Questions

We are startup and have a hardware product. We are both business guys, with no industrial design or logistics experience. The product was designed by 3rd party and logistics is later expected to be outsourced via Shipwire. There is this accelerator in our country that won't fund us, unless we bring designer AND logistics/procurement expert on board. However, the design is 95% complete and the designer work left totals only few thousands. After we launch via Kickstarter, we'll naturally hire logistics/procurement expert, but giving them both equity right now seems unreasonable. We are also in talks with some interested angels from other countries, that currently do due diligence, but haven't yet expressed such concerns. Should we skip the accelerator and focus on angels or should we listen to them and bring the people on board as co-founders? If we don't sign with angels and we skip the accelerator also, it'll be pity. P.S. Investment possibilities are very limited in and around our country.

If design and logistics will be central to your business' long-term success, it will make an investor more comfortable to know that those key players have some skin in the game. But, finding a co-founder quickly just to satisfy investors doesn't mean you'll choose the right person, which is more important.

What about finding the employees you intend to hire after funding, and beginning to build a team now? If investment options are limited, work with the accelerator to craft a decision that satisfies you both. If you believe investors will be more abundant, pay to finish the design yourselves, launch on Kickstarter, and then weigh your options again later.


Answered 6 years ago

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