Question
I've been working on an idea (consumer facing entertainment curation) I'm really excited about for the last 6 months. My gut is telling me I need to find a way to go for it full time, but I have no savings to fall back on and would require a small amount of seed money.
Other companies in the space have recently been funded. I have amazing celebrity curators/partners sold on the vision and ready to be a part of it that I believe I can leverage to get funding. Inevitably, somebody is going to execute on this idea and I feel like the time is now if I'm going to be the one to do it. I know the space well and trust my gut.
1) Once I get mockups or a initial prototype built, how do I best use that and my network of celebrity curators to gain just enough seed money to get started? How much of the company should one give away for a small seed round? Would it be best to find one angel who is willing to buy me some time with a small investment?
2) Am I an idiot to try to do this with no savings to fall back on? I am unmarried and have no kids. I don't feel like I can give it the attention it needs as a side project.
Any insights would be great.
Answer
I suggest the following:
- find a team (2-3 people)
- find unique value
- build a landing page
- promote landing page
- build a mvp (minimal viable product)
- get traction
- incorporate company (e.g. In silicon valley)
- get more traction
- ask users for feedback
- enhance your mvp with functions users asked
- ask for seed money
