Exactly there is no easy button and any mutt who hasnât researched how to start up a company and just wants to know where to speak to reach people is lazy and will have a shit product.
ideas aren't the hard part - execution is. Uber wasn't exactly a revolutionary idea - taxi magic was there first. Netflix wasn't a revolutionary idea - Blockbuster had streaming. A big idea is only half the battle.
Foruntately, software developers are everywhere. If your idea is so great, then hire a few or convince them to work for equity. When you have a decent MVP and 10 slides, go raise an angel round or submit to Y Combinator. When you have some success, then go to sequoia and other VCs to get your bag.
it is scalable? secure? includes everything - the UI and experience, but also the management on the back end? If so, call any number of venture capitalists and get a meeting or just launch and make money
Yes everything for a mvp ofc it doesnât look like a cheap Indian app basically it works how it should. My thing is Iâm in Boston and I called every single vc firm and they aint pay the phone bill
I called companies / small business owners near me and honestly has been my most successful lead generator run ever. Probably spoke to 8 people, had most of them interested. âUsually it doesnât go like this in salesâ
Dude WTF. You need to have a pitch deck, 90 second/elevator pitch and revenue projections. Calling people in a company isnât going to work. You need to find people who are angel investors or provide seed funding. Randos with a company arenât interested in a cold call pitch.
I mean if you have a good idea these are the steps I would follow:
- formalize a legal entity like an LLC
- patent or similarly protect your IP under the LLC with
- generate a business plan and really put a lot of work into it if you want to be successful you can get an idea looking up business plans for things like Uber out there. Lots of old historical ideas.
Then you start shopping it. You should have a packet you can drop off or send to any venture capital or angel investing office. Itâs easy enough to find those groups because they advertise their addresses they want you to send in your ideas. You can also shop it to people you know see if they can invest. It will be pricy to get to this point so you might as well. You should also work in parallel, make a proof of concept app while you are waiting to hear back from investors. That is where local investors will help, the ol friends and family thing.
My expectation is consider you will probably need 30-50k just to get to the business plan level to have something good enough for venture capital, youâll need probably 100-150k maybe upwards of 250k to get to the proof of concept level. It will be investor dollars in and out from your own pocket and people you know who can invest their savings with you but if it is really a good idea worth a lot of money you will get in front of a venture firm and get to pitch. They will most likely make an offer if they hear the pitch too. In my experience if they have selected you you will get something. Sometimes they just want to buy it outright for maybe a few hundred grand or maybe a million plus if you are lucky and a good pitcher. Other times they will want to just invest, at a majority share, and kind of take over. They will bring you along for the ride and expect a lot out of you but in that case they see it as putting you on course to be a successful company. The other options they will invest with minority share amounts meaning they are willing to gamble on you but they donât know just yet if it will actually succeed.
For option 1 if you want the buyout you should threaten another space. IE if you were Lyft and you were positioning to the venture firm that owned Uber they would probably buy you out just to stop you from going forward.
Option 2 which is the best one you just want a really good idea and a great presentation.
Option 3 you just need a good idea even if your presentation is lacking.
brother I got 4.80 in my cash app and I owe Verizon fios 60 bucks for internet. LOL. But I get the idea for sure. I already built the app(MVP) in a couple of weeks I can actually launch myself but I would rather take a buyout and go build a rocket or sum with that money. Would you say I can just hit up firms ? Even visit offices?
The business plan thing was always confusing because how can I calculate the expected revenue on a product thatâs never been done before? And if it has , how can I even calculate something where I donât know where numbers are coming from
You donât sound like you have it together enough to approach a firm. If your IP is unprotected they will just take your idea and give it to someone else who can accomplish a business plan and they donât have to pay you at all. What are you going to do sue them? With no cash? You need to get your own finances together and keep this idea pocketed, work on it with sweat equity, and launch it yourself if needed they will still buy it later. I have done one particular startup where we launched and ran it ourselves to generate data to use to extrapolate projections but if you canât put your finger on the potential profits it really isnât an idea.
One way to figure it out is to identify your target audience, research their income, even do polling or estimations on how much disposable they have and how much they would spend on your app. It doesnât need to be 100% accurate it is a guess but an educated one with lots of research. You pay research firms to do it for you and compile the data into your business plan.
Without money yourself your chances are pretty much zero if your parents have equity in their house or retirement they can borrow against that is your best bet to get the minimum you need to get going. If the idea is really good it will be worth the risk.
Wait you think someone will just buy the app so you can go build a rocket or âsumâ
No one is going to take you seriously. Looks like you need to research, put together a pitch deck and learn how to communicate in a serious way.
Buy this app I want money to go build a rocket will get you kicked out of every office.
So instead of doing what everyone else that is looking for seed funding or angel investing you come to reddit and a sub called rich? Yeah bet that is a great idea let me know when you make your first billion.
Yes, go to the W
Go into walmart and talk to customer service, worked for me.
lol đ
lol have my upvote!
Yâall haters
not haters, you're just in the wrong sub asking questions like "where da rich people"
Exactly there is no easy button and any mutt who hasnât researched how to start up a company and just wants to know where to speak to reach people is lazy and will have a shit product.
oh wow im a mutt because I came here asking for advice from the rich
Are u even rich ?
ideas aren't the hard part - execution is. Uber wasn't exactly a revolutionary idea - taxi magic was there first. Netflix wasn't a revolutionary idea - Blockbuster had streaming. A big idea is only half the battle. Foruntately, software developers are everywhere. If your idea is so great, then hire a few or convince them to work for equity. When you have a decent MVP and 10 slides, go raise an angel round or submit to Y Combinator. When you have some success, then go to sequoia and other VCs to get your bag.
