Hello! My friends and I created an iOS/android mobile app that involves both the customer and (local restaurant) business. Is it good practice to register as an LLC since it does involve other businesses? What are some other good practices we should implement to prevent any legal burden? It’s doubtful that anything would actually happen.. but just in case!
I apologize if this is a repeat question and thank you in advance!
Paul graham says, college is the best place to get co-founders. And you come up with ideas by having ping-pong conversations with each other. And its best that your start something with your friends.
Plus this lockdown has seriously jammed my thinking process. Can't think of ideas etc.
I am starting to work on a side project, in which I like to create tutorials to teach people how to do technical analysis in stock trading, and I also want to eventually create relevant data APIs to sell as subscription. And naturally, some of the tutorials will be demonstrating how to use the data API. I wonder if this is a good idea to combine both education and product sale? Or is it better to create two different sites each for a more focused purpose and identity?
I personally believe equity of 33-50% might have been appropriate if I was coming to him at the idea stage. To be clear I am the sole founder and this is my own idea.
The App currently has over 2.5k DAU, 11k MAU, very good reviews on the app store, and I've already invested around 30k in total (which includes the payments I have been making to him for development – albeit at a slightly discounted rate). The app is not yet making any revenue, but it seems like we have pretty sticky product with retention rates of 38% (day 1), 20% (day 7) and 10% (day 30).
I do however very much value him, he is a talented developer who has created this quite complex app on his own (with me providing all the designs and ideas) and also has a good business mind.
I don't want to scare him off, but I feel like he is being unreasonable with this request at this stage. It also feels like I am being held at ransom because it would be hard to find another developer who understands the product at this crucial stage where we're about to implement the payment/premium features. The alternative he says is his normal daily development rate, which I would not be able to afford yet until I get investment and I think he knows that.
Sorry for the noob question too, but if I give him equity, does that mean he also gets that % of the profits?
I would like to take him on as a CTO and perhaps have a 4 year vested schedule with a cliff, giving him max 15-20% overall. Is this fair or too much?
Any advice would be very much appreciated.
Hello, I've been reading a lot about the MoSCoW method and more which needs to prioritize what features are going to be out of the app and which ones are staying.
I am a team of 1, I am developing the app by myself, but it's hard for me to know what i need to program first, my idea has a lot of features but what should i Keep?