with them. I do not know if I can see myself working this much for that long. It is a great opportunity and I believe the product will succeed once launched- but I am not a student anymore; I need proper compensation for my time. Is this normal for start-up culture and any advice on how to navigate this? [link] [comments]  |
| Is presentation really everything? Posted: 03 Oct 2020 12:26 AM PDT Time after time I've listened to pitches and seen people in T-shirts, long hair, and casual clothes getting funded. Is formal wear really dead? Is a nice suit and tie really irrelevant for most startups now? A lot of people on this sub will talk about MVPs and market validation; but I want to know if the visual appeal really matters anymore. Let me know your thoughts, and even better, share your experiences. [link] [comments]  |
| The Golden Equation: Your Break Even Analysis Posted: 02 Oct 2020 08:31 PM PDT I'm a 24 year old back end developer and I felt like sharing the most important thing I've picked up from my last two startup pitches. You may have a great product or service but if you have no idea when you'll be breaking even { When Total Revenue Earned = Total Costs (Fixed and Variable) }, then most investors will hesitate to fund you. As the CEO of your company, you should make sure you have this important detail in your business plan. The company starts making a profit after breaking even. The Break Even Analysis is a simple formula: Fixed Costs / (Selling Price Per Unit - Variable Costs) Fixed Costs are the costs the business has to pay whether or not you sell a product eg Rent, Salaries, Building Machinery Selling Price Per Unit is the price of your product Variable Costs are the costs incurred in producing, marketing and fulfilling your product Selling Price Per Unit minus Variable Costs is also called the Contribution Margin Per Unit since its how much the product is contributing to the Fixed Costs of the Business Let's assume that our startup is Yeezy and we sell shoes. If our Fixed Costs are 100,000, our Selling Price Per Unit is 1500 and our Variable Costs are 500, then our Break Even will be 100,000 / (1500 - 500) = 100 This means we have to sell 100 shoes before we make our first profit. This is information that gives the investor confidence that there's a return on investment. Would love to hear more from your experiences. I felt I needed to put that out since it's based on my personal experience in the startup space here in Kenya. Good Luck! [link] [comments]  |
| Grandad looking into a McDonald’s franchise? Posted: 02 Oct 2020 03:57 AM PDT I'm not sure if I'm posting in the right place. But my grandad who's 60 has saved up his whole life to do this. I'm just wondering how hard it'll be for him. He's by no means interested in retiring and he's very young at heart always happy to exercise and honestly looks great for his age. Could they be ageist towards him wanting to become a franchisee?? Edit. Thankyou guys for the help. This is a really helpful sub! I have lots of things I can share with my grandad now! [link] [comments]  |
| Posted: 02 Oct 2020 09:52 PM PDT Folks, got a question around what paperwork is needed for convertible notes or safes. Do the investors have to be accredited before accepting the investment amount for the note or safe? If so, can they just self certify or how does that work? What other paperwork is needed in addition to the safe? Thanks in advance for your comments. [link] [comments]  |
| 16 year old that wants to learn the skills necessary Posted: 03 Oct 2020 01:35 AM PDT I'm interested in creating my own startups, and creating SaaS products. I'm looking at making mobile apps, or websites. What skills should I learn? What programming languages should I learn? What cloud computing systems should I learn? How should I go about learning marketing? There's just so much stuff to learn and I don't know how to go about learning it! [link] [comments]  |
| Posted: 03 Oct 2020 01:07 AM PDT Hey guys, I am running a startup and I often find my team often asks me questions that I have no answer too. Although we discussed on the topics earlier. I feel that we loose valuable data over time and we have no way to store it. So, what if we build a system where all meeting details will be captured and then we can go through at any point of time and then build our own organisational Google. As, I am already running a text-analytics company I thought it can be done easily. So, here goes my wild imagination.
