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Re: [Developers-Entrepreneurs] Co-Founder wanted

From: Jonathon H.
Sent on: Friday, September 6, 2013 10:21 AM
Hi Kwesi

This sounds similar to Songkick Detour, have you seen that?

Just because there are similar services that's not a reason to pursue it, in fact it validates your idea and the fact there's a market. You would just need to clarify your USP.

As a developer looking to join a start up, I've had several people approach me with equity-only offers, and here's why they're an almost impossible sell:

1. A site like this may take a year or more to become profitable, and that's too long to forego a salary.
2. Start ups live and die by their people, and without knowing the other cofounder(s) and their level of enthusiasm, commitment, experience and market knowledge, that's a massive risk for the developer.
3. How do you value the equity? Not knowing anything about the industry or the potential audience, will this be a £1m company in a year? How can you quantify this at such an early stage?
4. If the developer is taking this big risk and working only for equity, what's your commensurate risk? What if you get bored with the idea 3 months in?

As an entrepreneur with an idea, you're in a chicken and egg situation, because you need to build a proof of concept in order to get funding, but you need funding to pay for the development.
This is why I suggest people in this situation demonstrate their commitment by coming up with their own cash (bank loan or FFF).

The advantage of this also is you could potentially just pay for development outright and retain 100% ownership, or cede less equity and still get developer buy in.
It also raises the stakes and focusses you completely on the success of your business when you have real money on the line.



On 6 September[masked]:02, Kwesi Johnson <[address removed]> wrote:
Hi All
My name is Kwesi I'm an entrepreneur and have worked in events and the arts for over 10 years.  I'm looking for a front and back developer to move my website to the next level and implement the more detailed ideas I have for the site.  I'm offering an equity share in the business.
I Make That Happen

Happen enables users to sell tickets for live events and never lose money. The potential audience make the events happen by purchasing advance tickets to attend the event. When the ticket Target is reached, the event goes ahead - it's that simple! Whatever the users passion and they want to create an event, Happen saves them the risk of losing precious money and time by starting a campaign at inception stage. The audience support the campaign and the user knows how popular the event will be, ensuring its success and their profits.

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Jonathon Horsman
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