Hey people, Looking for some advice here.
I've been building something in collaboration with someone for the last 4 months or so.
The CEO came up with the desire to build 'something' which helps with climate change but didn't know what to build.
I'm the CTO in the venture.
We have no company, we have no founders agreement, but we do have a collaboration agreement that this specific product will give us each 50/50% of the revenue from it as we both have our own companies (so it's a collaboration between two Ltd companies).
Through trial and error and some brief market research (talking to potential customers), I managed to find a service which I thought was a value add to businesses.
I then custom built a web application myself including content writing, layout, user stories, features etc.
Unfortunately, over the last 3 months, the product hasn't been getting any traction. I believe this mainly down to the lack of selling/promoting/marketing the CEO has been doing.
Yesterday the CEO announces that he is 100% responsible for the non-success of the product so far, and wants to focus on a different product (a paid newsletter). This is mainly because he is working full time on this 'idea' and is quickly burning through his savings.
He has said it's not fair for him to be so intensely involved in the product anymore as he cannot guarantee he can give it the time it needs.
However, instead of leaving 100% of it up to me and giving me ownership of the product, he still wants to retain 15% of the revenue, OR to sell it to me for 1 BTC (current value is £12,400).
He has contributed practically nothing aside from saying "I want to build services for climate change". Everything else (design, development, testing, selling/marketing) has been done by myself.
What do you think I should do here? Give him 15% that he offered instead of the 50% that he's currently taking and continue building the product without him? Thing is, he will be profiting from my efforts despite having zero input.
The product actually links to his website, which links to his newsletter which doesn't really seem fair to me considering I earn nothing from his newsletter.
Or should I fight back and say that if he is not putting any effort in (and hasn't put any effort in), that he should take 0%?
My concern is that if it becomes big and successful, he's taking 15% of something that he's had zero input in aside from the industry as a whole being his idea.
Am I being selfish/stupid here?