Should I give Startup CEO 60% of my product?

I've recently been in talks with a startup to work together in the future sometime soon. Sometime after I'd send my portfolio and resume, I had a phone interview with the ceo. The startup is mainly just him at the moment and whatever other connections he's made I guess.

He's taken interest in an app I created a while back. He would like to get the app to a point it becomes a brand. As someone who was not interested in profiting off the app initially, I just thought, why not.

He sent me a contract which we are going to amend of course. He wanted believes it would be a good idea for him to have 60% equity of profits generated from the product, while I get 40%.

My contribution thus for is having build 100% of the app which we see as a test version. At the moment he has not contributed anything yet. His role is to handle all the business stuff, connecting to important people, business plan, strategy, making business decision.

He's reasoning for him having 60% and me 40% is that:

  1. He believes someone should have the power to make decisions without having to await agreement from the partner.
  2. He also knows that I was never interested in the business side of things, which he also uses as reasoning as to why he should have majority(60%) so that I don't need to worry about any of the business stuff.
  3. He says he also wants to protect the product/company, as he doesn't want us to be bought out down the line, since he prefers we grow it and maintain the product to ourselves always, which I understand. I also don't not selling if we don't have to.

The thing is, is there a way I could agree to majority for myself instead, and not have to make the business at the end of the day, just so I can focus on technical(software) side of things?

Do any of you think I should agree to him having majority and a majority up 60%?

I have not seen any business plan nor strategies yet. I don't have any proof that he can market a product to a point that it becomes successful.

My only reasons for partnering with anyone:

  1. I don't know how to market anything.
  2. I don't have a business mind.
  3. I don't have the connections or know how to connect with business minds to invest in something.

I don't believe he has much worth showing he himself has these abilities, but it does seem he is working towards something, so I don't want to ride him off, and it's not like any big company would approach me anyway, unless maybe I was a big shot senior developer. The way I see it, in this world, people gotta ride with those on the same level. Big companies don't approach junior developers for their products/ideas, and senior devs don't ride with small startups I guess.

So I guess, I might as well ride with someone on the same level as me in their respective role.

I'd appreciate advice.

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Startups – Rapid Growth and Innovation is in Our Very Nature!

Please give me your thoughts on my idea

I want to create something similar to an article I read a few months ago about the effects of Dopamine. Dopamine is the feel-good neurotransmitter; the brain releases it when we eat food that we crave, contributing to pleasure and satisfaction as part of a reward system. I want to use this reward method for breaking habits and creating new ones.

So the design of the housing will be a circular oval-shape. I want a screen in the center and an LED light ring around the screen.

So how it works, the lights will be dimmed(So it’s not annoying) and default red, the screen in the center will read the list of activities you have set for yourself that you want to be completed. When you complete a task, you will flip a switch on the housing side; this will toggle some lights to go from red to green and give you the reward system. Along with the lights turning green, the box will play a sound, similar to when you win a game or get a kill, triggering a dopamine release.

Since my design is an oval shape, I can use a similar system to the apple watch; you want to turn your ring green, so as you click off switches or finish your tasks, the light ring will slowly turn green. Thus, creating new habits or breaking old ones. Like the apple watch, making you close your rings and hit your calorie goal, the product will prompt you to finish your tasks.

The obvious thing you might be thinking is, can’t I just click all the switches and just say I similarly finished all my tasks? It is a game fun when you hack and win without trying. I bet when you hit your goals on your watch, you feel good; now, would you feel good if you dropped your goal down to 1 calorie, sure? You would always win, but it’s not the same. Just like the apple watch or like games, I want to use dopamine to break habits.

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Startups – Rapid Growth and Innovation is in Our Very Nature!

ErudiFi raises $5 million Series A to give students in Southeast Asia more education financing options

Based in Singapore, ErudiFi wants to help more students in Southeast Asia stay in school by giving them affordable financing options. The startup announced today it has raised a $ 5 million Series A, co-led by Monk’s Hill Ventures and Qualgro.

ErudiFi currently works with more than 50 universities and vocational schools in Indonesia and the Philippines. Co-founder and chief executive officer Naga Tan told TechCrunch that students in those countries have limited financing options, and often rely on friends or family, or informal payday lenders that charge high interest rates.

To provide more accessible financing options, ErudiFi partners with accredited universities and schools to offer subsidized installment plans, using tech to scale up while keeping costs down. Interest rates and repayment terms vary between institutions, but can be as low as 0%, with loans payable in 12 to 24 months.

By providing their students with affordable financing plans, ErudiFi can increase retention rates at schools, helping them keep students who would otherwise be forced to drop out because of financial issues.

Tan said ErudiFi’s value proposition for educational institutions is “being able to offer a data-driven financing solution that helps with student recruitment and retention. Students also greatly benefit because our product is one of the few, if not the only, affordable financing option they have access to.”

In a press statement, Peng T. Ong, co-founder and managing partner of Monk’s Hill Ventures, said, “Access to affordable tertiary education remains a huge pain point in Southeast Asia where the cost is nearly double then the average GDP per capita. ErudiFi is tackling an underserved market that is plagued with high-interest rates by traditional financial institutions and limited reach from peer-to-peer lending companies.”

ErudiFi’s Series A will be used on hiring for its product and engineering teams and to expand in Indonesia and the Philippines.

Startups – TechCrunch

Could anyone give examples of this data business model

Companies that focus on aggregating non-user data and then figuring out new (ideally multiple) paths to monetization later as time goes on (eg from usage and user feedback).

The data itself may or may not be freely provided.

I'm drawing a blank haha

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Startups – Rapid Growth and Innovation is in Our Very Nature!

Can Greg Moran take Zoomcar into SPAC? It would give him a blank cheque to make Indians hire cars – Economic Times

Can Greg Moran take Zoomcar into SPAC? It would give him a blank cheque to make Indians hire cars  Economic Times
“startups when:1d” – Google News