2,231 karma · joined August 12, 2009
Currently we are only working with small daily and weekly papers, but obviously college papers would work too.
For example, my startup is at a critical juncture right now and we posted a question here and on TheFunded. HN immediately responded with about 15-20 really helpful comments. TheFunded? I've gotten one spammy response so far.
Our current clients have proven to be reliable. Once we launch them they directly profit from our product by adding about 5%-8% to their bottom line (our customers are newspapers, BTW). It's unlikely that they will pull out unless they close, and our current customer are all smaller newspapers which make this less likely.
Do you think it would serve us better to wait until we have the revenue to support me? What experiences bring you to this conclusion?
Unfortunately to get to this point I have maxed my vacation and sick days. Our sales cycle in this mode is about 3-4 months because we are B2B sales right now (this will change down the road).
RMS below shared a link pointing this out. It warned that "Non-Accredited Investors Trigger a Larger Disclosure of Information" . . . do you know much about this or have any experience in using Non-Accredited investors? I'm wondering how much of a legal pain it is.
I'm on borrowed time with my employer anyway--been pushing the limits of civility already (maxed out on sick/vacation). I doubt I have the political stock left to make new arrangements, but appreciate the ideas.
I'd like to hear more about your app, how much traction you have, etc. The biggest problem with making this work, of course, is to have city-wide (or country-wide) buy-in by all the businesses. Because is a good percentage are not updating this product with info for you, than it's useless to the end user. This last problem is the one we have solved.
Feel free to contact me if you'd like.
I guess this is a good point though, as twitter will automagically shorten URLs that you enter anyway.
Unfortunately my product deals with a very specific market and by the time we have 1,000 "users" we'll be billionaires.
I'm still trying to figure out how to create a SaaS product that provides water or food . . . because everyone needs that.
#1 is aptly chosen. I've always heard that picking the wrong business partner is worse than picking the wrong spouse and I have to agree. Some days I spend more time talking with my co-founder than I do my wife, and right now he is currently six states away.
But I wanted to add that #5 also plays a role here. I vividly remember the first time my co-founder and I had a disagreement: we were both pissed and thought the other was pretty stupid. Some things were said and I got offended but we were both able to take a step back and remove our emotion. I told myself, "this is how start-ups die." Once we both removed our emotion from the situation we were able to address the problem and ultimately make the product better. We needed to be persistent not only in our work, but also in our relationship.
Ever since that time we've decided that while we may at times offend each other (it is a natural reaction), we just need to get over it, and quickly. Now we can say things like, "you're doing this wrong" or "that looks ugly" or "we need to completely rethink this" and no one wants to take their toys and go home. By removing emotion we can more direct, more efficient. And our product is better and we have more clients because of it.
That attitude has served me well, I mean, I've had groups back out on us after they signed an agreement. What are we going to do? Lawyers cost to much and who wants to work with someone who doesn't want to work with us? Our customers are our partners and we love them--but if the feeling's not mutual I'd rather cut it off.
It's funny, I'm so optimistic about our success--I'm an entrepreneur after all--but I'm always waiting for the other shoe to drop when closing a new customer.
BTW: I should mention that our customers are newspapers, who are notorious for taking a long time to make bad decisions . . . so when we close someone, it's time to break out the scotch.
I have an BlackBerry with AT&T and a Verizon Mifi that provides 3G internet to my laptop. When traveling, the BlackBerry is pretty much useless here in Texas because there seems to be a lot of holes in their network--but I can drive from Austin to Dallas connected to the web with the Verizon mifi the whole way.