So I hired a freelancer about 2 months ago to develop a toolkit for my companies' own use in the industry we operate in. A couple weeks ago I thought, why not turn what we're building for our own use and make it available so anyone in our industry can use it as well. So while the freelancer I hired is developing the backend, I have a bit of frontend experience, so I'm doing what I can as well in that area. What we're building won't necessarily be its own brand identity, as I'm thinking of just making it a product under my existing companies' umbrella.
Budget wise, I didn't anticipate on allocating as much money as I have & will towards this project, b/c I didn't think we'd be launching a product, but here we are. On that note, the freelancer suggested launching this product as a partnership/being a co-founder, instead of being just a freelancer working on this when needed. I'm going to need to go back to this freelancer when & after we launch, for monitoring, implementing new features, etc. I genuinely like this freelancers personality and drive to work, as we've been working on this since the beginning of June.
Money wise, I'm starting to get tight on the budget for paying the freelancer. I don't want to not pay him for his work or get him to work for free, but I'm starting to overextend financially. As a resolution to this, would launching this product w/ the freelancer as a co-founder and giving him a percentage of the revenue we make from this product be a good move? He can handle the tech side of things, while I cover the business and marketing side, so it sounds like it could be a good fit.
Just trying to get some opinions on this matter and what the best route to take would be. Any guidance would be much appreciated.
My wife was offered potential phantom or shadow stock for freelance writing she's doing for a small medical product startup with growth potential. She and her partner have delivered a website, promotional materials, logos, naming and taglines. No payment yet (i know, i know). All parties are very well intended and there's mutual trust. Any input on what we should be asking/negotiating for? We're at a point where we don't need a couple thousand bucks and are willing to risk for a bigger payout. We believe the relationship will continue as the product develops.
Société Générale is acquiring French startup Shine. Terms of the deal are undisclosed. According to a source, Shine is getting acquired for around €100 million in an all-cash deal (around $ 112.6 million).
The startup had previously raised €10.8 million ($ 12.2 million) in total from Daphni, Kima Ventures, XAnge and various business angels.
If you’re not familiar with Shine, the startup has been building a challenger bank for freelancers and small companies in France. It lets you create a business account, get a debit card and take care of some of the most boring administrative tasks.
For instance, Shine helps you incorporate your company and also lets you create invoices directly from the app. You can send a link to your client, you get a notification when your client opens the invoice and they can view your Shine IBAN directly on the invoice.
And because the invoicing tool is integrated with your business bank account, your invoices are automatically marked as paid in the app.
When it comes to receipts, you can also open a card transaction and attach a receipt to that transaction. This way, all accounting information remains in the same app. If you’re working with an accountant, you can set up an automatic export of receipts, invoices and transactions once per month.
But the best feature of Shine is that it helps you stay on top of paperwork. You receive notifications to remind you that you should pay your taxes, you can see how much money will be left once you paid your taxes and more.
And it’s been working well with 70,000 freelancers and very small companies using Shine for their bank account. But Shine is built on top of Treezor, a banking-as-a-service company that provides financial services and debit cards to other fintech companies. At this scale, it would make sense for Shine to build its own infrastructure.
Shine has taken a different decision and is joining Société Générale, which also happens to be the company that acquired Treezor a few years ago.
Shine will operate independently from Société Générale and will still accept new customers — the two co-founders are staying at the helm of Shine. But the two companies have plans to cross-promote their respective offerings.
Société Générale could offer Shine to its business customers. And as freelancers start working with other people and turn their small independent business into a full-fledged company, Shine could also tell its customers to choose Société Générale for their business bank account.
Shine will also take advantage of Société Générale’s banking license and products. As a Shine customer, you could image getting a credit line from Société Générale. Having a banking giant behind you could greatly improve Shine’s offering. Now, let’s see if Société Générale manages to boost the potential of Shine.
Over the last year, I've been doing research and user interviews on a concept similar to Yelp but with a twist. As Covid19 hit, I figured it would be a great time to get ahead and work on an MVP to be ready by the time the restaurant/bar scene is back to normal.
