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MenuI have a billion dollar idea that could potentially remove UBER from the market. How do I select the right partner to make this happen?
I have been in the app business for the last 4 years. We have mainly worked at building our own smaller projects. I have an idea for an app that I see as potentional massive. Bigger then Uber and possibly the end of Uber - I don't want to take the chance of taking too long in making this happen. I was thinking of finding a VC or partner that not only has the funds but actually has the connections required to make this the next billion dollar app. What criteria should I be looking for and where should I start.
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I am a corporate lawyer and business adviser for over 7 years. I worked mainly in Israel, "the startup nation" and at least twice a year an entrepreneur comes over with a similar question. Don't know how to say it better but straight forward - no one EVER starts as a billion dollar company. Did you try your idea on a small market first and saw that it's working? A lot of experts (ask Dan Martell the founder of Clarity) will tell you that you cannot take the whole world by a storm at once. You start small and you scale it little by little. I'm not saying your idea is not good or that it cannot kick out Uber, what I'm saying is that since you don't have to start big, you can take a co-founder that complete your skills - if you are good in developing and lack the marketing, take someone that is great in marketing. If you cannot pitch, take someone who can talk and sell.
But first of all - show a proof of concept.
By the way, if you didn't do it till now, I recommend you read Zero to One by Peter Thiel one of the founders of PayPal. It's a great book where he discusses the creation of something new - from 0 to 1 in oppose to from 1 to n, i.e. adding more of something familiar. Don't define who you are by others, say what's unique about you.
If you wish to elaborate, just give me a call.
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VC is by no means my area of expertise, however, I suggest partnering with the biggest benefactors of Uber's exit (in my opinion that would be the Taxi companies). Who are the most influential taxi company owners/corporations? Are those companies tied to larger investment firms? That would be my starting point.
You need capital, people, connections, and other criterias to make this the next billion dollar app. And, then you speak about possibility of replacing Uber. The market out there is cauldron of entrepreneurs in obsession with their idea; everyone thinks they have got something groundbreaking. However, the ones with genuine idea start at remotest possible level, bootstrap as much as possible, and let the concept speak volume about its potential. During this entire process they become aware of their limitations and choose appropriate partners. I believe you should start somewhere and you'll know the guys to look out for.
In my one decade of experience around hand-holding startup entrepreneurs, and helping them establish profitable business venture, I've seen a lot of them hinging everything on investment. A few of them actually invest energy and effort behind gauging true potential of their idea. If you are too confident about the success of your idea then pen down "How" and approach the people you find having credibility. It's not too challenging to identify such lot on social media. Hope above helps!!
Feel free to reach out for anything in particular that you may be looking at.
Build a working version of the app and apply it to a test market. While you are in motion toward the creation of the app and the business, you will find that the connections you need to make to be successful will become apparent and available.
Everyone that has answered your question just gave you years of experience and thousands of dollars in advice for free. Most business ventures like this don't get out the door, not because it's not a good idea, but you may see the vision, but getting others as excited as you is extremely difficult in most cases. I've been working on a project for more than ten years in my spare time (not good for venture capitalist lol) and I have had hundreds of road blocks and have spent more money than I care to tell you about. I've had several partners that all gave up. It's very hard to continue with a vision once obstacles start popping up everywhere. Whatever you do I suggest you get a NON-DISCLOSURE AGREEMENT with whomever you decide to reveal you concept. If it's a billion dollar idea like you say, then I am going to tell you this. If you are that confident sell everything, downsize your home, get rid of your car and box yourself into a room and finish the app. Don't you think the sacrifice now would be worth making a billion dollars? If that's not reasonable for the creator of the concept, just imagine how investors are going to look view the idea. Good Luck. B
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Whats the best way to find commission sales reps?
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I have this social media idea,but no coding skills. How do I get someone to do the coding (cant afford to pay them) and not give away half of my idea?
Dilip was very kind in his response. My answer might be a bit on the "tough love" side. But that's for you to decide. My intention, just for the record, is to help you (and those like you) on your path to success. And that starts with having a viable philosophy about entrepreneurial-ism and business. And I'm going to answer this because I get asked some form / version of this question very frequently from newcomers to entrepreneurial-ism. The scenario goes something like this: "I have a great idea. It's amazing, I love it, and I just KNOW it's gonna make me a ton of money. But I have no money right now so I can't afford to (fill in the blank with things like "to build it / create it / market it / etc" or "to hire the required staff needed to work in my business to sell it / develop it / etc"). And I don't want to tell anyone about my great idea because I'm worried someone will steal it and make MY million / billion dollars. But I can't afford to legally protect it either... So how do I launch without the skills to personally create the product AND no money to hire anyone else to do that either??" The answer is ... You don't. Look - let's be honest. All you have is an idea. Big deal. Really. I'm not saying it's not a good idea. I'm not saying that if properly executed it couldn't make you a million / billion dollars... But an idea is NOT a business. Nor is it an asset. Until you do some (very important) initial work - like creating a business model, doing customer development, creating a MVP, etc - all you really have is a dream. Right now your choices are: 1. Find someone with the skills or the money to develop your idea and sell them on WHY they should invest in you. And yes, this will mean giving up either a portion of the "ownership" or of future income or equity. And the more risk they have to take - the more equity they will want (and quite frankly be entitled to). 2. Learn how to code and build it yourself. MANY entrepreneurs without financial resources are still resourceful. They develop the skills needed to create what they don't have the money to pay someone else to do. 3. Get some cash so you can pay someone to do the coding. You'll probably have to have some knowledge of coding to direct the architecture of your idea. So you will likely still have to become knowledgeable even if its not you personally doing the coding. (This is not meant to be a comprehensive list of options... And I'm sure some of the other experts here on Clarity have others to add - and I hope they do) To wrap up - Here's my final tip to you that I hope you "get"... It's FAR more valuable to have an idea that a very specific hungry crowd is clamoring for right now - One that THEY would love and pay you for right now - Maybe even one they'd pre-order because they just have to have it - Versus YOU being in love with your own idea. [Notice I didn't say "an idea that some as-of-yet-undetermined market would probably love"] I wish you the best of luck moving forward.DB
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