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    Startups Share your startup - October 2020

    October 02, 2020

    Startups Share your startup - October 2020

    Share your startup - October 2020

    Posted: 01 Oct 2020 04:06 AM PDT

    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.

    submitted by /u/AutoModerator
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    Fundraising Thursdays - A Forum to Ask About Fundraising, Investors, Accelerators, and Other Sources of Capital

    Posted: 01 Oct 2020 06:07 AM PDT

    Welcome to this week's Fundraising Thursdays Thread.

    Ask about anything related to fundraising, investors, accelerators, grants, and other sources of capital.

    That includes how to find these sources, how to work with them, and how to negotiate with them.

    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.

    submitted by /u/AutoModerator
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    10 major terms used by startup investors - a list created after 200 interviews with investors.

    Posted: 01 Oct 2020 12:24 PM PDT

    I run a podcast about fundraising for early stage startups and I've conducted nearly 200 interviews with angel investors, VCs and successful founders and created a list of the major terms/acronyms that they are using. Here it is.

    1. VC - venture capital - most frequently meaning venture capitalist or
    venture capital firm.
    Putting aside the official definition of Wikipedia, when someone says "VC"
    they usually mean Venture Capital firm - investment organization that
    invests in Seed+ stages. If someone at the Pre-Seed stage is saying "We
    are talking to a lot of VCs" they are right - they are just talking. VCs rarely
    join pre-seed rounds, so don't spend much time reaching out to them
    unless you have great metrics to show them, try reaching out to angel
    investors instead.

    2. CAC - customer acquisition cost.
    So this is the amount of money spent on acquiring one customer. It can be
    easily calculated by dividing all money spent on this issue by the number of
    customers you really got. So to calculate my Google Ads CAC I'll divide the
    budget spent on Google Ads by the number of customers it brought me.

    3. CPC - cost per click.
    This is basically the amount of money you have to pay your advertiser for each
    click. Facebook and google ads provide this metric, but just so you know -
    to calculate CPC you need to divide the budget of the ad on the number
    of clicks your ad got.

    4. LTV - lifetime value.

    Which is a gross income you get from working with one client. The
    description for LTV calculation is a bit long and complicated, so click here
    if you want to understand how to calculate LTV.

    5. MRR - monthly recurring revenue.
    In other words MRR measures how much revenue you generate in a
    month. MRR is very important because investors look for its steady
    growth. One of the most frequent things we hear while talking to Seed-
    stage investors is: "MRR has to be growing 10-20% Month Over Month if
    you want me to invest". That's why you should focus on MRR so much.

    6. ARR - annual recurring revenue.
    Basically the same as MRR but for the year. Important only at Seed,
    Series A+ stages where VCs are trying to see if the company is big
    enough for them. If you are an early stage startup, don't worry about it.

    7. SaaS - software as a service.
    Which means providing a customer with an already licensed and hosted by
    provider software on a subscription basis. The main advantage of this service is
    that you do not need to pay for creating and installing software.

    8. B2C - business to consumer.
    This term mostly refers to such type of commerce which specialise at direct
    selling between business and an individual consumer. An example would be
    Netflix, that drives most of its profits from individual consumers.

    9. B2B - business to business.
    This is the type of business that sells products and services to other
    businesses. An example of a B2B startup would be Unity Technologies,
    whose main customers are other companies.

    10. R&D - research and development.
    R&D is basically the efforts that a company makes to create something
    innovative and give itself some competitive advantage.

    The primary reason for why I decided to start sharing with the "startups" and similar subreddits is to understand what early stage founders really want to hear about. So if you are an early stage founder and you found this article helpful, please let me know what else would you like to know about fundraising for startups!

    submitted by /u/FundraisingRad1
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    6 Months of Covid Remote Teams: What have you learned?

    Posted: 01 Oct 2020 04:02 PM PDT

    Prior to covid we invested heavily in our office environment as a way to promote social interactions and build a culture of strong interpersonal relationships: open floor plan, couches, lounge areas, gym, dogs, snacks, espresso machines, catered daily lunch, happy hours, lots of team events, etc.

    We were also very strict about no regular work from home policy for the team and our CEO had the general perception based on his last company that people "working from home" were not really working.

    When covid shut our office down the leadership team was at first very nervous about how we would continue to be productive, but I think it was mainly our fear of losing control. What we saw happen was improved productivity in many ways and continued sense of comradery with our teammates.

    Good things we've learned:

    • We can trust ALL of employees to work at home and be highly productive.
    • We can continue to collaborate and innovate over video chat and Slack.
    • We can maintain interpersonal relationships remotely.

