DividesByZero
Joined 15 years ago
Joined 15 years ago
Build up a buffer so you won't have to worry about it, at least in the beginning.
I quit my job with six months in savings to start my company. It took us almost 8 months to get somewhere - we filled the gap with just a little web design work on the side. I have never regretted leaving my job.
Ask them for advice around the thing you are working on. Your goal at this stage should be to find 10 users who love your product.
Take a look at listings like these:
https://www.airbnb.com/rooms/1337007
https://www.airbnb.com/rooms/133974
https://www.airbnb.com/rooms/264052
AirBnB doesn't accommodate them effectively because this is not their target market - AirBnB is mostly about holidays and residential space. Similarly, 42Floors doesn't do this at all because they are about Co-working and Commercial space.
I would suggest, forget the equity part of this completely. Start-ups are already bad customers without having to wait to recognise any revenue, and also have to go through regulatory implications. Let me rent a place with a sleeping area, a bathroom, a kitchen area and an office area for my whole team for a reasonable price.
It cost me a $4,000 deposit, $2,500/mo in rent and about $1,500 in IKEA/WalMart, and $3000 in temporary AirBnB accommodation to get my team situated in the bay area. Give me a better deal than that, especially one that saves me time.
Ship me groceries weekly, get me a rental car as part of this deal, and have it all ready as soon as I arrive and I wouldn't use any other service ever.
Additional features I would want:
- Connect me to the local hacker community - Tell me where I can get exercise and where I should shop
Giving away equity for rent at an early stage doesn't make sense for founders either - making a mess of your cap table for office space is a poor decision when you could work from many other places for free, or remotely from home.
This sounds like a bad deal for both parties in the marketplace.
"We must do away with the absolutely specious notion that everybody has to earn a living. It is a fact today that one in ten thousand of us can make a technological breakthrough capable of supporting all the rest. The youth of today are absolutely right in recognizing this nonsense of earning a living. We keep inventing jobs because of this false idea that everybody has to be employed at some kind of drudgery because, according to Malthusian-Darwinian theory, he must justify his right to exist. So we have inspectors of inspectors and people making instruments for inspectors to inspect inspectors. The true business of people should be to go back to school and think about whatever it was they were thinking about before somebody came along and told them they had to earn a living."
The advantages of this approach are enormous - it helps you understand what you're looking for, helps you evaluate candidates and helps you understand the needs of your own company better than anything else ever could. And you're no longer desperate - you can afford to wait until you've found the best person to work with. It means that when you do start talking to people, they will respect you more because you took the time and effort to work out exactly what it is they do and how valuable they are.
It might even turn out that you don't even need that person, that the company is doing just fine because you worked out you can do it yourself more cost effectively than bringing on someone else.
Develop your skills so you can be the tech co-founder until you can get someone better than you.