Ward ChandlerStartup Founder, Advisor, Inventor, Investor
Bio

Filling market gaps with technology for over 30 years. Multiple startup founder including Cashadvance.com. Public and private exits. Mobile and social savvy. Patent holder in mobile social media. Currently CMO @pocketteller .


Recent Answers


Wow a whole month and zero answers to this one? Its not a quick one to answer but I'll take a swing at it ;)

I've been in a multi-founder business several times and I can say from experience that it does present challenges. The truth of the matter is that all 4 of you will likely not contribute "equally" over the life of the business, and everyone has to be good with that from the start of there's going to be trouble ahead.

Vesting equity over time is easy, the sword attached to it is how to you oust someone that is not pulling their weight in the view of the other partners so that further equity does not vest to that person.

I think it is very important to clearly define what each of the partners roles are and what value they are bringing to the company up front. Remember, value does not necessarily equate to time committed to the enterprise - sometimes people can add tremendous value with very little time expended (bringing in a key customers or investors for example).

With that clear understanding of roles in place, a regular team review and blind voting can reinforce the question "is this person adding value", and if not, can that be fixed, and if not, should they be taken off the team without further equity vesting.

Things change. People change. Needs change. Your plan has to be flexible enough to add or remove key people as needed to grow the company. If this is clear and understood up front, it will reduce a lot of headaches later.

I hope that helps and I'd be glad to discuss further on a call if you like.

Best success,

Ward


Apps typically fall into one of two categories in my experience - an app to support an existing business, or an app that IS the business - but the path to success for both are similar. In both cases you are creating an app to fill a perceived need, and the steps you should be going through are the same as you would with any new business. Too often I see entrepreneurs rush headlong into building the product - a step thats a ways down the road from the idea stage. Be sure you've properly defined your business model - what problem are you solving, who will use it, who are your competitors, how will you sell / distribute it etc - that's a long discussion in itself, but be sure you've passed through that stage before you begin thinking about how to actually build the product.

These days, there is a lot we can do with design before we have to actually write any code. Products like Invision allow us to create screen based design prototypes that we can show customers, get feedback on, iterate on, etc. You don't have to be an engineer to use these design tools, and if you do need to hire a designer for some help, they are a lot less expensive than experienced mobile coders.

My advice is to be sure you've covered you business basics first, mocked up your product without any coding, received some great feedback from real users, and only then set out to code your product.

If you are ready to code, your best bet in my experience is to find a technical co-founder that shares your vision and will partner with you in the enterprise to create the first working version of the app. Hiring a fee for service person or firm is of course an option - the challenge with that is they will build exactly what you tell them to build, without the creative and business input that a technical co-founder will bring to the table. It's not always easy to find that person, and it does come with risks of course. Raising money on KS for an app is tough - what can you offer the funder? It depends of course on the nature of the app you are building, but KS is a stretch to fund apps in my opinion. I'm not familiar with Zapporoo so I can not comment on their services.

I hope that helps and would be glad to have a short call with you to answer your questions.

Best success,

Ward


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