So do this, we have build the first version of the product -
This also servers as a personal NOTE taker. And I personally feel with this, we can save 30% of our daily work time. Eventually we can use this data as a Google for enterprises, do data will be lost and you can always refer back to all your information. In the future, we can build a search engine for your enterprise. If want to check out the first version of the application here is the link - www.rechord.ai We are in BETA, so if please excuse us if you will encounter any problem. [link] [comments]  |
| Need help on how to raise money for a business idea Posted: 02 Oct 2020 07:02 PM PDT So I have a business idea that I want to start. I have the business plans and license but I need something more than just a sheet of numbers and a 3d cad drawing. I want to build a prototype but need some capital. I have never had any kind of business dealings before. Does anyone have any advice on where to go. How do you even get people to notice you to get an investment from someone? [link] [comments]  |
| Posted: 03 Oct 2020 12:55 AM PDT COVID actually has been productive for me. I was doing 6-7 online meetings and then I was spending another couple of hours on just taking notes. So, I thought of creating a system where I can automate the notes. I wanted to have action items, highlights, summary etc. Finally with 4 months long day and night work we have finally managed to launch the BETA version. Here is what we have achieved so far -
Now it is the time to get your feedback and suggestions. Please have a look and try one of your meeting and let us know if our day and night work has paid off! Here is the link - www.rechord.ai We are still in BETA so please excuse us if you have encountered any bugs, we will fix them. [link] [comments]  |
| Is incorporating your startup extra-provincially necessary in Canada? Posted: 02 Oct 2020 06:22 PM PDT Hello, my business is located in Ontario and planning to incorporate federally. Do any other Canadians here know if we have to incorporate extra-provincially in provinces we ship orders to? Is shipping to a province defined as "doing business there"? Can't seem to find the legal definition of "doing business in a province". [link] [comments]  |
| What are the best ressources that helped you to do market research ? Posted: 02 Oct 2020 08:30 PM PDT Hey !😎 I'm currently doing market research/market validation for on online product, i'm improvising quite a bit by immersing myself in the niche I want to know more about, I guess that a way to find real pain point of a market of people, I believe there are other way to do it, Or/ And there are ways to be more performant when doing it So Im wondering what are the best ressources (book, website, podcast) that might have improved the way you do business research/ market research ? Thanks!🔥 [link] [comments]  |
| How do you find co-founders or people to join your team who take you seriously? Posted: 02 Oct 2020 06:41 AM PDT STEM student here and currently developing a fintech project that I believe will add a lot of value to consumers and businesses. I'm struggling to find like-minded people to join me and develop it together. I think its because the idea I have is too business like with too much involvement with card issuers and card networks. Most of the people I know in my cohort only want to work for other established tech companies or be a indie games developer. Did most of you work in the industry first before going into your startup? Any tips and advice? Thanks! [link] [comments]  |
| Flutter for iOS and andoid apps? Posted: 02 Oct 2020 04:36 PM PDT Hi all, we have an iOS app but lack budget for an andoid app that our customers have been asking. We are thinking to move away from the iOS app and use flutter to build our iOS and andoid instead. That means we will pretty much start from ground 0. Is that a rational approach? Please share your thoughts. Thanks for your help in advance! [link] [comments]  |
| Experienced Technical Founder Looking for a Problem Posted: 02 Oct 2020 10:37 AM PDT Most recently I was the CEO of a moderately successful hardware tech startup that ended up getting acquired. I led the sales/marketing team with great revenue growth, I was the hardware and firmware designer of the product that was made (we manufactured about 10,000 units), and I do front and back end software as well. So I'm definitely a generalist but have strong technical background. Since that company I have been looking for my next startup and will admit I have been struggling to find the right problem to solve. In the meantime I have been freelancing a bit but I'm not giving up on the plan to start up another company. I thought it might be fun to look to r/startups for advice or any guidance for a guy who feels like he's spinning his wheels a bit. Any help is appreciated! [link] [comments]  |
| Posted: 02 Oct 2020 10:59 AM PDT Hello folks, we are very close to close our seed round. I have few questions all related to this topic 1- Our Angel Investors are not planning to give the lump sum fund all at once, they proposed to give some for incorporation, key money building the system and they will drip the rest as we need it. What is the risk and complications of not getting the committed fund all at once? Would you do it? Has it happened to any of you? 2- They are asking for majority equity i.e: 30~40%, will that hinder our future fund raising efforts? Will that be problematic for other VCs? 3- Is it wise to raise too much seed while we have nothing in place (just prototype)? 4- Would you raise money from traditional investors with no prior experience in tech companies knowing they will not provide anything other than cash only? Cheers [link] [comments]  |