But, as a non-technical founder (I have Product Management experience), I'm trying to figure out the best way to get an MVP built. I played around with building prototypes using Google Sheets/Maps, but felt they didn't do a great job of framing my hypothesis. I'd like to build an MVP, but really focusing on the "minimal" and "viable" here. I feel like I have three options:
Learn to code: I've already taken a React Native course and had taken some introductory CS courses way in the past. This could be an option, but personally I don't feel like I have the industry experience to pull it off well.
Find a technical co-founder: I've been working this angle but have had some challenges. From company policies and time constraints to finding the right personality to work with, it's been a bit tricky. Personally though I feel like this is the best route.
Work with a freelancer: I've considered this, but I have no experience working with freelancers and have heard it could be pricey. For what my mindset is (side-project, not billion-dollar company) not sure if the costs are worth it
Curious to learn if there is a better option here?
If this briefly described you or felt aomething in common here will you please take the time and fill out my brief survey. Thank you in advance
Lili, a startup building banking products to meet the needs of freelance workers, is announcing that it has raised $ 10 million in seed funding.
The startup takes its name from its founders, CEO Lilac Bar David and CTO Liran Zelkha, who previously founded Israeli challenger bank Pepper. Bar David told me that while many neobanks have emerged over the past few years, most of them “are very focused on the consumer side.”
More broadly, she suggested that no traditional banking solutions are really designed to solve the problems faced by freelancers — whether they’re designers, programmers, fitness instructors, chefs or beauty professionals. She described Lili as the first “all-in-one” solution, offering both a bank account and a broader suite of financial tracking tools.
The account comes with a Visa business debit card and is unencumbered by account fees, overdraft fees, foreign transaction fees or minimum balance requirements. Bar David said Lili only makes money from card processing fees, which means “we will make money whenever you’re making money.”
Lili also supports direct deposit, saying it provides access to payments up to two days earlier than a traditional bank. And to help freelancers manage their finances, there’s a tool for tracking and categorizing expenses, and another tool that will put a percentage of income into a sub-account for taxes.
The startup estimates that it can save freelancers up to 60 hours and $ 1,700 per year. (Bar David said customers may choose to use individual Lili products, but “the benefits of using the product are definitely enhanced when you use it as your main account.”) The company launched in 2019 and says it’s already used by tens of thousands of freelancers across all 50 states in the U.S.
Bar David also suggested that the freelance economy is only going to grow with the economic instability caused by the COVID-19 pandemic, with millions more people turning to freelance work as either their primary source of income, or as a supplement.
The funding was led by Group 11, with participation from Foundation Capital, AltaIR Capital, Primary Venture Partners and Torch Capital.
“Lili is redefining banking for freelancers and we’re thrilled to be partnering with the team,” said Group 11’s Dovi Frances in a statement. “As the future of work continues to evolve more quickly than ever in these uncertain times, Lilac and Liran’s forward-looking vision is changing how modern workers manage their finances, while saving them valuable time and money.”
Do you have a marketable skill set? Are you looking for work after furlough or unemployment?
Join StartupNation for an exclusive webinar hosted by StartupNation founder and CEO, Jeff Sloan, on Wednesday, May 20 at 12 p.m. EDT.
If your livelihood has been impacted by the COVID-19 crisis, allow Jeff and his entrepreneurial expertise to help you hone your marketable skills and make a substantial living from freelancing.
In this webinar, you’ll learn how to:
- Develop a business plan for your freelancing operation
- Market your services and establish yourself as an expert in your field
- Set up your business for long-term success
The webinar will also include a Q&A session with Jeff. Don’t miss it!
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I appreciate everyones help with my questions I've been asking. With that being said, when paying for an hourly service from a freelancer, do I know how many hours they put into my project after they finish, or is that something we discuss before I pay them? I'm only 19 & this question sounds like it has an obvious answer, but I'd just like to make sure. Thank you.