Our biomed startup is assessing the option of getting an exclusive license for IP owned by the University. The terms are to be negotiated.

First, hat tip to you for being a young entrepreneur. Keep it up! If you have the funds to build out your MVP, hire a developer and possibly a mentor. If your idea is marketable, you don't need to give up equity by bringing in a co-founder. If this is your entrepreneurial venture, I would recommend you do retain a coach to help you see all the things you may not know. Have you already done your SWOT analysis? Have you identified your target market? What is your marketing plan? What will be your operating expenses? There are lots of questions to ask. If you would a free call, I'd be happy to help you in more detail. Just use this link to schedule your free call... https://clarity.fm/kevinmccarthy/FreeConsult Best regards, Kevin McCarthy Www.kevinmccarthy.com

First, I agree with Chad in that the pure pursuit of money is unlikely to render anything significant. By using a monetary value as a primary goal, you're only diluting the real drivers of success: passion, crafting great customer experiences, building an incredible team and culture etc. That said, making $1m isn't that hard. :) I love this thinking by Amy Hoy and that's how I would go about making $1m: http://unicornfree.com/30x500. Using that logic, this is what I'd do: * To earn $1m in a year, I need to earn +- $80k a month. * To earn $80k a month, I need 1600 customers paying me $50 per month. * So what can I build that could attract 1600 people to pay me $50? * Or, what could I build that could attract 400 people to pay me $200 per month? This logic works on two drivers: * Cumulative revenue and growth. So SaaS works best in this regard, as you only need to focus on having new signups that are greater than your churn. * Building something that people are willing to (really) pay for and going for quality over quantity. If you are building something that sells for $5 pm, you'll need to sell at much higher volumes (which are tricky). In terms of doing that, these are the areas of my business that I would prioritize: 1. Build an awesome team that do things they're passionate about. 2. Prioritize customer experiences above anything else. Do everything in your power (regardless of whether it can't scale) to add value and help your customers. 3. Build a brand and reputation that has long-lasting value.

I would suggest the first question to ask is "what problem do I solve?" And of those people I solve problems for "who do I create the most value for?" In the non-profit world you need to add "How does my business help the non-profit run better and/or help the group the non-profit focuses on?" For example, if you've created a platform that drives donations, your company "has created a platform that helps you reach fundraising goals faster." What you don't want to do is market and sell to B2B and B2C audiences simultaneously. They have different ways of buying - a B2B audience needs to have their benefits quantified (using your thing makes me x amount more) - and it's extremely hard for a startup to be able to do both well. Better to start with one, execute really well and move into the other. Feel free to give me a call and we can dig into who your most valuable audience is.

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.

STOP. DO NOT DO THIS.... I would never want help from someone like you. Don't get me wrong -- you aren't evil (that I know about) but you don't seem have any value that I could pay for. What would you be "consulting" a CEO like me about? How do you expect to make my business better when you don't have a clue about your own business? THAT'S THE TRUTH... Fuck the truth. If you want to get clients then you hustle -- every waking moment. You try an angle and fail and then try a different angle. You can't outsmart your way to bigger results. 2 plus 2 does not equal 4 -- it equals you going bankrupt. If you want to be successful then you need to exert massive amounts of effort to get off the ground. So get your ass out there and start asking everyone you meet: "What is that one big accounting question that's been bothering you for some time now? If I can't help you i'll buy you a cup of coffee" Then just go be a badass...