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Answering questions on – Seeking advice on co-founder

In February I received a LinkedIn message on various questions regarding co-founder, for long time I had parked that message to be answered later. Finally I am answering it today. I have changed the questions and I am keeping anonymity of the person who had asked these questions so that the questions and answers becomes generic and can be applicable to many co-founders who are seeking partners.

  1. I have an idea (a web portal) & funds to develop/ hire the best of talent/ market it etc, but no technical knowledge. Do I need a co-founder for the same or I should hire a CTO?

Answer

In case if your web portal that you have thought to develop is a static website (i.e. build it once and no need of major haul year after year) then it is better to develop it using an outsourcing IT company or from a freelancers. And then pay a small AMC for maintenance year after year.

But incase if your website would be dynamic (i.e. you have business of buy and sell happening on the website, and website needs to get changed majorly year after year to keep itself on top) then it is better to look either for

  1. A tech co-founder or
  2. have a your own internal team or
  3. Hire IT professional as an employee

To manage the website. When you hire an IT professional or an internal team it is not necessary that they will always provide the best solutions for the website and think in your best interest. They might drain big time with cash out flow in terms of salary, rental computers and office space. Hence to plug-in these lacunas it might be better to have a tech co-founder. Tech co-founder will bring the best on the table and keep himself update to provide best of technology in present and future. More over investors feel more confident when there is a tech co-founder in the team.

  1. If I join hands with a co-founder, who just brings tech expertise & may b a little or no capital. How should the equity % be split?

Answer

It is advised that all the co-founders should bring capital on the table but not necessary in the same ratio. This will lock in all the co-founders and compel everyone to perform at the best and work in right direction without out being a pillion partner.

Ideally the capital should be split equally; keeping mind that time and talent are heavier as compared to capital investment. Prof Nandani Vidyanathan author of entrepedia suggests the co-founder who has an idea should take 51% equity and his other partner should take 49% one percentage extra is for the germination of million idea. There is a website which provides tool to split equity among the co-founders http://foundrs.com/ but in my personal recommendation it is better not to use those tool as it might incept unrest and resentment in the heart of co-founders, hence simple 50%-50% is any day better.

  1. When u say equity % be given. It is % of shareholding in the constitution of the company or profit %?

Answer

It is % of shareholding in the company or business.


  1. Suppose I give shareholding in the constitution & the person (then co-founder) does not perform. Or does not perform the way we had expected. Or becomes un-interested, or loses the patience needed in a start-up, then? Or even stops coming to office?

Answer

You can have a concept where shares of the shareholding will mature only after completion of say 3 years or certain milestone say 100th paying customer. Till that time co-founders can have soft allocation of shares and that allocation needs to be earned simultaneously as the venture progress happens.

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Startup Saturday – HeadStart Initative

Startup Saturday conducted every 2nd Saturday of the month

Headstart is a nonprofit organization working for startups in India. Every month we conduct an event called Startup Saturday  which is a theme based event in Mumbai it is held at the SP Jain College, Andheri West where entrepreneurs share their stories and learning’s with budding entrepreneurs. Recently we have also started at Navi Mumbai, Nerul at SIES College. Event starts at 3:00 PM and ends at 6:00 PM

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Special Evening to the Landmark Forum Vashi – Navi Mumbai, 7th Nov 2012

Dear Landmark Graduate,

Greetings!!!

This is a personal invitation to you, your family and your friends for a Special Evening About The Landmark Forum with the Landmark Forum Leader Gopal Rao on Wednesday 7th November 2012 at Vashi.

Address :
Odusha Bhavan, Sector 30/A,
Next to Kerela House,
Behind Raghuleela Mall,
VASHI
NAVI MUMBAI – 400 703

Day & Date: Wednesday, 7th November 2012.
Timing : 7 pm to 10.15 pm

Special Evening to the Landmark Forum is an Opportunity for you as a Graduate of Landmark Education to recreate your transformation & bring transformation to areas of your life, where you are currently resigned or struggling & or would like to go to the next level.

It is also an opportunity for you to share with and invite the Landmark Graduates and also People in your life whom you want to participate in the Landmark Forum, such that they have the opportunity to listen & create whats possible for them. Those of them who have not done the Landmark Forum have the opportunity to choose their participation in the Landmark Forum.

To share with people in your life, here are the upcoming Landmark Forum Dates at Mumbai & its tuition:

November 23, 24, 25 & 28
December 07, 08, 09 & 11
January 04, 05, 06 & 08
Total Tuition : 12,300/-
Minimum deposit : 2,100/-
If paid in full Total Tuition applicable will be 10,200/- (all tuition paid in non- refundable & transfer policy applies)
Mode of payment : Cash/ Credit Card & Debit Card (Master / Visa) / Cheque

Looking forward for your participation, please be there & invite your people to be there atleast 15 minutes ahead of time.

Warm Regards
Mahesh Punjabi
In-Center Registration Manager,
LandmarkEducation Breakthrough Technologies Pvt. Ltd.
(LEBT Pvt. Ltd.),
3rd Floor, Sunshine Plaza,
Naigaum Cross Lane,
Opp. Civic Center,
Dadar (East), Mumbai – 400014
Tel.: +91-22-61843 zero zero zero
Direct Tel: +91-22-61843 zero zero 2
Fax.: +91-22-61843 zero 11
Email: maheshpunjabi (at) landmarkeducation (dot) in

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Join Venture Nursery’s 2nd Acceleration Program

venture nursery

Join Venture Nursery’s 2nd Acceleration Program

 

Mumbai based Venture Nursery is India’s first angel-backed start-up accelerator. Venture Nursery offers between six and thirteen weeks’ customized acceleration program to participating start-ups. Each participating start-up is evaluated to identify key gaps and challenge areas and addressed through multiple mentoring sessions by Angels in Residence, serial entrepreneurs, Charter Angels, VCs, technologists and senior corporate managers.

If you have a powerful idea that you want to build into a robust business, here is an opportunity for you.  Join VN Boot Camp which will be conducted in Mumbai and can take up to eight start-ups. If selected, it may be the most energetic and fruitful 90 days you can give yourself.

Key Features

  • On-going strategic guidance by Angels-in-Residence
  • Mentoring sessions by a 2 dozen Advisers-in-Residence
  • Identify your potential co-founders and strategic executives
  • Unparalleled Business Support Network
  • Pitch your plan to a dozen Charter Angels on successful conclusion of program
  • Post Acceleration support
  • Huge visibility to participating start-ups

Timelines

BootCamp is slated to commence on Dec 3, 2012. We are accepting applications until Nov 8, 2012.

Venue

B 103, Kailash, Juhu Church Road, Juhu, Mumbai-400049,India

To Apply online visit  www.venturenursery.com  or email to info@venturenursery.com

For Queries Contact: Mr. Apoorv R. Sharma, Executive VP   at +91 2226701133 or +919004604066

You can find us on twitter @venturenursery, LinkedIn/venturenursery  and facebook/venturenursery

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