    Things we continue to struggle with (got any good ideas here??):

    • Team building fun events are hard to coordinate and execute remotely. Happy hour and game night were kinda lame on Google Meet.
    • We lost our ability to whiteboard. We were a big whiteboarding team where most meetings ended with photos of our whiteboarding mess. We haven't found a replacement, but use Google docs often for shared list makings. Jamboard would be cool maybe if we all had a stylus or something? Mouse drawing doesn't work.
    • New people who joined since covid have a hard time meeting anyone outside their immediate team. We are still drawing from the social capital we built back in the office and the new people meet nowhere near the same number of folks that they would have in the office.

    How has remote work worked out for you and your team? What tips and tricks do you have to share on making it a success?

    submitted by /u/ieorsteve
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    First time interviewing for a Startup. Lowball base salary. What should I ask for to make up for it?

    Posted: 01 Oct 2020 08:05 PM PDT

    I'm interviewing for a startup in the healthcare space and from what I understand the base salary will be quite low (~40% lower than my current salary).

    They do offer Profit Sharing but they have not said how much I would get, only that it was "generous". I know there's a higher risk with joining a startup compared to my "secure" corporate job.

    I am wondering what should I expect them to offer?

    What should be the minimum I accept? Should I ask for profit sharing equal to my current salary? Should I aim higher to account for the startup risk?

    While profit sharing is nice, I would think equity would be a better option(if they even offer that)?

    submitted by /u/prince_mau
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    I have an idea! But how can I know if there is a big enough need for it?

    Posted: 01 Oct 2020 09:04 PM PDT

    I am mainly a developer and my friend is more involved in finance and business. We have an idea of an app based on a real life need.

    We are ready to invest time and money in it. But our biggest fear is that it won't even take off. I read a little bit here and there and I want to conduct a proper market research. Competition is weak if not absent. But that worries me even more. Maybe people tried it before and it didn't work out? So I am thinking about doing a survey. I am quite lost on where or how to conduct it. Is there some guidelines, sites.. ?

    Any hints or help no matter how small would be immensely appreciated. Thank you for your time.

    submitted by /u/AlcatrazTN
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    App publishing: form an LLC or use my personal name?

    Posted: 01 Oct 2020 08:32 PM PDT

    I live in Indiana and have several years making cross-platform mobile apps.

    I ask this question because of my particular situation. I approached a mid-sized card and board game company about one of its games I enjoy playing with my family. I asked if I could be licensed the rights to make a mobile app version of their game and they said they could give me a royalty free license agreement to sign to use their assets in the game!

    At this point, I think I should form an LLC and start publishing my apps under it. That will make my apps look more professional, protect me from legal issues, and keep me accountable to deliver top quality apps. So the fee is $95 since I'm in Indiana and then $50 every other year. I have multiple angles I can use generate revenue from this app: subscriptions, in-app purchases, and ads all make sense for it.

    Does it make sense to form an LLC to sign this license agreement? Is there a level of revenue I should be hitting before considering an LLC?

    submitted by /u/livical
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    Fastest way to launch iOS prototype?

    Posted: 01 Oct 2020 03:42 PM PDT

    What's the fastest way I can launch an iOS prototype and put it in the hands of users?

    Here's what I think my options are:

    • Use low-code or no-code app solutions.
    • Use existing open-sourced app template & modify slightly.
    • Find iOS freelancer on Upwork.
    • Learn Swift Code from scratch and build MVP.

    Would love some suggestions on this.

    submitted by /u/mindandbodies
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    What should you do if someone talk behind people's backs?

    Posted: 01 Oct 2020 05:57 PM PDT

    What should you do if someone talks behind people's backs? The guy literally talks behind everyone's back. He talked behind the back of two persons and I suspect he talked behind the back of me and was about to talk behind the back of the boss himself today, and was trying to impress him or something when he later showed up. I am not sure if I am misreading him, but he behaves like a psychopath. The issue is that one or two of my colleagues seem to not care about it that much and even want to protect him, although I also have good relationship with them.

    submitted by /u/jadesalad
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    I lost that spark to achieve anything

    Posted: 01 Oct 2020 03:20 AM PDT

    Long story short, I've grinded in 2020 like never ever before, full force full focus.