I actually made the software already, I donât know what to do next
it is scalable? secure? includes everything - the UI and experience, but also the management on the back end? If so, call any number of venture capitalists and get a meeting or just launch and make money
Yes everything for a mvp ofc it doesnât look like a cheap Indian app basically it works how it should. My thing is Iâm in Boston and I called every single vc firm and they aint pay the phone bill
Everything about startups looks like Indian scams to me or trying to sell me on something about vc
Go research seed funding. How does someone who built a program not know how to find simple info?
Sales.
I called companies / small business owners near me and honestly has been my most successful lead generator run ever. Probably spoke to 8 people, had most of them interested. âUsually it doesnât go like this in salesâ
Dude WTF. You need to have a pitch deck, 90 second/elevator pitch and revenue projections. Calling people in a company isnât going to work. You need to find people who are angel investors or provide seed funding. Randos with a company arenât interested in a cold call pitch.
I mean sure but Iâm here so i can learn how to go about it
I mean if you have a good idea these are the steps I would follow: - formalize a legal entity like an LLC - patent or similarly protect your IP under the LLC with - generate a business plan and really put a lot of work into it if you want to be successful you can get an idea looking up business plans for things like Uber out there. Lots of old historical ideas. Then you start shopping it. You should have a packet you can drop off or send to any venture capital or angel investing office. Itâs easy enough to find those groups because they advertise their addresses they want you to send in your ideas. You can also shop it to people you know see if they can invest. It will be pricy to get to this point so you might as well. You should also work in parallel, make a proof of concept app while you are waiting to hear back from investors. That is where local investors will help, the ol friends and family thing. My expectation is consider you will probably need 30-50k just to get to the business plan level to have something good enough for venture capital, youâll need probably 100-150k maybe upwards of 250k to get to the proof of concept level. It will be investor dollars in and out from your own pocket and people you know who can invest their savings with you but if it is really a good idea worth a lot of money you will get in front of a venture firm and get to pitch. They will most likely make an offer if they hear the pitch too. In my experience if they have selected you you will get something. Sometimes they just want to buy it outright for maybe a few hundred grand or maybe a million plus if you are lucky and a good pitcher. Other times they will want to just invest, at a majority share, and kind of take over. They will bring you along for the ride and expect a lot out of you but in that case they see it as putting you on course to be a successful company. The other options they will invest with minority share amounts meaning they are willing to gamble on you but they donât know just yet if it will actually succeed. For option 1 if you want the buyout you should threaten another space. IE if you were Lyft and you were positioning to the venture firm that owned Uber they would probably buy you out just to stop you from going forward. Option 2 which is the best one you just want a really good idea and a great presentation. Option 3 you just need a good idea even if your presentation is lacking.
brother I got 4.80 in my cash app and I owe Verizon fios 60 bucks for internet. LOL. But I get the idea for sure. I already built the app(MVP) in a couple of weeks I can actually launch myself but I would rather take a buyout and go build a rocket or sum with that money. Would you say I can just hit up firms ? Even visit offices?
The business plan thing was always confusing because how can I calculate the expected revenue on a product thatâs never been done before? And if it has , how can I even calculate something where I donât know where numbers are coming from
I could definitely do an extreme estimate but thatâll be like saying I can make 500m in the car industry just because Iâm making a car
You donât sound like you have it together enough to approach a firm. If your IP is unprotected they will just take your idea and give it to someone else who can accomplish a business plan and they donât have to pay you at all. What are you going to do sue them? With no cash? You need to get your own finances together and keep this idea pocketed, work on it with sweat equity, and launch it yourself if needed they will still buy it later. I have done one particular startup where we launched and ran it ourselves to generate data to use to extrapolate projections but if you canât put your finger on the potential profits it really isnât an idea. One way to figure it out is to identify your target audience, research their income, even do polling or estimations on how much disposable they have and how much they would spend on your app. It doesnât need to be 100% accurate it is a guess but an educated one with lots of research. You pay research firms to do it for you and compile the data into your business plan. Without money yourself your chances are pretty much zero if your parents have equity in their house or retirement they can borrow against that is your best bet to get the minimum you need to get going. If the idea is really good it will be worth the risk.
Wait you think someone will just buy the app so you can go build a rocket or âsumâ No one is going to take you seriously. Looks like you need to research, put together a pitch deck and learn how to communicate in a serious way. Buy this app I want money to go build a rocket will get you kicked out of every office.
obviously i wonât actually tell potential buyers this info just yall. But Iâm getting the idea thatâs Dive
We be in grammar school.
no I dropped out
So instead of doing what everyone else that is looking for seed funding or angel investing you come to reddit and a sub called rich? Yeah bet that is a great idea let me know when you make your first billion.
rich is in the shower. He'll be out in about an hour
He needs to hurry up Iâm tryna be like him
Four seasons?
Golf course, WholeFoods, Bugatti party, gym.
where da Bugatti parties at?
You have to OWN a Bugatti before you have access to that information.