| Posted: 02 Oct 2020 10:35 AM PDT Hello, I'm just curious to know why there are no big startup names related to Films/Filmmaking. Apart from streaming services, I don't see any major startup coming forward to solve the problems in film industry. There are few companies trying to bring in AI in to filmmaking, but no good impact that they could make. Any thoughts? [link] [comments]  |
| Can I use my personal saving account for my very early age startup. Posted: 02 Oct 2020 05:45 AM PDT Hi guys. I have a question. So I am about to launch my startup (not registered yet), it have option where users will pay through app, which will go to an bank account. This is kind of some charges for some services. For now my startup is not registered yet because it's just an MVP and launching only in one city. So can I use my own saving account when user do some transaction? Or do I need a business current account now only. Thanks [link] [comments]  |
| Posted: 02 Oct 2020 08:58 AM PDT Hi I'm working with a partner to develop an app, and one of the features is a social media component. Right now the recommendation for the partner is to stick with just pics for the MVP but I'm much more interested in hosting short videos say 10-15 seconds for perhaps users who pay for the service, or perhaps it will be paid for through ad revenue or other means. But I'd like to understand how much more expensive it will be monthly if I want to allow users to upload short videos on top of just pics. [link] [comments]  |
| How would you market your early stage startup without... Posted: 02 Oct 2020 02:41 AM PDT Hi, was wondering how you would market your early stage startup without (1) a marketing person dedicated for this (2) you are in beta phase, so it is only a MVP, or maybe not even (3) you don't have a budget for marketing (4) you don't have much additional time to always be creating content (i.e., blogs, finding bloggers to write about you, etc.) [link] [comments]  |
| How should I divide my company between me and my two co-founders? Posted: 02 Oct 2020 08:02 AM PDT Long story short I am currently the sole director of a digital marketing company. I left my job to found it in 2019 and basically did the first 8 months by myself and built it to a consistent £3k/4k monthly revenue. There are two others who work for the company that I consider somewhat to be co-founders. One contributed significantly (helped with website and company setup etc) and even came to the first few meetings, he then joined me full time in May 2020 and we have tripled company revenue since then. The other came on board to work with me from March of this year and has also been very helpful. The growth is thanks to all of our combined efforts. We are now talking about dividing the ownership of the company say 50/25/25 (for tax purposes) or possibly some other way. Would be interested to hear some thoughts and ideas as I don't know how much is too much, or too little. Thanks [link] [comments]  |
| Effective tips to deal with late payments on overdue invoices? Posted: 02 Oct 2020 07:23 AM PDT One of my clients did not pay his invoice. We agreed that he would not pay if he does not like the outcome, but would have to review the deliverable asap. I sent the deliverable as agreed and did not hear back from him. I followed up a couple of times and after 90 days I had enough. I sent him an email that I am really dissapointed and answering would be a matter of respect. He with answered: "I will send the money today. That said, in your email initially you said there was no obligation to pay and to be honest I have never used the deliverable. I opened it once, realized it was completely useless and not something worth paying for." Then he went silent and did not pay the invoice. Now another 30 days passed by. At this point, the invoice is very overdue and I shouldn't be afraid to say so, right? Did this person ever intend to pay? Any ideas for the next move? Thanks, Jason [link] [comments]  |
| Are organic Youtube and Blog reviews dead? Posted: 02 Oct 2020 05:23 AM PDT I'm working on SaaS product launch strategy and budget. We're going to reach out to bloggers and Youtubers who've reviewed products in our category before. On average they get ~100K monthly web visits & ~100K youtube subscribers. Should I expect all of them to ask for $ in exchange for reviews? Or could free access to our product be enough? Followup question: do you usually pay affiliate marketers & influencers per click & conversion, or a fixed price? [link] [comments]  |
| Quick pre-mvp sign up form provider Posted: 02 Oct 2020 05:23 AM PDT So I'm an app developer, and posted an app idea I had into this niche FB group. It blew up! So many people said it was a great idea (sure they could be blowing smoke up my ass), but I think I need to jump on this ASAP. At this stage thinking I need a quick form to capture interest, then I can go away to think through it a bit, but at least I've got a list of potential advisory customers / feedback providers, Any suggestions for a quick, free (or cheap) option to collect name and email at a minimum? [link] [comments]  |
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