    ​

    • Started a gazillion startup ideas and failed them all (I was never this quick and focused before).
    • I failed one time after the other non-stop. I got rejected and door-slammed endlessly.
    • My expectations were bbc-fucked and I was enormously disillusioned.
    • Lost MANY opportunities I've been waiting for my whole life, they meant EVERYTHING to me, due to COVID19 conditions.
    • I discovered I have no friends.
    • The disappointments man, haven't I had enough of them?
    • Beloved family members passed away.
    • The social isolation wasn't easy for me.
    • I burnt out a million times yet I kept pushing through them and somehow regenerating more power out of nothing to keep me going.
    • I went through, what I call, a very harsh self-discovery journey due to everything above. Changed my goal many times until I could actually connect with my inner values and define a goal that is meaningful to ME. It changed at least hundreds of times, and every time it's a painful process (being lost, emotional instability, etc).
    • And when I found a true goal, and worked towards it as mentioned, I got no tangible results whatsoever, not even 1 millimeter closer to my goal.

    So in summary, I lost people, I lost the opportunities of my life, and I failed many many times yet I kept going non-stop like a machine.

    ​

    The crisis? It happened when I closed my last startup (I fail quick), all of the above came back and hit me so hard I fell into depression and burnt out at a degree I never knew exists. I tried to ignore it and start my next idea but I couldn't.

    I took 2.5 weeks off, watched TV, played video games, and thought I was getting okay and ready to hit my next venture, except that I am not who I was in any way. It feels like that a flame inside me has been blown off, a certain element that was the engine for making me go through the aboves rock solid has disappeared, I can't find it anymore. I think it was hope, or faith.

    I need it back, I cannot operate without it. I used to feel happiness from the shit times, this is who I am, I find shit enjoyable, it's a vital element to my drive, if it's not there I don't care about my goals, my plans, I am fine sitting on my ass where I am till I die, I can still push a little to do something slowly, but that excitement and full force is not there anymore, I used to kick ass, I used to channel extreme power and energy into my next moves, I lost that.

    ​

    Please help me navigate my situation and recover the lost element. I cannot live like this, I need my old self back.

    ​

    • If it helps: my MBTI, enneagram, and instinctual variants are: ENTJ 8w7 835 sx/sp
    submitted by /u/Revo0x0c
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    Need to make a form for our drivers to upload their documents, any sites that can do this?

    Posted: 01 Oct 2020 08:21 AM PDT

    I need a form fill kind of site that allows file uploads. I tried to use Google Forms but that requires a login for users, are there any alternatives that allow users to upload files without signing in?

    We're an Uber but in a specific sector and processing driver applications is taking the most time. I want to speed it up with an online form that they can just answer questions in our format and most importantly upload their documents to.

    submitted by /u/Sayitagain_IDAREU
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    How to price development?

    Posted: 01 Oct 2020 02:26 PM PDT

    I have a chance to create a barebones iOS application with an AWS backend. Probably 6-7 relatively simple screens. I do however need to stitch together from scratch the backend and all the data structures of the application. The app will include authentication, data querying, saving, and barcode scanning. There will be an internal app side and client facing side displaying the data. It will probably take me about 1-2 months. The company I would be contracted with is located in California. How much should I charge?

    submitted by /u/amerikayo
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    Hardware startups, rent or buy a place to build a manufacturing unit?

    Posted: 01 Oct 2020 10:36 AM PDT

    Is it more logical to rent a piece of land when you're at the early stage of funding rather than buying it? If you're building a manufacturing unit? Once you get the seed funding, should you buy the plot and then build a factory on it or is it better to rent(lease) for some period of time

    submitted by /u/CEO_16
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    How do you recruit customer discovery interviewees if you don't have any customers?

    Posted: 01 Oct 2020 06:47 AM PDT

    In the past, I had success using friends, family, and new employees as consumers for B2C products, but now that I'm fending for myself I neither have coworkers; nor customers (fortunately, I still have friends and family). I've also had success "trading interviews" with other founders and product managers but it's a bit slow going so far.

    submitted by /u/thePleasantFellow
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    IT language when writing you own provisional patent

    Posted: 01 Oct 2020 10:24 AM PDT

    Hi everyone, I wrote my own 40 page provisional patent for my fashion tech company. I know a lot about how the tech will work, how AI will be integrated into the system, how we will use 3D imaging, etc. but I am having trouble with the language about the components of the actual software and hardware. Like the servers, the databases, etc. I was wondering what you guys usually do when writing your own patent? Should I try to find an IT specialist? Look at other patents? Any advice will help.

    submitted by /u/seanalexiss
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    Customer success / Ops Career Path

    Posted: 01 Oct 2020 08:04 AM PDT

    I wanted to see if there was anyone who started out in customer success/operations in the early stages of a startup (within first 10 hires at series A), and what some career trajectories are after starting out in either position.

    Company is b2b saas and I could potentially see myself staying in customer success/ops or moving to product later. Wanted to see which skillset would be best to hone in on and which would be more valuable for me down the line.

    submitted by /u/iamharveyspecter
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