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My feeling is this: You’ve essentially been a discount contractor this far with a handshake agreement about ownership. Right now, there is no business, just a
by noodlesUK 5y ago
My feeling is this:
You’ve essentially been a discount contractor this far with a handshake agreement about ownership.
Right now, there is no business, just a product.
You’ve probably done whatever was initially agreed in terms of a demo and it’s time to talk next steps. You need to go into that negotiation with a frank understanding that you may need to walk away.
Aim to get (in writing) an agreement about what further funding for the business would be, and what the actual expectations on you are (in terms of time and deliverables). If they can’t do that, walk. I don’t know you or the ideas guy or your investor, but I feel that if you have an MVP, you’ve done a whole lot already. Definitely discuss, but you have to actually come to an agreement (with both parties, or just the investor) about real numbers, and a legal entity that is going to be the business going forward.
- noodlesUK 5y agoAlso, something that hasn’t been mentioned. Where are you located? Norms for doing business are different in different places, and your approach might be different if you were in Europe, vs US, vs Brazil, vs India etc. Of course, don’t give anything away that would identify you too uniquely.